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Alpha Dhabi Holding has doubled its capital commitment to the Micad Credit joint venture it runs with Mubadala Capital, to $1 billion, raising its ownership stake in the vehicle to 40% from 20%. The expanded commitment broadens the joint venture’s mandate beyond its existing US and European direct lending focus to include additional global private credit strategies.
Key Takeaways
Alpha Dhabi has doubled its capital commitment to Mubadala Capital’s Micad Credit joint venture to $1 billion, raising its stake to 40% from 20%.
The joint venture, launched in 2023 and based in Abu Dhabi Global Market, now manages $1.7 billion in assets across 45 portfolio companies, leveraging Mubadala’s partnership with NYSE-listed Apollo.
The vehicle is targeting $2.5 billion deployed by 2028, a target it already raised once, by 150%, in March 2025 after deploying its first $1 billion.
What the expanded stake actually covers
Micad Credit JV, based in Abu Dhabi Global Market, now manages $1.7 billion in assets across 45 portfolio companies. The vehicle leverages Mubadala’s strategic partnership with Apollo, the New York-listed alternative asset manager, to access private credit opportunities across sectors and geographies offering high risk-adjusted returns.
“This expanded partnership with Mubadala Capital reflects our conviction in private credit as a strategic pillar of Alpha Dhabi’s investment portfolio,” said Hamad Salem Al Ameri, group CEO and managing director of Alpha Dhabi.
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Omar Eraiqat, president and chief investment officer for credit and solutions at Mubadala Capital, said the firm “remains focused on expanding access to differentiated private credit opportunities through our investment capabilities and long-term global relationships in the sector.”
A target that has already grown once
Micad Credit JV launched in 2023 with Mubadala holding 80% and Alpha Dhabi 20%. By March 2025, the vehicle had already deployed $1 billion, prompting the partners to raise their original target by 150%, to $2.5 billion deployed by 2028. Alpha Dhabi’s move to double its own commitment and stake comes roughly a year and a half after that target increase, extending a plan already in motion rather than announcing a new one.
Why it matters
For Abu Dhabi’s private credit push
Private credit has been positioned as one of the fastest-growing asset classes in the Gulf, and this deal shows an existing UAE institutional pairing choosing to go deeper rather than diversify across new managers. Alpha Dhabi holding a rising stake in a vehicle it already knows, instead of starting a separate credit strategy, signals real conviction in the specific partnership, not just the asset class in general.
For Mubadala Capital’s broader credit ambitions
Eraiqat, the executive quoted on this deal, also leads the Mubadala Capital unit that transferred a separate $25 billion credit portfolio from Mubadala Investment Company onto Mubadala Capital’s own platform in July, opening it to third-party capital for the first time since Mubadala began investing in private debt in 2009. Micad Credit JV, at $1.7 billion in assets, is smaller and structurally distinct, a joint venture with one named partner rather than a multi-investor platform, but it sits inside the same 2026 push to scale Mubadala’s credit business.
FAQ
What is Micad Private Credit Joint Venture?
A private credit joint venture between Alpha Dhabi Holding and Mubadala Capital, launched in 2023 and based in Abu Dhabi Global Market, investing in direct lending and other private credit strategies across the US, Europe and beyond.
How big is Micad Credit JV now?
The vehicle manages $1.7 billion in assets across 45 portfolio companies, targeting $2.5 billion deployed by 2028.
What is private credit?
Lending provided by non-bank institutions, such as asset managers and investment firms, directly to companies, typically outside traditional bank loans or public bond markets, often used for direct lending, acquisition financing or other specialized credit needs.
Does this connect to Mubadala Capital’s other credit moves this year?
Yes. Omar Eraiqat, the Mubadala Capital executive quoted on this deal, also leads the unit that opened a separate $25 billion credit portfolio to third-party investors in July 2026, its first time doing so since 2009.
Editor’s Take: The scale here is smaller than Mubadala Capital’s headline-grabbing $25 billion credit platform, but the pattern is the same: Abu Dhabi’s institutional players are choosing to deepen existing private credit partnerships rather than spread commitments across new managers. Alpha Dhabi raising its stake in a vehicle it already knows, instead of shopping for a new credit strategy elsewhere, is a real vote of confidence in this specific partnership. The joint venture already raised its own target once, by 150% in March 2025, and hasn’t said when the new $2.5 billion goal gets hit. Will only know as time passes.