Mubadala Capital closes $900m Brazil Fund amid Middle East crisis
The new vehicle, Brazil Special Opportunities Fund III, received $250m in anchor capital from Mubadala Capital
09 April, 2026
TT
16
Mubadala Capital, the investment arm of Abu Dhabi’s sovereign wealth fund, has closed its third Brazil-focused fund at approximately $900m, exceeding its $750m target. This marks the continuing expansion of its Brazil investment strategy despite ongoing geopolitical uncertainty in the Middle East, according to Global SWF.
The new vehicle, Brazil Special Opportunities Fund III, received $250m in anchor capital from Mubadala Capital, with the remaining commitments primarily from international pensions, family offices, and private capital funds, Global SWF reported.
About one-third of the fund has already been deployed into sectors including fitness, transportation, toll roads, and education.
The closing marks a continuation of the firm’s sequential growth in Brazil: Fund I closed at $322m in February 2022, Fund II raised over $710m in October 2023, and Fund III at $900m.
Mubadala Capital’s manages more than $7.3bn in AUM in Brazil
The Brazil platform now manages more than $7.3bn in assets across multiple sectors, including energy, infrastructure, education, consumer, and sports, with holdings such as Acelen, Acelen Renewables, Atvos, Bluefit, Clariens Educação, LAMSA, MetrôRio, Rota das Bandeiras, the São Paulo Grand Prix, and Zamp, according to Global SWF.
The fund strategy remains focused on controlling or restructuring assets and scaling multi-sector platforms. Past investments include the acquisition of a controlling stake in LAMSA toll roads (October 2025), two medical universities in Bahia (June 2022), and a majority stake in Zamp as part of a delisting process (September 2025).
The platform also includes the forthcoming Base Exchange, a Rio de Janeiro stock exchange expected to begin operations by the end of April 2026.
Brazil’s market conditions continue to support the strategy. In March, the central bank lowered the Selic rate to 14.75 per cent while maintaining high real interest rates above 10 per cent, and ongoing corporate restructurings, such as Raizen’s out-of-court agreement on BRL65.1bn ($12.61bn) of debt, provide opportunities for investment in distressed or complex assets.
Fund III builds on existing investments in the country, allowing capital to be deployed into known assets with established regulatory and operating frameworks. The structure maintains openness to third-party investors, reinforcing Mubadala Capital’s Brazil strategy as a multi-sector platform for growth and follow-on deployment.























