Mubadala Capital’s Credit team has been investing since 2009, principally in middle market direct lending opportunities in both North America and Europe. The Credit team has developed a track record in commercial lending by investing directly across different asset classes, initially through Mubadala GE Capital (“MGEC”), a joint venture (“JV”) with GE Capital. Following Mubadala’s successful exit from the JV, the Credit team, operating as part of the Mubadala Capital platform, pursues a similar strategy with a broad group of origination partners.

Investment Approach

Mubadala Capital’s Credit team leverages the experience accumulated by investing U.S. $5.5 billion in a diversified loan book that included more than 500 transactions across a wide range of industries and asset classes through MGEC. The team’s investment approach involves accessing deal flow by developing and leveraging deep, focused and scalable partnerships with leading credit originators in its areas and markets of focus. The team also often utilizes structured leverage facilities to enhance returns.

Each partnership and the overall portfolio have been constructed while adhering to the following key principles: 

  • Access to differentiated, consistent and sustainable deal flow from best-in-class credit partners.
  • Each transaction is underwritten and approved by Mubadala Capital.
  • Conservative “underwrite-to-hold” cash flow-focused underwriting based on fundamental credit analysis.
  • Stress testing LBO models to validate solid downside protection.
  • Construction of diversified, granular portfolio of loans delivering attractive risk-adjusted returns.
  • Rigorous portfolio monitoring and risk management process.

Portfolio Overview

Mubadala Capital’s Credit team currently manages a variety of credit investments mainly in senior secured, middle market leveraged loans and unitranche loans, with ancillary investments in structured credits, such as CLOs, and opportunistic investments in corporate loans and bonds.

Typical Investment Parameters


All sectors considered.

Geographic Focus

North America and Europe.

Investment Size

U.S. $15-50 million investments that complement our partners’ hold size.

Transaction Type

Middle market, senior secured leveraged finance transactions: non-rated direct lending, unitranche loans and equity investments in middle market CLOs.

Borrower Size

Companies with generally less than U.S. $50 million of earnings before interest, tax, depreciation and amortization (“EBITDA”).

Financial Covenants

Debt maintenance and incurrence covenant package.

Governance Model

Access to flow of credit opportunities with independent credit underwriting and investment decision rights.


Lender of record with certain voting rights. 

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