Mubadala Capital, the asset management subsidiary of Abu Dhabi’s Mubadala Investment Company, on Thursday announced a $2.1 billion private equity partnership transaction with France's private investment house Ardian.
Under the agreement, Ardian will invest in a portfolio of high-quality private equity assets managed by Mubadala Capital. It will also make a primary commitment to Mubadala Capital’s private equity funds.
This transaction is a significant vote of confidence in our ability to create value for our investors and partners by executing against our strategy
Hani Barhoush,
managing director and chief executive of Mubadala Capital
As part of the latest transaction, Ardian and Mubadala Capital have curated a portfolio of 10 limited partnership interests with a leading group of general partners predominantly in North America and Europe, as well as six high-quality direct investments, the entities said in a statement.
All of the assets in the new portfolio were previously held on Mubadala Capital’s balance sheet, following a successful spin-off from Mubadala Investment Company in 2021.
“This transaction is a significant vote of confidence in our ability to create value for our investors and partners by executing against our strategy and differentiated approach to the private equity market,” said Hani Barhoush, managing director and chief executive of Mubadala Capital.
Evercore acted as the exclusive financial adviser to Mubadala Capital on the transaction.
Mubadala Capital’s private equity strategy focuses on direct investments in North America and Europe in core sectors, including media, sports and entertainment, consumer and food services, financial services and business services.
Mubadala Capital is the wholly owned asset management subsidiary of Mubadala Investment Company — a $284 billion global sovereign investor based in the UAE capital.
It manages nearly $17 billion in aggregate across its own balance sheet investments and in third-party capital vehicles on behalf of institutional investors, including four private equity funds, three early-stage venture funds and two funds in Brazil focused on special situations.
“This transaction is the culmination of a highly collaborative and close working relationship with Mubadala Capital over the past five years,” said Mark Benedetti, member of the Ardian executive committee and co-head of Ardian US.
“They are a well-respected team with an established track record, and this latest transaction is indicative of the importance we place on being a valuable long-term partner.”
Ardian, which has more than 990 employees spread across 15 offices in Europe, the Americas and Asia, manages or advises $140 billion in assets on behalf of more than 1,400 clients globally.
In April 2017, Mubadala entered into a $2.5 billion investment deal with Ardian, which also included the creation of a private equity fund.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Results:
First Test: New Zealand 30 British & Irish Lions 15
Second Test: New Zealand 21 British & Irish Lions 24
Third Test: New Zealand 15 British & Irish Lions 15
