Key Takeaways
- • Apollo Global Management has agreed to buy a minority equity stake in Abu Dhabi-based Mubadala Capital, a $60 billion alternatives manager, per the companies' October 26 news release.
- • CNBC first reported the stake is "nearly 10%"; the terms of the deal were not disclosed.
- • Additional minority investors are expected to commit an aggregate of $5 billion to Mubadala Capital's strategies at initial close.
- • Mubadala Investment Co., a $385 billion sovereign wealth fund, remains majority shareholder; Apollo joins the founders of Silver Rock Financial as an equity holder.
- • The transaction is expected to close in the fourth quarter, and Mubadala Capital will keep its management team and governance structure.
Summary
Apollo Global Management has agreed to acquire a minority equity stake in Mubadala Capital, the alternatives platform of Abu Dhabi's state-owned Mubadala Investment Co., and will commit capital across investment strategies as Mubadala Capital expands its offerings. According to an October 26 news release, the deal is part of a broader plan for Mubadala Capital, which manages $60 billion across five strategies: private equity, special opportunities with a focus on Brazil, credit, venture capital, and solutions and co-investment platforms. The firm plans to expand these strategies and pursue new global opportunities. CNBC first reported that Apollo is purchasing a "nearly 10%" stake. The terms were not disclosed.
Mubadala Investment Co., a $385 billion Abu Dhabi sovereign wealth fund, remains the majority shareholder. Apollo joins the founders of Silver Rock Financial as an equity holder in Mubadala Capital. Additional investors are expected to join as minority shareholders and are expected to commit an aggregate of $5 billion to Mubadala Capital's investment strategies at initial close, according to the release.
John Zito, co-president of Apollo Asset Management, said in the release that "Mubadala has been a trusted partner in seeding and scaling a number of our strategies over the years," and that the investment "builds on our existing partnership and reflects our conviction in their business." The two firms' relationship dates to 2020, when Mubadala anchored the formation of Apollo Strategic Origination Partners. Other joint initiatives include a $2.5 billion venture to co-invest in global private credit, Mubadala's support for Apollo's launch of a middle market lending vehicle, and Apollo's investment in Mubadala's evergreen solutions strategy.
Mubadala Capital will continue to operate independently under its existing management team and governance structure. The transaction is expected to close in the fourth quarter. Apollo had approximately $1.05 trillion in assets under management as of June 30. The deal follows a wave of asset management dealmaking in 2026, as firms seek broader product line-ups and further expansion into specialized areas, particularly alternatives.
Mubadala Investment Co., a $385 billion Abu Dhabi sovereign wealth fund, remains the majority shareholder. Apollo joins the founders of Silver Rock Financial as an equity holder in Mubadala Capital. Additional investors are expected to join as minority shareholders and are expected to commit an aggregate of $5 billion to Mubadala Capital's investment strategies at initial close, according to the release.
John Zito, co-president of Apollo Asset Management, said in the release that "Mubadala has been a trusted partner in seeding and scaling a number of our strategies over the years," and that the investment "builds on our existing partnership and reflects our conviction in their business." The two firms' relationship dates to 2020, when Mubadala anchored the formation of Apollo Strategic Origination Partners. Other joint initiatives include a $2.5 billion venture to co-invest in global private credit, Mubadala's support for Apollo's launch of a middle market lending vehicle, and Apollo's investment in Mubadala's evergreen solutions strategy.
Mubadala Capital will continue to operate independently under its existing management team and governance structure. The transaction is expected to close in the fourth quarter. Apollo had approximately $1.05 trillion in assets under management as of June 30. The deal follows a wave of asset management dealmaking in 2026, as firms seek broader product line-ups and further expansion into specialized areas, particularly alternatives.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.