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.
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 chief executive and managing director of Alpha Dhabi.
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
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 now comes roughly a year and a half after that target increase, rather than as a fresh, unplanned expansion.
Why it matters
Eraiqat’s role connects this deal to a broader build-out inside Mubadala Capital’s credit business this year. The same executive leads the 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.
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Micad Credit JV, at $1.7 billion in assets, is smaller and structurally distinct, a joint venture with a single named partner rather than a multi-investor platform, but it sits inside the same institutional push to scale Mubadala’s credit franchise.
For Alpha Dhabi, doubling down on a vehicle it already holds a minority stake in, rather than starting a separate credit strategy, signals a preference for deepening an existing partnership over diversifying across managers.
What’s next
Whether Alpha Dhabi’s stake increase is followed by further capital commitments as the vehicle scales towards that target is the more concrete detail to track next.
