Apollo Leads $5bn Investment Into Mubadala Capital

Apollo and a group of strategic investors will commit a combined $5 billion to Mubadala Capital, taking minority equity stakes in the Abu Dhabi-based alternative asset manager. The commitment is expected at the initial close of the transaction, Mubadala Capital announced.

Apollo, one of the world's largest alternative asset managers with approximately $1.05 trillion in assets under management as of June 30, 2026, will take a minority equity stake in Mubadala Capital, the alternative asset management arm of Mubadala Investment Company. Additional strategic investors will join as minority shareholders. The deal deepens a longstanding relationship between the two firms.

The transaction does not alter control. Mubadala Investment Company will retain its position as majority shareholder, a point the company stressed as evidence of continued commitment to the asset manager it has backed since inception. Mubadala Capital will keep operating independently under its existing governance framework. Its management team retains full authority over investment decisions and day-to-day operations. In plain terms: new money and new shareholders, same management.

What does the money buy?

Mubadala Capital said the investment will help it broaden its investor base, expand its investment strategies and pursue opportunities across international markets. Founded in 2011, the firm has grown into a global alternative asset manager with more than $60 billion managed through its core alternatives business across five investment strategies: private equity, special opportunities, credit, venture capital, and solutions and co-investment platforms.

Hani Barhoush, CEO of Mubadala Capital, said the partnership would accelerate the company's ambition to connect global capital with differentiated private market opportunities. "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," he said.

Barhoush added that Apollo had been a trusted partner to Mubadala and across Abu Dhabi for many years, and described the transaction as an opportunity to strengthen that relationship further. Confidence language is abundant in the announcement; what remains unspecified is how the $5 billion will be deployed, in what tranches, and at what implied valuation for Mubadala Capital. None of those terms were disclosed.

Who gains what?

John Zito, co-president of Apollo Asset Management, said the investment reflected confidence in Mubadala Capital's business, management team and international network. He said the partnership would deepen alignment between the two organisations while creating opportunities to reach a broader global investor base.

Apollo has previously worked with Mubadala on seeding and scaling investment strategies. The latest agreement extends that relationship by making Apollo an equity holder in Mubadala Capital itself, rather than a co-investor in its funds. The deal also brings additional shareholders into the business alongside the founders of Silver Rock Financial, who are existing equity holders.

How big is Mubadala Capital?

The company manages, advises and administers more than $755 billion in assets for clients and limited partners across its core alternatives business and strategic partnerships, according to its own figures. The $60 billion-plus core alternatives book is roughly 8 percent of that total; the rest sits in strategic partnerships and adjacent businesses.

Those adjacencies include strategic interests in private wealth, public credit, insurance and real estate. The firm employs more than 250 professionals across offices in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco — a footprint that spans four continents and, by headcount, works out to an average of well over $2 billion in managed or administered assets per employee.

When does it close?

The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals. That timeline leaves more than a year for conditions to be met, and regulatory scrutiny in multiple jurisdictions could extend it.

For Abu Dhabi, the deal signals the growing international reach of its financial institutions and their role in building global investment platforms. For Mubadala Capital, it adds resources and relationships for its next stage of growth — with the valuation, structure and deployment of the $5 billion left, for now, to speculation.