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Mubadala invests $500m in Carlyle Group

Mubadala Development has invested $500m in US-based alternative asset management firm, Carlyle Group, as it prepares for an initial public offering, Bloomberg has reported. Mubadala will receive convertible subordinated notes and additional equity in the firm, Carlyle said without giving further details. The private-equity firm sold a 7.5% stake to Mubadala in 2007 after shelving plans for an IPO due to the credit crisis.