Apollo to take nearly 10 per cent stake in Mubadala Capital in $5bn investment deal

• Apollo is expected to acquire a stake of nearly 10 per cent in Mubadala Capital, according to a person familiar with the matter.
• Apollo and other strategic investors are expected to commit a combined $5 billion to Mubadala Capital’s investment strategies.
• The transaction is expected to close in the fourth quarter, with Mubadala Investment Company remaining the majority shareholder.

Apollo Global Management has agreed to take a minority equity stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi’s Mubadala Investment Company, in a deal that will deepen the firms’ existing partnership.

Apollo and additional strategic investors are expected to commit a combined $5 billion to Mubadala Capital’s investment strategies at the initial close, according to a company statement released on Monday (26).

Apollo’s stake is expected to be nearly 10 per cent, according to a person familiar with the matter. The company has not publicly confirmed the size of its investment.

The transaction will also bring additional strategic investors into Mubadala Capital as minority shareholders. Mubadala Investment Company will remain the majority shareholder.

Mubadala Capital said the investment would help it broaden its investor base, expand its strategies and pursue new opportunities globally. The company will continue to operate independently and maintain its own governance structure after the deal closes.

A deeper partnership between the investment firms

The agreement builds on an established relationship between Apollo and Mubadala Capital, which have worked together to seed and scale investment strategies.

“Mubadala has been a trusted partner in seeding and scaling a number of our strategies over the years,” said John Zito, co-president of Apollo Asset Management.

He said the investment reflected Apollo’s confidence in Mubadala Capital’s asset management platform and would build on their existing partnership.

Mubadala Capital advises and administers more than $755 billion in assets for clients and limited partners through its core alternatives business and strategic partnerships. This figure covers assets across its broader business and partnerships, rather than assets managed solely within its core investment strategies.

Gulf wealth funds attract global investment firms

The deal comes as international investment groups strengthen their relationships with Gulf sovereign wealth funds, which have become significant sources of capital for private markets and other alternative investments.

Abu Dhabi’s sovereign wealth funds collectively manage an estimated $1.8 trillion, giving them substantial capacity to invest across global markets.

Mubadala Capital has been expanding its strategic partnerships. Last year, it entered into a $1 billion partnership with New York-based Fortress Investment Group to invest in private credit, following earlier partnerships with Goldman Sachs and Apollo.

The transaction is expected to close in the fourth quarter of 2026.

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