DUBAI - Abu Dhabi sovereign wealth fund Mubadala's assets under management rose 9.5% last year to 1.11 trillion dirhams ($302.2 billion), it reported on Friday.

Mubadala Investment Company is the second-biggest state fund in Abu Dhabi, the capital of the United Arab Emirates (UAE), behind Abu Dhabi Investment Authority (ADIA).

"Mubadala built on its role as a global investor through opportunistic capital deployment in North America, Asia and Europe in sectors key to regional growth," the state fund said in a statement.

"Investments to accelerate the transformation of the UAE economy through AI-enabled innovation in sectors such as healthcare and space technology remained central to Mubadala’s strategy."

The wealth fund also reported proceeds of 99 billion dirhams last year, about 6.6% lower year on year, which it said included "divestments of certain legacy assets and capital recycling into priority investment areas". The company reported proceeds of 106 billion dirhams in 2022.

It deployed 89 billion dirhams in sectors including technology, digital infrastructure, life sciences, renewable energy and private credit.

Its portfolio mix remained broadly similar year on year, Mubadala said, with 38% direct and indirect in private equity, 25% in public markets and 16% in real estate and infrastructure.

($1 = 3.6729 UAE dirham)

(Reporting by Hadeel Al Sayegh Editing by David Goodman)