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Sovereign Wealth Funds

Mubadala acquires minority stake in Phoenician Capital

Mubadala Investment Co., Abu Dhabi, took a minority stake in New York-based money manager Phoenician Capital.

A news release said Mubadala, which has 465.5 billion UAE dirham ($126.7 billion) in assets, had made the deal via its investment arm, Mubadala Capital.

The deal also includes Mubadala Capital investing in a strategy managed by Phoenician Capital. Further details, including the size of the stake and financial terms, were not available.

"Phoenician Capital has built a strong international reputation for its value investing strategies, based on a consistent track record of delivering attractive risk-adjusted returns," said Maxime Franzetti, head of public investments at Mubadala Capital, in the release.

John Khabbaz, managing partner at Phoenician Capital, added in the release that the partnership with Mubadala expands the firm's institutional client base.

Phoenician Capital is a value-oriented money manager.

Spokesmen for Mubadala and Phoenician Capital could not immediately be reached for comment.