Abu Dhabi’s Mubadala Capital is reported to be looking at deploying billions of dollars into global luxury real estate.
According to a Bloomberg report, based on speaking to people familiar with the matter, Mubadala Capital is teaming up with Cain International for the new venture.
The sources, who asked not to be identified, told Bloomberg that Mubadala Capital and Cain, a $13 billion asset manager, have each committed new capital to the partnership, which will seek to bolster and expand some of their existing portfolios, and make new investments into luxury property.
Representatives for Mubadala Capital and Cain declined to comment.
Cain is a partnership between Chief Executive Officer Jonathan Goldstein and billionaire Todd Boehly’s Eldridge Industries. Goldstein spoke about the partnership with Mubadala Capital in a recent Bloomberg TV interview without disclosing details, and the firms are both investors in luxury hotel brand Aman Group.
The alternative asset management firm had earlier this year sold a minority stake in itself to TWG Global, an investment firm led by Guggenheim Partners founder Mark Walter and financier Thomas Tull, in a deal that included a $10 billion syndicated investment in TWG.
Last year in November, the Abu Dhabi asset management company also acquired Canadian mutual fund manager CI Financial, and is planning to take it private.
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