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Alpha Dhabi Holding announced that it has raised its ownership in the MICAD Credit joint venture to 40 percent from an earlier 20 percent through an amended partnership agreement with Mubadala Capital. The adjustment doubles the investment holding company’s capital commitment to the private credit vehicle to $1 billion. The joint venture now manages assets approaching $1.7 billion distributed across 45 companies within its portfolio, according to the announcement from Alpha Dhabi Holding. The development builds directly on the platform’s existing focus on direct lending in the United States and Europe.
The joint venture dates to a 2023 agreement between Mubadala Investment Company and Alpha Dhabi Holding that established the entity in the Abu Dhabi Global Market to pursue global credit opportunities. Mubadala initially held an 80 percent share while Alpha Dhabi took the remaining 20 percent under terms that targeted collective deployment of up to $2.5 billion over five years. The parties highlighted Mubadala’s established relationship with Apollo Global Management as central to sourcing high-quality private credit deals at the time of formation, a joint statement from both companies showed.
The platform reached an approximate $1 billion portfolio by March 2025, a milestone that Mubadala and Alpha Dhabi Holding described as important progress toward the longer-term deployment goal. A further transaction in December 2025 added a European direct-lending portfolio managed by Apollo, increasing combined assets under management to roughly $1.6 billion across 39 obligors according to disclosures at the time. Alpha Dhabi Holding’s latest announcement on the stake increase and expanded commitment reflects continued scaling of the credit platform.
Under the revised terms the joint venture’s mandate now broadens to encompass additional private credit strategies that draw on Mubadala Capital’s wider network of relationships. The expansion maintains the existing emphasis on sectors and geographies that deliver attractive risk-adjusted returns. Alpha Dhabi Holding noted that the changes align with its conviction in private credit as a diversifying asset class within its overall portfolio.
Mubadala Capital will continue to manage the joint venture following the ownership adjustment. The platform’s growth coincides with broader institutional demand for private credit amid evolving global interest rate conditions. Alpha Dhabi Holding has steadily expanded its exposure to alternative investments since listing on the Abu Dhabi Securities Exchange more than a decade ago.
The latest move forms part of Alpha Dhabi Holding’s strategic push to deepen partnerships with leading institutional investors such as Mubadala. Earlier company reports placed the joint venture’s holdings at 20 percent prior to this transaction in its corporate structure overview. Both parties have consistently positioned the vehicle as a means to access proprietary opportunities while supporting Abu Dhabi’s investment ecosystem.
