The transaction, announced on 26 October, will bring the US alternative asset manager into Mubadala Capital’s shareholder base as the Abu Dhabi investment business seeks additional international investors. Apollo and other incoming strategic shareholders are expected to commit a combined $5 billion to its investment strategies at the initial closing.
Mubadala Investment Company, Abu Dhabi’s sovereign investment company, will retain majority ownership. Mubadala Capital said it would continue operating independently, with its existing management retaining authority over investment decisions and day-to-day operations. The transaction is expected to close during the fourth quarter of 2026, subject to regulatory and legal approvals.
The companies did not disclose the purchase price, Apollo’s precise ownership percentage or how the planned $5 billion commitment would be divided among the participating investors. The figure represents anticipated commitments to investment strategies rather than the price being paid for equity in Mubadala Capital.
The agreement marks a further step in a relationship under which Mubadala has supported the development and expansion of several Apollo investment strategies. The new arrangement adds direct ownership of Mubadala Capital to that existing investment relationship, bringing the parties together both as shareholders and as providers of capital to investment funds.
Hani Barhoush, chief executive of Mubadala Capital, said Apollo had been a trusted partner to Mubadala and Abu Dhabi for many years. He described the investment as support for the firm’s ambition to connect international capital with opportunities in private markets and said the companies intended to work more closely following Apollo’s entry as a shareholder.
John Zito, co-president of Apollo Asset Management, said Mubadala had helped seed and scale several of Apollo’s strategies. He said the equity investment reflected Apollo’s confidence in Mubadala Capital’s business and would create opportunities to reach a wider international investor base.
Mubadala Capital manages more than $60 billion through its core alternatives operations, spanning five investment strategies. Its activities include private equity, credit, venture capital and special opportunities, alongside investment solutions and co-investment platforms. The firm expects the transaction to help expand its investor base, develop existing strategies and pursue additional opportunities internationally.
The distinction between its core business and its wider network is significant. Mubadala Capital says it manages, advises and administers more than $755 billion in assets through its own operations and strategic partnerships. That broader figure includes assets associated with partner businesses and should not be treated as assets directly managed by its core investment teams.
Apollo, meanwhile, reported approximately $1.05 trillion in assets under management as of 30 June 2026. Its operations encompass alternative investments and credit, while its retirement services business, Athene, provides retirement savings and institutional financial solutions. The scale of Apollo’s investment platform gives Mubadala Capital access to a partner with an established network of institutional investors.
The ownership structure also brings Apollo alongside the founders of Silver Rock Financial, who already hold equity in Mubadala Capital. The addition of outside shareholders does not change Mubadala Investment Company’s position as controlling owner, and the companies have emphasised continuity in Mubadala Capital’s governance arrangements.
The transaction forms part of Mubadala Capital’s efforts to attract third-party investment into its private-market activities. Such commitments provide capital for investment programmes, although the timing of deployment and eventual returns depend on individual strategies and market conditions. Neither company announced specific acquisitions or investment allocations arising from the agreement.
Mubadala Capital was established in 2011 and operates from offices including Abu Dhabi, London, New York, Rio de Janeiro and San Francisco. Its investment activities span multiple markets, with the new shareholders expected to participate in its growth without assuming operational control.
The announcement identifies the additional participants only as strategic investors and does not specify their identities or individual equity positions. It also leaves open the precise timing of capital contributions following the initial closing. These details matter because an investment commitment can be drawn over time rather than transferred entirely when an agreement becomes effective.
Goldman Sachs and Jefferies advised Mubadala Capital on the transaction, while Morgan Stanley advised Apollo. Skadden, Arps, Slate, Meagher & Flom acted as legal counsel to Mubadala Capital, and Paul, Weiss, Rifkind, Wharton & Garrison represented Apollo.
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
