Mubadala Capital says Apollo to take minority stake, with expected commitments of $5 billion
Key Facts
Mubadala Capital said Apollo will take a minority stake in the firm and invest capital through its investment strategies in a deal that has not yet closed, according to a statement by the two companies. Apollo and additional strategic investors are expected to commit a total of $5 billion to Mubadala Capital strategies at the initial closing, the statement said. The statement did not disclose the size of Apollo’s stake, while Reuters cited a source familiar with the matter as saying it was about 10%, noting that the company had not commented on that estimate. According to Reuters, the investment comes as Apollo deepens its ties with Abu Dhabi, where the emirate’s sovereign funds collectively manage an estimated $1.8 trillion. The deal is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.
Mubadala Investment Company will remain Mubadala Capital’s largest shareholder after the deal, while Apollo will join Silver Rock Financial’s founders as a shareholder. Mubadala Capital will operate independently with its own governance structure, and the current management team will retain full authority over investment and operating decisions, the statement said. The arrangement defines Apollo’s role as a shareholder and provider of capital for the firm’s strategies, while Mubadala Investment Company remains the largest shareholder. It distinguishes the entry of a new investor from a change in control or day-to-day management, with the company saying investment and operating authority will remain with its current team. Mubadala Capital says Apollo’s investment will help it broaden its investor base and strategies and pursue new opportunities globally.
Mubadala Capital Chief Executive Hani Barhoush said the partnership “accelerates this ambition,” referring to connecting global capital with differentiated private-market opportunities. John Zito, Apollo’s co-president of asset management, said the investment “will deepen alignment and strengthen our mutual commitment to each other’s success.” The expected commitments of $5 billion reflect broader capital participation than Apollo’s stake alone, as the expected amount includes additional strategic investors. Reuters reported that the commitments will be made to Mubadala Capital strategies, while the company did not disclose the final percentage represented by Apollo’s stake. The estimate of a stake of about 10% remains attributed to a source familiar with the matter cited by Reuters, not to a company announcement.
Mubadala Capital’s core alternatives business manages more than $60 billion across five investment strategies, according to the company’s statement. This figure refers to assets under management in its core alternatives business, not the total assets managed or advised by the platform. Mubadala Capital manages, advises on and administers more than $755 billion in assets for clients and limited partners across its core businesses and strategic partnerships. The figures offer two different views of the scale of its operations: assets in core strategies on one hand, and broader assets that include management, advice and administration on the other. The company was founded in 2011 and has more than 250 professionals in offices in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco.
The deal builds on an investment relationship between Apollo and Mubadala that began in 2022 and was extended in 2024 to support globally originated investment opportunities. As part of that cooperation, the companies established a $2.5 billion joint venture to co-invest in private credit opportunities globally. Apollo and Mubadala said in 2024 that extending the partnership would strengthen Apollo’s capital solutions business and its ability to originate large-scale opportunities across asset classes and debt and equity financing. The new investment gives Apollo a role as a shareholder in Mubadala Capital, alongside its capital commitment through the firm’s strategies. Mubadala Investment Company had $385 billion in assets at the end of 2025, according to Reuters, while Apollo reported about $1.05 trillion in assets under management on June 30, 2026.