Abu Dhabi sovereign investor Mubadala has announced partnerships with investment firms Bain Capital and Barings, while South Korea’s Toss has reportedly received fresh backing from Singapore’s GIC.
Mubadala-Bain Capital partnership acquires Service Logic
Abu Dhabi sovereign investor Mubadala Investment Company has teamed up with Bain Capital to acquire Service Logic, a US provider of commercial HVAC and building-automation services.
The duo bought the business from private equity firm Leonard Gree & Partners, according to an announcement. Financial details of the acquisition were not disclosed.
Service Logic, headquartered in Charlotte, North Carolina, operates from more than 140 locations across North America. It provides preventive maintenance, emergency service, unit replacement, and retrofit work for commercial heating, ventilation, and air-conditioning systems, and employs more than 5,000 technicians.
The company has expanded through acquisitions and partnerships with local owner-operators, the buyers said. Mubadala and Bain said they will back Service Logic through its next growth phase, aiming to scale the platform and deepen its market presence.
Mubadala, Barings launch $500m realty debt partnership
In a separate announcement, Mubadala said it has launched a $500 million partnership with investment manager Barings to invest in real estate debt globally.
The joint venture, which will be managed by Barings, will originate and invest in senior and subordinated loans across property types in the US, Europe, and Asia Pacific. Mubadala will invest alongside MassMutual, Barings’ parent company, per the announcement.
Barings said it brings a platform with more than $30 billion of real estate debt assets under management, while Mubadala said the partnership will help diversify its real estate credit portfolio and broaden access to opportunities across regions.
The firms did not disclose target returns or the venture’s first deals, but said the strategy is designed to capitalise on market dislocation and rising appetite for private real estate credit.
GIC, others said to have backed S Korea’s Toss
Singapore sovereign wealth fund GIC has reportedly joined a group of investors backing South Korean financial “super app” Toss in a deal that did not involve the issuance of new shares.
According to a Bloomberg report, GIC has joined asset managers Baillie Gifford, Wellington Management, and WCM in the new fundraising. The sellers and the size of the investments, however, were not disclosed.
Toss, operated and owned by startup Viva Republica, had more than 24 million monthly active users as of December, just under half of South Korea’s population. It also had more than 100,000 business customers.
Reuters earlier reported that Toss was looking at a possible listing in the US in the second quarter of 2026 with a valuation of more than $10 billion.
