Sovereigns

Abu Dhabi Investment Authority

Three significant evolutions in the 2024 cycle: (1) Private credit pivot — the MD's letter explicitly identifies private credit as a 2024 priority that multiple investment teams are now active in, deployed across PE, RE, and Infrastructure mandates rather than as a standalone LTSP line. PED launched/seeded AGL Private Credit, Pemberton NAV Strategic Financing, and Polus Special Situations platforms. (2) Internal-management share rises to 65% (vs. the historically-cited ~25%), reflecting build-out of in-house quant, data, AI, and systematic strategies. Quant/data/AI ...

Mubadala Investment Company

2024 was Mubadala's most active year on record by capital deployment (+33.7% YoY to US$32bn). Three structural shifts: (1) Founding partnership in MGX (with G42), Abu Dhabi's new AI investment champion targeting up to $100bn — direct stakes in OpenAI, Anthropic, Databricks, xAI; co-led $30bn AI Infrastructure Partnership with BlackRock, Microsoft, GIP, NVIDIA. (2) Mubadala Capital scaled to US$30bn (two-thirds for global LPs) via the $3bn Fortress acquisition (May 2024), 42% Silver Rock stake (Dec 2024), and Hayfin minority (July ...

Abu Dhabi Developmental Holding Company PJSC

Three transitions in the last 12 months: (1) ADQ consolidated under L'imad Holding Company on 30 January 2026, with combined ~$300bn AUM, chaired by Crown Prince Sheikh Khaled bin Mohamed; (2) Founding CEO Mohamed Hassan Alsuwaidi departed simultaneously to Lunate (29 January 2026), replaced operationally by Jassem Al Zaabi at L'imad; (3) Strategic clusters expanded in 2024: Infrastructure & Critical Minerals cluster launched, Arcera life sciences platform launched, Q Mobility established, Odeabank acquisition opens Türkiye banking corridor. The mandate captured ...

Qatar Investment Authority

The November 2024 CEO transition (Mansoor Al Mahmoud → Mohammed Al-Sowaidi) marks the most material strategy shift in QIA's history. Five concrete changes are visible: (1) the $500bn / 10-year US commitment announced May 2025 — the largest US capital pledge by any GCC SWF other than PIF; (2) accelerated AI / growth-tech allocation, with Anthropic Series F (Sep 2025), Anthropic Series G (Feb 2026), xAI, Apptronik, Databricks, Instabase, Applied Intuition, and a target of ~25 tech deals per year ...

Kuwait Investment Authority

Three concurrent inflection points: (1) New Managing Director Sheikh Saoud Salem Al-Sabah appointed November 2024 — first ruling-family MD in KIA's modern era. (2) March 2025 public debt law + May 2025 ministerial decree granted KIA legal authority to borrow for the first time, ending Law 47's de facto 43-year leverage prohibition. (3) June 2025 commitment to BlackRock-led AI Infrastructure Partnership ($30bn equity / $100bn including debt) — KIA's most visible single thematic bet in years and the first AI-themed ...

Bahrain Mumtalakat Holding Company B.S.C. (c)

Three connected developments define the 2024-2025 inflection: (1) the McLaren Automotive divestment to CYVN Holdings (signed December 2024, closed April 2025), which monetises a long cash drain and frees capital while retaining McLaren Racing exposure alongside CYVN; (2) the deepening PIF relationship — March 2024 MoU upgraded to a December 2025 SBIC/Mumtalakat joint investment programme covering TMT, financial services, education, logistics, manufacturing, infrastructure, aerospace and real estate; (3) selective new partnerships (BlueFive Capital, SandboxAQ) signalling a tilt toward growth/tech themes. ...

Oman Investment Authority

Three structural shifts in 2024-2025: (1) Launch of Future Fund Oman (FFO) in January 2024 as a $5.2bn FDI catalyst — first formal co-investment vehicle in OIA's history. (2) Formalisation of the 2025-2029 Divestment Plan (30 transactions, OMR 1bn proceeds), institutionalising the IPO/monetization program (Asyad Shipping March 2025; OQ E&P October 2024; OQ Base Industries; pipeline includes utilities, fisheries). (3) Stated geographic rotation away from US (currently 19.9%) toward Europe and emerging markets — first time OIA has signalled directional ...

Lunate Holding RSC Ltd

January 2026 marked a structural change: H.E. Mohamed Hassan Alsuwaidi, the founding Managing Director and Group CEO of ADQ who spent seven years tripling that sovereign fund's assets to over $263bn across six continents, stepped down from ADQ to become Executive Chairman and Managing Partner at Lunate with an explicit mandate to more than double AUM over five years. The preceding 18 months had already transformed Lunate from a Chimera spin-out LP investor into a recognisable GP-stakes / private-credit / ...

International Holding Company PJSC

Four major strategic moves in the last twelve months: (1) The Modon Holding 42.59% divestment to L'imad Holding in October 2025, described by IHC as the largest transaction in UAE market history — an explicit sector-rotation signal DE-PRIORITISING real estate in favour of healthcare, technology, energy, food and agriculture, and financial services. (2) The announcement of a $33bn merger of 2PointZero, Multiply Group, and Ghitha Holding into a single ~AED 120bn investment powerhouse, consolidating IHC's energy and consumer-sector platforms. (3) ...

Alpha Dhabi Holding PJSC

Three recent inflection points: (1) FY2025 set new records across revenue (AED 78.8bn, +24% YoY), net profit (AED 15.0bn, +11% YoY), and adjusted EBITDA (AED 17.7bn, +30% YoY). (2) ADCH (Trojan Construction parent) 49% sold to ADQ September 2024 — Alpha Dhabi monetized half of its construction subsidiary to the sovereign while retaining 51% control. (3) NMDC Group stake increased to 76.68% in November 2025 via AED 1.6bn top-up. (4) Modon Holding 8.5% fully exited for AED 5.3bn at 36% ...

Two Point Zero Group PJSC (formerly Multiply Group PJSC)

The October-November 2025 share-swap merger of Multiply Group, 2PointZero Holding and Ghitha Holding into a single listed vehicle is the defining inflection — and the culmination of a multi-year sector rotation. Three threads define the rotation: (1) the FOUNDING sector narrative was media and beauty — Multiply began as Samia Bouazza's marketing consultancy (Viola Communications, founded 2001) and grew through media / out-of-home acquisitions (BackLite 2024, Viola 2021, Media 247, Firefly, Yieldmo) and beauty / wellness (Omorfia Group consolidating Tips ...

CYVN Holdings L.L.C.

Two concurrent inflections. (1) Ownership restructure: the January 2026 Amendment No. 5 to Schedule 13D disclosed that CYVN Investments has been placed under a newly-created L'imad Holding Company, wholly owned by the Government of Abu Dhabi represented by the Abu Dhabi Department of Finance, chaired by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan (Abu Dhabi Crown Prince). CYVN Holdings L.L.C. remains the direct parent of operating assets (McLaren Group Holdings) but now sits inside L'imad's perimeter. The restructure was ...