Abu Dhabi Catalyst Partners

ADCP operates as a joint venture between two anchor sponsors. Mubadala Capital — led by its senior team out of Abu Dhabi — and Alpha Wave Global, co-founded by Rick Gerson, Navroz Udwadia and Ryan Khoury, jointly govern the platform. Day-to-day investment origination and portfolio monitoring are managed by the dedicated ADCP team based inside ADGM, which draws on the deal-sourcing networks and due-diligence resources of both parent organizations.

ADCP sources primarily through its parents’ global networks. Mubadala Capital provides access to sovereign-level relationships and co-investment opportunities across private equity, credit and infrastructure, while Alpha Wave Global contributes its growth-stage and private-credit origination engines spanning Miami, London, Mumbai and eight other cities. The ADGM mandate itself creates a distinct funnel: managers seeking regional expansion approach ADCP as the most direct path to a sovereign-backed anchor commitment in the Gulf.

It is an asset manager structured as an Abu Dhabi Global Market-registered strategic investment platform. ADCP does not manage family wealth. It invests a dedicated blind-pool fund on behalf of its two institutional shareholders — Mubadala Capital and Alpha Wave Global — while serving an explicit policy objective of populating ADGM with global financial firms.

ADCP uses both. The portfolio includes fund commitments to managers such as Bain Capital, General Atlantic, TPG, Ardian and Apollo, alongside direct co-investments and structured partnerships. The firm has also taken direct stakes in operating companies including SpaceX and Telegram.

ADCP spans growth equity, later-stage venture, private credit, secondaries and special situations. Its listed portfolio ranges from early-stage royalty structures such as AlphaStream to mature buyout and special-situations partnerships with firms like OpenGate Capital and Avenue Capital Group.

ADCP is a 50-50 joint venture between Mubadala Capital — the alternatives subsidiary of Abu Dhabi’s $330 billion sovereign fund Mubadala Investment Company — and Alpha Wave Global, the $20 billion AUM investment firm founded in 2012. The platform operates independently within ADGM but draws on the origination, operational and capital-formation resources of both parents.

Co-investment is core to the model. ADCP typically enters alongside a GP that is simultaneously establishing or expanding an ADGM presence. The firm evaluates co-investment opportunities on the same three-part screen — commercial return, strategic ADGM commitment and local talent development — that governs its fund commitments and direct partnerships.