The Exchange

Mubadala
  • 5.0 (3)
  • INVESTING

How do long-term decisions actually get made? The Exchange is a podcast about the thinking behind investing, leadership, and institution-building at scale. Set inside Mubadala — a $385 billion global sovereign investor active in over 80 countries, from the energy transition to the AI revolution — the series goes beyond the headlines to explore honest conversations with leaders on how they navigate volatility, identify generational value, and build institutions designed to outlast the business cycle.

Episodes

  1. Luca Molinari: How Smart Capital Stays Patient

    3D AGO

    Luca Molinari: How Smart Capital Stays Patient

    Private equity today is shaped by a very different set of realities than it was a generation ago.  Our Co-CEO of Private Equity, Luca Molinari, reflects on how the industry has evolved from a model driven largely by transactions and financial engineering to one increasingly focused on operational partnership, long-term value creation, and resilience through cycles.  Luca shares how Mubadala approaches investing across sectors and geographies, and why flexibility has become a critical advantage in an environment defined by technological disruption, longer investment horizons, and growing global complexity. He also discusses the shift from isolated portfolios to more interconnected ecosystems, where collaboration across businesses can strengthen performance and adaptability. The conversation explores how artificial intelligence is reshaping industries and investment frameworks, and why understanding people, leadership, and culture remains central to navigating structural change. Drawing on his experience across Europe, Latin America, the Middle East, and Asia, Luca reflects on investing through cycles, adapting to different business environments, and maintaining a long-term perspective amid uncertainty and transformation.  From ecosystem-building and thematic investing to AI and global leadership, this episode offers a perspective on how private equity continues to evolve in a changing world. (00:00) Private equity’s evolution over three decades (02:16) Seeing through cycles with patient capital (03:31) Inside Mubadala’s private equity strategy (09:48) Why ecosystems matter more than portfolios (13:14) Selectivity, flexibility, and long-term thinking (16:32) The new reality of value creation (19:11) AI and the widening range of outcomes (22:41) The cultural side of global investing (25:33) Private equity’s rise into the mainstream (27:35) Patient, purposeful, and balanced investing Listen to the full episode here: 🔗 Spotify - https://tinyurl.com/2tyjj2cu 🔗 Apple - https://tinyurl.com/8hyr26ft 🔗 YouTube - https://tinyurl.com/mwfwzrve

    34 min
  2. Carlos Obeid: Value Beyond Numbers

    APR 15

    Carlos Obeid: Value Beyond Numbers

    What does financial discipline look like when an institution scales from millions to hundreds of billions? In this episode of The Exchange, Carlos Obeid, Chief Financial Officer at Mubadala, shares how financial strategy evolves alongside institutional growth, and how the role of a CFO extends far beyond reporting into shaping capital allocation, governance, and long-term resilience.  Carlos explains why traditional planning frameworks often fall short in dynamic investment environments, and how agility, disciplined execution, and strong financial architecture become essential at scale. He reflects on Mubadala’s journey from a lean organization with a single mandate to a globally diversified sovereign investor, and the systems required to manage increasing complexity without losing clarity of purpose. Drawing on his experience since Mubadala’s early days, Carlos discusses how to build financial structures that support long-term investing, enable strategic flexibility, and maintain accountability across a growing global portfolio. From foundational decisions in the early years to navigating scale today, this conversation offers a practical perspective on embedding discipline, adaptability, and resilience into the core of an institution. Episode Chapters: (00:00) What does financial discipline look like at scale? (00:34) Mubadala’s origins and rapid growth journey (05:25) Scaling across sectors, geographies, and complexity (10:37) Why traditional financial models fall short (16:02) Building a global institution and partner of choice (26:42) Reflections on resilience and the future Listen to the full episode here: 🔗 Spotify - https://tinyurl.com/2tyjj2cu 🔗 Apple - https://tinyurl.com/8hyr26ft 🔗 YouTube - https://tinyurl.com/mwfwzrve

    27 min
  3. Khaled Al Shamlan Al Marri: The Risk Castle - Discipline, Humility, and Long-Term Investing

    FEB 19

    Khaled Al Shamlan Al Marri: The Risk Castle - Discipline, Humility, and Long-Term Investing

    What does disciplined investing look like when essential real assets and resilience sit at the heart of your strategy? In this episode of The Exchange, Khaled Al Shamlan Al Marri, CEO of Real Assets at Mubadala, explains how infrastructure and real estate serve as the stabilizer within a diversified global portfolio, delivering consistent returns through structured risk, cash flow visibility, and disciplined execution. Khaled introduces what he calls 'the risk castle': structuring investments around downside protection, alignment, and durability across cycles. He shares why real assets investors must stay grounded in fundamentals, especially during periods of hype driven by AI, digitalization, and decarbonization, and why conviction must always be balanced with humility and adaptability. Reflecting on a 20-year journey through Mubadala’s evolution, Khaled speaks about building institutions that endure, investing with a long-term mindset, and laying the right foundations for the generations that follow. From the summit push on Mount Kilimanjaro to building platforms that underpin everyday life, this conversation reflects on preparation over motivation, resilience under pressure, and the discipline to see things through.  Episode Chapters: (00:00) The role of real assets as a portfolio stabilizer (03:30) Infrastructure, essentiality, and long-term value (07:10) Building the “risk castle”  (12:40) Data, judgment, and building conviction (18:15) Investment process over individual talent (24:00) Future-proofing strategy and institutions (29:20) Mubadala’s evolution and economic diversification (35:45) Agility, humility, and staying the course (40:10) Leadership lessons from Kilimanjaro (44:30) Meaning, impact, and long-term legacy Listen to the full episode here: 🔗 Spotify - https://tinyurl.com/2tyjj2cu 🔗 Apple - https://tinyurl.com/8hyr26ft 🔗 YouTube - https://tinyurl.com/mwfwzrve

    34 min
  4. Waleed Al Mokarrab Al Muhairi: How to Build a Conviction-led Investor

    JAN 16

    Waleed Al Mokarrab Al Muhairi: How to Build a Conviction-led Investor

    What does conviction-led investing look like when the responsibility spans decades, not quarters? Waleed Al Mokarrab Al Muhairi is Mubadala’s Deputy Group CEO and a key voice behind the institution’s long-term investment strategy. In today’s episode of The Exchange, he reflects on his journey alongside Mubadala’s evolution from its early foundations into a globally active investment institution. Waleed breaks down what conviction-led investing looks like in practice when responsibility spans decades, not quarters. He discusses how long-term purpose guides decision-making beyond short-term trends, why discipline and patience matter when deploying capital at scale, and how people, partnerships, and ideas act as Mubadala’s true capital multipliers — from Abu Dhabi to global markets. Episode Chapters: (00:00) Conviction-led investing (02:05) Long-term responsibility (05:10) Mubadala’s global evolution (09:30) Playing the long game (14:05) Discipline and patience at scale (18:40) Navigating market volatility (23:10) Partnerships and people (28:15) Leadership and trust (33:20) Building enduring institutions (38:40) Legacy and long-term impact Listen to the full episode here: 🔗 Spotify - https://tinyurl.com/2tyjj2cu 🔗 Apple - https://tinyurl.com/8hyr26ft 🔗 YouTube - https://tinyurl.com/mwfwzrve

    42 min
  • 4 Episodes

Ratings & Reviews

5
out of 5
3 Ratings

About

How do long-term decisions actually get made? The Exchange is a podcast about the thinking behind investing, leadership, and institution-building at scale. Set inside Mubadala — a $385 billion global sovereign investor active in over 80 countries, from the energy transition to the AI revolution — the series goes beyond the headlines to explore honest conversations with leaders on how they navigate volatility, identify generational value, and build institutions designed to outlast the business cycle.

Information

  • Creator
    Mubadala
  • Years Active
    2K
  • Episodes
    4
  • Rating
    Clean
  • Copyright
    © 2026 The Exchange
  • Show Website
    The Exchange

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