Apollo secures minority holding in Mubadala Capital agreement

Apollo Global Management has agreed to acquire a minority stake in Abu Dhabi-based Mubadala Capital, with the US investment group and other strategic investors expected to commit a combined $5 billion to its investment strategies.

The agreement, announced on Monday, October 26, brings Apollo into the ownership structure of Mubadala Capital, the alternative asset management subsidiary of sovereign investor Mubadala Investment Company. The investment commitments are expected at the transaction’s initial closing, rather than representing the purchase price of Apollo’s shareholding.

Mubadala Capital did not disclose the valuation, purchase price or precise size of Apollo’s stake. The company also did not identify the additional strategic investors or specify how much of the $5 billion each participant would contribute. The transaction is expected to close during the fourth quarter of 2026, subject to regulatory and legal approvals.

Mubadala Investment Company will remain the majority shareholder. Apollo will join the founders of Silver Rock Financial among Mubadala Capital’s outside equity investors, while other strategic partners are also expected to acquire minority holdings.

The Abu Dhabi firm said it would retain its independent operating model and existing governance arrangements following the introduction of the new shareholders. Its management team will continue to exercise full authority over investment decisions and day-to-day operations, a provision intended to preserve the investment platform’s existing decision-making structure.

The arrangement gives Apollo an ownership interest in an investment manager with more than $60 billion under management across its core alternative investment strategies. Mubadala Capital said the new relationship would support efforts to attract additional investors, develop its investment offerings and identify opportunities across markets.

Hani Barhoush, chief executive of Mubadala Capital, described Apollo as a longstanding partner of Mubadala and Abu Dhabi. He said the transaction reflected confidence in the investment platform and would allow the two organisations to work more closely as shareholders and investment partners.

John Zito, co-president of Apollo Asset Management, said Mubadala had supported the establishment and expansion of several Apollo strategies over the years. He said the new shareholding would strengthen alignment between the groups and create opportunities to reach a wider international investor base.

The transaction extends a relationship already encompassing investment partnerships and financing initiatives. Mubadala supported the launch of Apollo Strategic Origination Partners in 2020, while Apollo subsequently invested in Mubadala Capital’s evergreen solutions strategy. The organisations have also collaborated on private credit investments and expanded their global origination partnership in 2024.

Those arrangements have linked Mubadala’s institutional capital with Apollo’s lending and investment operations. The new agreement adds direct ownership of Mubadala Capital to that relationship, alongside commitments to funds and strategies managed by the Abu Dhabi business.

Mubadala Capital’s core investment activities span private equity, credit, venture capital and special opportunities, including investments focused on Brazil. It also operates solutions and co-investment platforms that allow investors to participate in transactions alongside its investment teams.

Beyond its managed alternatives business, the company said it manages, advises and administers more than $755 billion through its investment operations and strategic partnerships. That broader figure includes assets associated with partner businesses and should not be confused with the more than $60 billion managed across its core alternatives strategies.

Apollo, meanwhile, had approximately $1.05 trillion in assets under management at June 30, 2026. Its activities encompass credit, private equity and other alternative investments, alongside retirement services provided through Athene. The proposed investment therefore links two managers with overlapping interests in private markets and institutional financing.

The companies have not provided a timetable for deploying the proposed commitments across individual funds or identified which investment strategies will receive allocations. The announcement also leaves open whether the incoming minority investors will obtain board representation or other shareholder rights. Such details may become clearer as the parties complete the approval process. For now, Mubadala Capital has confirmed that investment authority will remain with its existing leadership and governance framework.

Mubadala Capital, established in 2011, employs more than 250 professionals across Abu Dhabi, London, New York, Rio de Janeiro and San Francisco. Its strategic businesses and partnerships extend into private wealth, public credit, insurance and real estate.

Goldman Sachs and Jefferies acted as financial advisers to Mubadala Capital, with Skadden, Arps, Slate, Meagher & Flom providing legal advice. Morgan Stanley advised Apollo financially, while Paul, Weiss, Rifkind, Wharton & Garrison served as its legal counsel.