Mubadala Capital And TWG Global In A Game-changing Partnership

As part of the strategic investment alliance, Mubadala Capital will anchor and lead a US$10 billion syndicated investment in TWG’s US$15 billion equity raise. TWG will use the proceeds to capitalise on its proprietary investment opportunities.

That’s the ‘usual’ part of the deal. But this one goes beyond normal.

Historic financial collaboration

For its part, TWG will commit US$2.5 billion to Mubadala Capital products and acquire a strategic minority stake. It will also aim to increase its commitments to up to another US$20 billion of investment capital over time.

Global SWF, the company that tracks all sovereign wealth funds across the globe, called it “one of the most intriguing financial announcements of 2025 so far”.

In a blog post, Global SWF wrote: “This deal is remarkable not just for its sheer scale – anchored by a US$10 billion syndicated investment and a US$2.5 billion mutual capital commitment – but for what it signals about the evolving relationship between private equity and sovereign wealth funds.

“This marks a new chapter in global finance: a private investment firm acquiring a minority equity stake in a sovereign wealth fund’s asset management platform. That’s almost unheard of.”

TWG Global is a holding company led by investors Mark Walter and Thomas Tull. With an enterprise value over US$40 billion, it has interests across financial services, insurance, AI and technology, energy and is especially strong in sports, media, and entertainment. Its portfolio includes prominent sports franchises such as the LA Dodgers, LA Lakers and Chelsea FC.

The collaboration is part of Mubadala Capital’s strategy to expand its partnerships with leading global investors and strengthen its position as a leading global asset manager.

Hani Barhoush, Managing Director and CEO of Mubadala Capital, commented: “By combining our institutional expertise and capital resources through this unique alignment of interests, we are strengthening our joint abilities to access and scale high-quality investment opportunities globally.”

TWG’s Mark Walter remarked: “We are excited to deepen our relationship with Mubadala Capital, a global leader that shares our long-term investment philosophy and our commitment to excellence.

“The convergence of business and new technology is creating unprecedented investment opportunities. This collaboration enhances our ability to capitalise on that opportunity set and provides us with additional access to world-class investment strategies.”

Global SWF also found the interest overlap between the two entities “compelling”.

“TWG Global brings a portfolio rich in sports franchises, and stakes in Guggenheim Investments and Palantir-related AI ventures. Mubadala Capital, for its part, has been actively acquiring sports media assets and mid-market entertainment companies through its MIC Capital Partners funds,” said Global SWF.

“This partnership gives Mubadala indirect ownership exposure to iconic Western sports franchises – a savvy move amid the rising valuation of global sports assets and the convergence of content, fan engagement, and streaming monetisation. It also cements Mubadala’s push into US alternative assets at a time when American political ties with the UAE are being reinforced post-Trump’s 2024 re-election.

“Through TWG, Mubadala is gaining the sports and leisure exposure that its Saudi peer, the Public Investment Fund (PIF), has had to build from scratch, originating its own direct investments.

“By inviting a private investor to take a minority stake in its manager, Mubadala Capital is enhancing alignment with TWG’s capital now directly tied to Mubadala’s success as a manager, not just as a product user. An equity commitment from an experienced PE sponsor like TWG also reinforces Mubadala Capital’s brand and market positioning. Mubadala can now tap TWG’s deep US network across finance, sports, AI, and energy to exploit new opportunities.”

Thomas Tull, whose CV includes being the producer of movies such as Superman Returns, The Dark Knight and Inception, added: “Partnering with Mubadala Capital enables us to access outstanding investment opportunities that demand both visionary insight and substantial resources. This collaboration unites the right expertise and capital to invest in ideas with the potential to shape the future.”

Mubadala Capital is the alternative asset management subsidiary of Mubadala Investment Company, the US$330 billion global investor and the sovereign wealth fund of Abu Dhabi. Through its four investment businesses, including private equity, special situations, solutions, and venture capital, Mubadala Capital manages over US$30 billion of assets.