Apollo Takes Minority Stake in Mubadala Capital in $5 Billion Deal

Apollo (NYSE: APO) is taking a minority equity stake in Mubadala Capital, and together with additional strategic investors will commit an aggregate of $5 billion to the Abu Dhabi-based firm's investment strategies at initial close. Mubadala Capital and Apollo announced the deal on October 26, 2026. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.

Mubadala Capital is the alternative asset management arm of Mubadala Investment Company. Founded in 2011, its core alternatives business manages more than $60 billion across five investment strategies: private equity, special opportunities with a focus on Brazil, credit, venture capital, and Solutions and co-investment platforms. Apollo's capital is meant to help the firm broaden its investor base, expand its strategies, and pursue new opportunities globally.

Hani Barhoush, CEO of Mubadala Capital, said: "Mubadala Capital was built to connect the world's capital with differentiated private market opportunities, and this partnership accelerates that ambition. 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. Apollo has been a trusted partner to Mubadala and across Abu Dhabi for many years, and we look forward to working even more closely with them as a shareholder."

What does the deal change for Mubadala Capital?

Ownership shifts, but control doesn't. Apollo joins the founders of Silver Rock Financial as a minority equity holder, while Mubadala Investment Company remains the majority shareholder — a signal of long-term conviction in a platform it has backed since inception. Mubadala Capital will continue to operate independently and keep its own governance structure, with the existing management team retaining full authority over investment decisions and operations.

For context on scale: Mubadala Capital manages, advises and administers over $755 billion in assets for clients and limited partners through its core alternatives business and strategic partnerships. The firm runs more than 250 professionals across offices in Abu Dhabi, London, New York, Rio de Janeiro, and San Francisco. Apollo, for its part, held approximately $1.05 trillion in assets under management as of June 30, 2026 — roughly 17 times the core alternatives book at Mubadala Capital.

John Zito, Co-President of Apollo Asset Management, said: "Mubadala has been a trusted partner in seeding and scaling a number of our strategies over the years. This investment in the differentiated asset management platform they have built in Mubadala Capital builds on our existing partnership and reflects our conviction in their business. With a talented team, a highly complementary global network and real momentum across its investment strategies, Mubadala Capital is well positioned for its next phase of growth. This investment will deepen our alignment and strengthen our mutual commitment to each other's success, while creating significant opportunities to reach a broader global investor base."

Who advised on the transaction?

The advisory bench splits cleanly between the two sides:

• Mubadala Capital: Goldman Sachs & Co. LLC and Jefferies LLC as financial advisors; Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel.
• Apollo: Morgan Stanley & Co. LLC as financial advisor; Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel.

The broader read

Beyond private equity, credit and venture capital, Mubadala Capital holds a portfolio of strategic businesses and partnerships in private wealth, public credit, insurance, and real estate. Apollo's own platform spans investment-grade credit through private equity, plus retirement services through Athene. The two firms frame this as a deepening of an existing relationship rather than a fresh bet — Apollo has partnered with Mubadala on seeding and scaling strategies for years.

If the deal clears approvals on schedule in Q4 2026, the practical question for limited partners and competitors is how quickly $5 billion of fresh commitments translate into new strategies and a wider global investor base for a manager that already touches three-quarters of a trillion dollars in assets.