Mubadala reported that its assets under management grew 17% to AED 1.4 trillion (US$385 billion) in its 2025 annual results, and ADIA publishes long-term allocation ranges by region. Neither source counts Asian limited partners in a Gulf-anchored fund. This profile lists what can be counted from primary documents and what must be requested in writing.
What the primary sources disclose
- Does any primary source count Asian LPs in a Gulf-anchored fund? No. The ADIA 2024 review, the Mubadala results release, the Mubadala annual review home page and the ADGM funds announcement carry no LP count, no LP domicile and no commitment by LP. A complete answer names the number of Asian LPs, their country of domicile, the commitment of each LP type in a stated currency, and the date of the final close. None of those fields appears in these sources.
- What does Mubadala put on the record? The release states that assets under management "grew 17 per cent to AED1.4 trillion (US$385 billion)". Deployment figures are in Mubadala’s Asia-Pacific profile. These are group totals. They do not separate third-party capital from the shareholder’s own.
- What does Mubadala withhold? The release states: "Since 2021, the company has not disclosed annual financial figures such as revenue and net income". It reports rolling returns instead: "annualised returns of 10.7 per cent over five years and 10.3 per cent over ten years". A fundraiser cannot derive LP-level economics from either figure.
Direction of flow in the documents
- Which way does the disclosed money move? From the Gulf into Asia. ADIA’s 2024 review says "it invested $750 million into India’s GMR Airports". It also says the real estate team "expanded its private credit exposure across the United States, Europe, India, Australia, and South Korea". These are ADIA’s own-account mandates. They do not measure Asian LP commitments into Gulf-anchored vehicles.
- How much of Mubadala sits in Asia? Its chief financial officer said at the Milken Institute Asia Summit in Singapore that Asia is about 13% of the portfolio. The written split agrees: the Annual Review 2025 financial overview (PDF page 12) shows Asia-Pacific at 13% of the portfolio by geography, with North America at 44%, the UAE at 24% and Europe at 15%. The annual review web pages do not show the geographic split in text, so cite the PDF.
- Does a fund close disclose its LPs? The annual review home page lists "Mubadala Capital Co Investment Fund I Close" with a headline amount. The page gives no breakdown by LP, by domicile or by Asian share. An Asian GP cannot back-solve an Asian LP share from it.
Ranges are not allocations
- What does ADIA’s range table mean? The investments page says its figures are "ranges within which allocations can fluctuate; hence they do not total 100%". Ranges bound a policy. They do not give an actual Asia weight, and they say nothing about commitments to external funds.
- Do the figures on the page agree? The visible Developed Asia range on the investments page (5% to 10%) matches the 2025 Review; image alt text on the page differs. Details are in ADIA’s 2025 Review: Asia ranges. Cite the dated Review and ask ADIA which figure is current before either goes into a deck.
- Does ADIA’s home-market policy matter? The 2024 review states: "As a matter of practice, ADIA does not invest in the UAE." A pitch that presents ADIA as anchor for a UAE-based strategy needs written confirmation of how the policy applies.
Fundraising conditions on the LP side
- What does ADIA say about LP behaviour? Its private equity section states that "global fundraising declined by more than 20% in 2024 compared to the previous year". It adds that "LPs favoured top-quartile managers and sector-specific funds, especially in technology and healthcare". This is ADIA’s description of the market. It is not a disclosure of its own commitments.
- What does it say about liquidity? The same section states that "LPs increasingly turned to the secondary market for liquidity". Asian managers should expect questions on distributions and hold periods. A complete answer gives the realised proceeds to date, in currency, with the measurement date.
Regulatory perimeter in ADGM
- What did the FSRA publish? The ADGM announcement says the FSRA "has published Consultation Paper No. 12 of 2025". The proposals include "streamlined regulatory frameworks for Fund Managers of smaller Funds and for Fund Managers of Funds targeting exclusively institutional investors". Institutional-only funds are the vehicle type most relevant to sovereign and pension LPs.
- What is the status? The page states: "The consultation period will close on 30 January 2026". It does not report final rules. Check the FSRA’s outcome document before citing any threshold or manager category.
- Where would LP data sit? In fund documents and subscription records, not in the announcement. Ask the manager which entity holds the register and in which jurisdiction.
What to request in writing
- A register summary at each close. The summary states LP count, domicile by country, and the date. A complete answer separates Greater China, Japan, Korea, India and Southeast Asia rather than reporting one "Asia" line.
- Commitments by LP type. The commitment is in currency, split by sovereign, pension, insurer, bank and family office. The anchor’s share of total commitments is a percentage with the date.
- Side terms. These cover fee breaks, co-investment rights and most-favoured-nation clauses granted to the anchor. State whether Asian LPs received the same terms.
- Structure. Say whether Asian LPs commit directly or through a feeder, and name the feeder’s domicile.
Editorial assessment
- Why it matters for the corridor: the primary documents measure Gulf capital going into Asia, such as the US$750 million into GMR Airports. None measures Asian capital in Gulf vehicles. A fundraiser who quotes an Asian LP share for a Gulf-anchored fund has no public benchmark to point to.
- A deck that uses ADIA or Mubadala allocation figures as evidence of LP demand mixes own-account investing with fund commitments. The sources do not link the two.
- A register summary at each close is the only count a reader can audit. Ask for it before comparing funds.
| Item | Value | Source |
|---|---|---|
| Mubadala assets under management | Grew 17% to AED 1.4 trillion (US$385 billion) | Abu Dhabi Media Office |
| Mubadala annual financials | Revenue and net income not disclosed since 2021 | Abu Dhabi Media Office |
| Mubadala rolling returns | 10.7% five-year; 10.3% ten-year | Abu Dhabi Media Office |
| Mubadala fund close LP breakdown | Not on the page | Mubadala annual review |
| ADIA range table | Ranges do not total 100% | ADIA investments |
| ADIA Developed Asia range | Visible range matches the Review; image alt text differs; comparison in ADIA’s 2025 Review: Asia ranges | ADIA investments |
| ADIA UAE policy | Does not invest in the UAE as a matter of practice | ADIA 2024 review |
| Global fundraising, 2024 | Declined by more than 20% | ADIA 2024 review |
| ADIA India airports investment | US$750 million into GMR Airports | ADIA 2024 review |
| ADGM funds consultation | Paper 12 of 2025; closing date 30 January 2026 | ADGM announcement |