ADIA (Abu Dhabi Investment Authority) is the emirate's largest sovereign wealth fund, a global, mostly in-house investor that Global SWF estimates at about $1.1 trillion. ADIC (Abu Dhabi Investment Council), founded in 2007, is a much smaller fund that has been wholly owned by Mubadala since 2018 and runs an endowment-style portfolio of funds and co-investments.
Answer
ADIA (Abu Dhabi Investment Authority) is the emirate's largest sovereign wealth fund: a global investor that managed 63% of its portfolio in-house in 2025 and that consultancy Global SWF estimates at about $1.1 trillion. ADIC (Abu Dhabi Investment Council), founded in 2007, is a much smaller fund that has been wholly owned by Mubadala since 2018 and runs an endowment-style portfolio of funds and co-investments.
| ADIA | ADIC | |
|---|---|---|
| Full name | Abu Dhabi Investment Authority | Abu Dhabi Investment Council |
| Owner / parent | Government of Abu Dhabi | Mubadala Investment Company (100%) |
| Established | See our ADIA profile | 2007 |
| Size | Not disclosed; about $1.1 trillion (Global SWF estimate) | Not disclosed separately; parent Mubadala AED 1.4 trillion (US$385 billion) |
| Model | Global multi-asset; 63% managed internally (2025) | Endowment model; funds, co-investments, secondaries |
| Reported returns | 20-year 6.6%, 30-year 7.2% a year (2025) | No public return series |
| Leadership | Managing Director Sheikh Hamed bin Zayed Al Nahyan | Reports to Mubadala's board since 2018 |
Sources: The National, Sarmad Khan (Sept. 10, 2026); Reuters via Zawya (Sept. 10, 2026); ADIC "About us" (adcouncil.ae); Mubadala 2025 results release (Apr. 9, 2026); CNBC (Mar. 21, 2018).
Why are ADIA and ADIC confused?
The names differ by one word, "Authority" versus "Council", and both were created to invest Abu Dhabi's oil-derived surplus abroad. CNBC described ADIC in 2018 as "responsible for investing worldwide part of the Abu Dhabi government's surplus financial resources", a description that could also fit ADIA. Search data shows people regularly look for the two side by side.
The practical answer is simple: ADIA is a standalone sovereign fund; ADIC is a subsidiary of Mubadala. For the wider picture see our guide to Abu Dhabi's three sovereign funds.
What is ADIA?
ADIA is Abu Dhabi's largest sovereign investor. It does not disclose total assets; Global SWF puts them at around $1.1 trillion, according to The National (Sept. 10, 2026). In 2018, CNBC cited an estimate of $828 billion, making it the third-largest sovereign fund in the world at the time.
ADIA's 2025 review, published in September 2026, reported:
- 20-year annualised return of 6.6% (2024: 6.3%);
- 30-year annualised return of 7.2% (2024: 7.1%);
- internally managed assets at 63% of the portfolio;
- private equity range raised to 15%–20% (from 12%–17%) and financial alternatives to 7%–12%, while real estate was cut to 2%–7% (Reuters).
Its geographic ranges are 45%–60% North America, 15%–30% Europe, 10%–20% emerging markets and 5%–10% developed Asia (The National). Managing Director Sheikh Hamed bin Zayed Al Nahyan said achieving investment objectives "will depend less on predicting outcomes". Our ADIA profile has more.
What is ADIC?
ADIC was established in 2007. According to its website, it:
- is "wholly owned by Mubadala Investment Company", which "serves as our parent and shareholder";
- became part of Mubadala in 2018, moved to Al Bahr Towers in 2012, rebranded in 2024 and opened a New York office in 2025;
- "adopts an endowment investment model";
- has acted since 2018 as Mubadala's indirect investment arm, focused on funds and co-investments;
- invests across private equity, capital solutions, real assets, public markets and secondaries.
ADIC does not publish standalone assets or returns. Its parent, Mubadala, reported assets under management of AED 1.4 trillion (US$385 billion) at the end of 2025, up 17%, with a five-year annualised IRR of 10.7% and a ten-year IRR of 10.3%.
What happened in 2018?
In March 2018 Abu Dhabi announced that ADIC would become part of the Mubadala group. CNBC reported that ADIC's board would report to Mubadala's board, that ADIC executive director Eissa al-Suwaidi would remain in place, and that the combined portfolio was worth more than $200 billion, according to a source. The move was part of a wider consolidation of Abu Dhabi's state investors. ADIA was not part of that merger.
How do their strategies differ?
| Dimension | ADIA | ADIC |
|---|---|---|
| Role | Primary global savings vehicle for the emirate | Funds and co-investment platform within Mubadala |
| Management | Majority in-house (63% in 2025) | Primarily through external managers and partners |
| Style | Diversified across public and private markets with published allocation ranges | Endowment model, seeding emerging strategies |
| Disclosure | Annual review with long-term returns and ranges | Limited; no standalone figures |
For asset managers raising capital, the distinction matters: ADIA is approached as a separate institution, while ADIC is effectively one of the doors into Mubadala's externally managed programme. Compare with ADIA vs Mubadala and ADIA vs Mubadala vs ADQ.
Which is bigger, ADIA or ADIC?
ADIA, by a wide margin. Even ADIC's parent Mubadala, at US$385 billion, is roughly a third of Global SWF's $1.1 trillion estimate for ADIA. ADIC is one part of Mubadala, so it is smaller still. For global context see PIF vs ADIA.
Sources
- The National, Sarmad Khan, "Abu Dhabi wealth fund Adia says tech remains major investment theme this year," September 10, 2026.
- Reuters (via Zawya), "Abu Dhabi wealth fund ADIA increased allocations to private assets in 2025," September 10, 2026.
- Abu Dhabi Investment Council, "About us," adcouncil.ae (accessed October 28, 2026).
- Mubadala, "Strong performance by UAE portfolio drives Mubadala's growth in 2025," April 9, 2026.
- CNBC, "ADIC to join Mubadala group as wealthy Abu Dhabi consolidates funds," March 21, 2018.
Last updated October 28, 2026.