Mubadala’s moving into the cosmetic healthcare scene! The UAE sovereign wealth fund, alongside investors like CBC Group (one of the largest healthcare investment firms in Asia), is sinking its teeth into South Korea’s Hugel. The Botox maker, Hugel, trades at a market cap of $2.5b on the Korea Exchange and has a significant stake of 47% tied up with Bain Capital who’s now offloading its shares at a hefty size of $1.5b.
If Botox isn’t enough diversification for Mubadala, venturing into space definitely is. The SWF’s been taking Vision 2030 pretty seriously through investments over the past year in new sectors like life sciences, renewable energy, aerospace, and healthcare. It looks like it’s been paying off with an exit of its recent holding in Virgin Orbit – Virgin Group’s satellite launcher. The space start-up’s set to go public on the NASDAQ via a… it should be second nature by now… SPAC. The deal values the new entity at $3.2b with it receiving $483m in listing proceeds and $100m through last-minute investors like Boeing (BA).
why it matters
Mubadala’s been spreading its wings over the past year with a $250m investment in a US software company, a $1b commitment to invest in UK life sciences, and now Korea’s Hugel. With 34% of its investment portfolio in privately-held assets, more exits like Virgin Orbit = more listings for investors to look out for.