Apollo Global Management has agreed to acquire a minority stake in Mubadala Capital, strengthening its relationship with Abu Dhabi’s sovereign investment network. The October 26 agreement also brings additional strategic shareholders who, together with Apollo, are expected to commit $5 billion to Mubadala Capital’s investment strategies at the initial closing. Although reports place Apollo’s stake at nearly 10%, the parties have not disclosed its precise size or purchase price.
Key Overview
- Apollo will buy a minority equity stake in Mubadala Capital, reportedly approaching 10%.
- Apollo and other incoming strategic investors are expected to commit $5 billion collectively to Mubadala Capital strategies.
- Mubadala Capital manages and invests over $60 billion through its core alternatives businesses; its broader managed, advised and administered assets exceed $755 billion.
- Mubadala Investment Company will retain majority ownership, while Mubadala Capital keeps its independent management and governance.
- The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.
Apollo Deepens Its Investment Ties With Abu Dhabi
The confirmed minority investment moves Apollo’s relationship with Mubadala beyond lending and co-investment arrangements into direct ownership of its alternative asset management subsidiary. The nearly 10% figure was attributed to a person familiar with the deal; neither firm has confirmed an exact percentage.
For Apollo, a shareholding offers longer-term exposure to the growth of an established private-markets platform. For Mubadala Capital, adding a major US asset manager to its shareholder base could expand its distribution network, attract investors and support new investment strategies.
Apollo will join the founders of Silver Rock Financial as an external equity investor. Parent company Mubadala Investment Company will remain the majority shareholder, and Mubadala Capital’s existing management will retain authority over investment decisions.
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$5 Billion Commitment Supports Alternative Investments
Under the announced transaction terms, Apollo and additional strategic investors are expected to contribute a combined $5 billion to Mubadala Capital’s investment strategies at initial close. The firms did not disclose Apollo’s individual share of that commitment or the amount paid for its equity stake.
Founded in 2011 and led by chief executive Hani Barhoush, Mubadala Capital has expanded into private equity, credit, venture capital and special opportunities, including investments focused on Brazil. Its core alternatives businesses manage and invest more than $60 billion, while a much larger $755 billion figure includes assets managed, advised or administered through strategic businesses and partnerships. Those two figures represent different measures and should not be treated as interchangeable assets under management.
Mubadala Capital has offices in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco, giving the platform access to investors and private-market opportunities across several regions.
A Partnership Built on Private Credit
The latest deal follows a multibillion-dollar partnership extension announced in November 2024. Their relationship, established in 2022, focuses on sourcing and financing opportunities in private debt and equity for businesses internationally.
Earlier collaborations included a $2.5 billion credit co-investment venture announced in 2023 by Mubadala and Alpha Dhabi, designed to leverage their relationship with Apollo. The partnership also supported initiatives spanning middle-market lending and customized financing.
This history helps explain why both sides are moving from project-level cooperation toward an ownership relationship. Rather than merely directing sovereign capital toward a US investment manager, the new agreement brings an American asset manager into the equity structure of an Abu Dhabi-based investment business.
What the Transaction Means for Global Private Markets
The agreement illustrates the increasing importance of institutional scale, capital commitments and international distribution in alternative asset management. A larger shareholder and investor network could help Mubadala Capital compete for deals and raise funds, while giving Apollo another channel for participating in private-market growth.
The immediate financial impact on Apollo cannot yet be measured because the transaction’s purchase price, precise ownership percentage and individual investment commitments remain undisclosed. Investors will therefore be watching for further disclosures before the expected fourth-quarter closing.
Sources: Apollo / Reuters / Mubadala / Alpha Dhabi Holding / The National
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