Apollo takes minority stake in Mubadala Capital with $5B in commitments
What's the deal? ApolloDealroom has a profile for this one. Try Dealroom → has agreed to take a minority equity stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi's Mubadala Investment Company. Alongside additional strategic investors joining as minority shareholders, Apollo is expected to commit an aggregate $5 billion to Mubadala Capital's investment strategies at initial close.
Who stays in charge? Mubadala Investment Company remains the majority shareholder, and Mubadala Capital will continue to operate independently. Apollo joins the founders of Silver Rock Financial as an equity holder.
What are they saying? "Mubadala Capital was built to connect the world's capital with differentiated private market opportunities, and this partnership accelerates that ambition," said Hani Barhoush, CEO of Mubadala Capital. "Apollo is one of the most respected institutions in our industry, and their confidence in what we are building reflects the strength of the platform we've created and the trajectory we are on." John Zito, co-president of Apollo Asset Management, said the deal "builds on our existing partnership and reflects our conviction in their business," pointing to Mubadala Capital's "talented team, a highly complementary global network and real momentum across its investment strategies."
Why now? The deal deepens a relationship that already spans years. The two firms have a $2.5 billion private-credit joint venture formed in 2023, and Apollo invested in Mubadala Capital's evergreen Solutions strategy the same year.
What's the endgame? Mubadala Capital's core alternatives business manages more than $60 billion, and its 2024 Private Equity Fund IV closed at $3.1 billion. The new capital and investor network support a platform building scale beyond its sovereign-fund parent. The deal is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals; Goldman Sachs and Jefferies advised Mubadala Capital, with Skadden Arps as legal counsel, while Morgan Stanley and Paul, Weiss advised Apollo.
The signal: For Apollo, the stake fits a wider pattern of taking minority positions in other investment platforms to build relationships across asset management. For Mubadala Capital, it marks a substantial expansion of an established partnership — and a push to broaden its base beyond Abu Dhabi.
Read more: finanzen.ch, apollo.com
Image credit: Imran Shahabuddin
