Expected $5 Billion in Commitments Accompany Apollo’s Entry as a Mubadala Capital Investor
Key Facts
Mubadala Capital announced on October 26, 2026, that Apollo will acquire a minority stake in the company and commit capital through its investment strategies, in a deal that expands the U.S. asset manager’s participation in an Abu Dhabi-linked alternative investment platform. The official announcement did not specify the size of Apollo’s stake. Reuters, citing a person familiar with the matter, said the stake would be about 10%, adding that Apollo declined to comment on its size. The announcement also includes additional strategic investors joining as minority shareholders. The company expects Apollo and these investors to commit a total of $5 billion at the initial close, rather than Apollo investing the entire amount on its own.
Mubadala Capital’s core alternative investments business manages more than $60 billion across five strategies. Apollo said its investment would help the company expand its investor base and strategies and pursue new opportunities around the world. The investment comes against the backdrop of an existing relationship between the two parties. Hani Barhoush, CEO of Mubadala Capital, said Apollo has been a trusted partner to Mubadala and Abu Dhabi for years. He added that the partnership would accelerate the company’s ambition to connect global capital with private market opportunities. John Zito, Apollo’s co-president of asset management, said Mubadala had helped establish and expand several of Apollo’s strategies, and that the investment builds on that partnership.
Under the announcement, Mubadala Investment Company will remain Mubadala Capital’s largest shareholder, while Apollo will join Silver Rock Financial’s founders as an equity owner. The company said the entry of the new shareholders would not change its operational independence or governance structure. The current management team will retain full authority over investment and operational decisions. The arrangement therefore combines the addition of shareholders to the company’s ownership with capital commitments for its strategies, while leaving day-to-day and investment decisions with the existing management. The announcement did not cite a change in Mubadala Investment Company’s stake or specify how the commitments would be allocated among investors.
Mubadala Capital manages, advises on or oversees more than $755 billion for clients and limited partners across its core businesses and strategic partnerships, according to the company. That total differs from the more than $60 billion managed by its core alternative investments business, a smaller scope covering five strategies. Founded in 2011, Mubadala Capital employs more than 250 professionals in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco. Apollo had about $1.05 trillion in assets under management as of June 30, 2026, according to its figures. These figures place the deal between two major managers, while reflecting differences in the scope of assets each oversees and what is included in their calculations.
The deal comes as part of broader investment cooperation between Apollo and Mubadala, which has included the creation of a $2.5 billion joint venture to co-invest globally in private credit opportunities. Apollo announced in October 2024 a goal of reaching annual origination volume of $275 billion over the following five years. In 2025, Mubadala Capital entered into a $1 billion strategic partnership with Fortress to invest in private credit. Reuters said Abu Dhabi’s sovereign wealth funds collectively manage about $1.8 trillion, and put Mubadala’s assets at $385 billion at the end of 2025. This background reflects the expansion of partnerships between Abu Dhabi institutions and global asset managers, without in itself specifying the deal’s impact on investment performance.
The deal is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals. Through the announcement, market data showed Apollo shares closing at $110.95 on October 19, then at $112.83 on October 23. These prices do not include a close after the deal announcement on October 26. The parties did not specify a more precise closing date in the materials provided or officially state the size of the stake. The total commitments of $5 billion remain tied to the initial close and the participation of Apollo and the other strategic investors.