Mubadala plots more tech deals

The Abu Dhabi-based sovereign wealth fund invested almost $20bn across tech, agribusiness and biotech in 2018.

Mubadala Investment Company plans to ramp up investments in technology this year, along with new priority sectors agribusiness, pharmaceuticals and medtech.

The Abu Dhabi-based sovereign wealth fund deployed 70.1 billion dirham ($19 billion; €17 billion) across new and existing priority sectors last year, according to its 2018 annual report released on Monday.

“Technological disruption is creating the potential for value across all sectors, which is an opportunity for us to deepen our position as a major global investor,” group chief executive Khaldoon Khalifa Al Mubarak said in a statement. Mubadala is also utilising its investments and relationships to establish Abu Dhabi as the technology hub for the MENA region, he added.

Another highlight in 2018 was the investor’s entry into new areas like agribusiness, specifically in aquaculture, pharma and medtech. Investments in these industries include gastro and women’s health company Sebela, animal health company Zoelis and San Francisco-based health tech start-up Outset Medical.

Hiring more investment professionals is also a key focus for Mubadala this year. The investor established a New York outpost in April – its fifth global office – through which it will manage most of its private equity investments, it is understood.

Mubadala has $6 billion (roughly 3 percent) of its $229 billion in assets under management in private equity via fund commitments and direct investments. Mubadala Capital, which manages the fund’s PE assets, also invests third-party capital on behalf of institutional investors, including in two private equity funds, one early-stage venture fund and several managed co-investment vehicles in Brazil, the investor said on its website.

Last year Mubadala set up a $400 million fund to invest in European tech companies. It made a $15 billion commitment to SoftBank’s $100 billion Vision Fund in 2017.