Mubadala Capital, an arm of Abu Dhabi's sovereign wealth investor, has raised $900mn for its third Brazil fund despite regional turmoil. The fund exceeded its initial $750mn target, with the parent company contributing a $250mn anchor investment. International clients including pension schemes and family offices provided the remainder of the capital commitments.

The fundraising underscores Mubadala's continued commitment to Brazil as the Gulf region faces conflict sparked by attacks on Iran. The asset manager has already deployed $7.3bn in Brazil across biofuels production, a Burger King franchisee, and Formula 1's São Paulo Grand Prix organizer. Despite regional concerns, Mubadala Capital shows no plans to redirect investments toward its home region.

About a third of the new fund has already been allocated to Brazilian assets including a gym chain, Rio metro, toll road, and medical university. With recent Brazilian corporate bankruptcies creating opportunities, Mubadala Capital explores expansion in other Latin American countries while maintaining its strategy of acquiring controlling stakes in distressed companies.