Abu Dhabi’s sovereign wealth fund Mubadala is pursuing restructurings, management changes and mergers in an effort to salvage billions of dollars invested in European start-ups, according to people with knowledge of the strategy.
The moves come as valuations of European start-ups have suffered steep declines four years after the $300bn fund increased its investments in the region. Mubadala’s methods have unsettled the close-knit European start-up community, the people said.
Mubadala’s venture dealmaker Ibrahim Ajami exerted pressure on German insurance start-up Wefox chief Julian Teicke to step down, which the latter did in March, two years after the fund led a financing round based on a $4.5bn valuation.
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