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RIYADH: Abu Dhabi's Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, part of the UAE sovereign wealth fund, has closed its third Private Equity fund, MIC Capital Partners III (Fund III), with total commitments of $1.6 billion, surpassing its initial target, WAM reported.

Fund III raised capital commitments from new and existing investors, including leading pension plans, endowments, insurance plans, government institutions, family offices and private equity firms across North America, Europe, the Middle East and Asia.

Mubadala said its Fund III was focused on direct investments in North America and Europe across core sector areas, including media, sports and entertainment, consumer and food services, financial services and industrials and business services.

The Fund III consists of approximately $1.4 billion of investments across nine high-quality assets, while Mubadala Capital manages $9 billion of assets in third-party managed funds across its private equity, public equities, venture capital and Brazil businesses, and is the first sovereign wealth fund to manage third-party capital on behalf of other institutional investors.  

"We began our Private Equity investment practice 13 years ago. The closing of Fund III represents a major milestone for the Private Equity team and for Mubadala Capital," Adib Mattar, Head of Private Equity at Mubadala Capital said.

"To have the opportunity to partner with a group of leading institutional investors from across the world is both a privilege for us and a meaningful vote of confidence by the market in our ability to originate compelling new investment opportunities, partner with leading management teams and create value across our portfolio in order to continue delivering strong risk-adjusted returns to our investors," he said.