Mubadala Capital Puts Evergreen Private Markets Fund on iCapital for Wealth Managers

The strategy will be listed on the iCapital Marketplace and offered to qualified investors. iCapital described it as a diversified private markets fund that invests through co-investments, primary fund commitments and secondaries, with an emphasis on mature assets that already generate cash. Its stated aims are capital preservation and low volatility, and investors can redeem only in limited quarterly windows.

The arrangement gives one of the Gulf's best-known sovereign-linked managers a route to private banks and independent wealth advisers, who have been asking for access to private equity and private credit products that were long sold mainly to institutions. Evergreen structures, which take money continuously rather than in fixed fundraising rounds, have become the main way large managers package private assets for wealthy individuals. For iCapital, the deal adds a regional brand name to its shelf as it builds out its presence in the Gulf.

Brooks Entwistle, iCapital's head of international and a member of its management committee, said the launch "marks an important milestone as we expand our footprint in the Middle East". Max Franzetti, head of solutions at Mubadala Capital, said: "The appetite for private markets exposure across the Middle East and Asia has never been stronger."

The release did not disclose the fund's size, minimum investment, fees, or the specific jurisdictions where it will be available, beyond saying it is for qualified investors. It also did not say when the first subscriptions would be accepted.

According to the release, Mubadala Capital manages, advises and administers more than $755 billion in assets through wholly owned businesses and strategic partnerships, with over $60 billion managed by its wholly owned core alternatives businesses. It employs more than 250 people across Abu Dhabi, London, New York, Rio de Janeiro and San Francisco. In July the firm completed the integration of its parent's roughly $25 billion credit portfolio and opened that strategy to outside institutional investors for the first time.

iCapital said it services $1.2 trillion in assets globally, including $327 billion in alternative platform assets, as of June 30, 2026, and works with nearly 3,900 wealth management firms and 144,000 active financial professionals from 18 offices. The company opened an office in Abu Dhabi Global Market in December 2025 and distributes across the GCC with MPW Capital Advisors as its regional partner.

The release's disclosures note that iCapital generally earns revenue based on the volume of transactions in the products on its platform, meaning it benefits as sales of the Mubadala Capital strategy grow.