Apollo Takes Minority Stake in Mubadala Capital, With Expected Commitments of $5 Billion
Key Facts
Mubadala Capital announced that Apollo would take a minority stake, committing capital across the company’s various investment strategies in a move aimed at broadening its investor base and expanding the platform’s global activity. Apollo said its commitments, together with those of other strategic investors, are expected to total $5 billion at the initial close. The companies did not disclose the value or percentage of the stake, while Reuters reported, citing a person familiar with the matter, that it is close to 10%. The deal gives Apollo a stake in an Abu Dhabi-based alternative asset management platform, while Mubadala Investment remains its largest shareholder. It is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.
Mubadala Capital’s core alternative investment business manages more than $60 billion across five strategies, according to Apollo’s announcement. That figure differs from the total assets Mubadala Capital manages or advises on and provides administrative services for, which exceed $755 billion across its core businesses and strategic partnerships. The two figures reflect different scopes: the first covers its core alternatives business, while the second includes a broader pool of assets across its management, advisory and services activities. Apollo, meanwhile, had about $1.05 trillion in assets under management as of June 30, 2026. These figures place the deal in the context of cooperation between two platforms managing large pools of capital across multiple strategies and markets.
Mubadala Capital said Apollo’s investment would help it broaden its investor base, expand its strategies and pursue new opportunities worldwide. The deal announcement did not identify a specific geographic region for expansion or mention a plan to increase Apollo’s investments in the UAE. John Zito, Apollo’s co-president of asset management, said the investment “reflects our conviction in Mubadala Capital’s business” and builds on the existing partnership between the two sides. He added that investing in the asset management platform developed by Mubadala Capital would deepen alignment between the companies and open up opportunities to reach a broader base of global investors. Apollo’s entry into the company’s capital comes with a commitment to invest across the platform’s strategies, while investment decisions and operations remain with the Mubadala Capital team.
The multi-year partnership between Apollo and Mubadala dates back to 2022. Apollo said in November 2024 that the two sides had extended it, focusing on origination and financing opportunities across asset classes. The cooperation announced at the time included a $2.5 billion global private credit investment joint venture, according to Mubadala. Mubadala also participated as a strategic partner in the $25 billion direct lending and private credit program announced by Citi and Apollo, The National reported in September 2024. The program initially focused on North America, with the possibility of expanding into other markets. When extending the partnership, the two sides said they were seeing a structural shift in corporate financing toward executing deals through private markets, a context that helps explain the importance of cooperation in credit and alternative investment.
Mubadala’s private credit partnerships also include other parties. In February 2024, the company signed an agreement with Goldman Sachs to establish a $1 billion separately managed account aimed at investing long-term capital in opportunities in the Asia-Pacific region. In April 2025, Mubadala and Fortress announced a credit and special situations partnership targeting the deployment of $1 billion from Mubadala across Fortress’s private credit, asset-based lending and real estate strategies. These agreements show the breadth of Mubadala’s activity across multiple credit partnerships, alongside the new deal with Apollo. Apollo is scheduled to report third-quarter 2026 results on November 3, 2026. Apollo’s entry into Mubadala Capital is still expected to close during the fourth quarter of the same year, following completion of regulatory and legal approvals.