Apollo Takes Mubadala Minority Stake in $5B-Backed Deal

By Grace Kim

Mubadala Capital said Apollo Global Management (NYSE: APO) will acquire a minority equity stake as the new shareholders are expected to commit approximately $5 billion to its investment strategies at the initial closing. The approximately $5 billion is the expected collective commitment from all new shareholders; Apollo’s own amount was not disclosed.

Apollo will commit capital across its investment strategies, while additional strategic investors will also acquire minority stakes, Mubadala Capital said. The announcement did not disclose Apollo’s ownership percentage, the size of its equity investment or Mubadala Capital’s valuation. It also did not identify the additional strategic investors or break down the expected commitments by strategy.

What are the closing and ownership terms?

Mubadala Capital expects the transaction to close in the fourth quarter of 2026, subject to regulatory and legal approvals. Apollo will become a minority shareholder in Mubadala Capital alongside the founders of Silver Rock Financial, the firm said.

Mubadala Investment Company will retain majority ownership of the business. After the transaction, Mubadala Capital will continue operating independently under its existing governance structure. Its current management team will retain authority over investment decisions and day-to-day operations, Mubadala Capital said.

The firm said the arrangement preserves its investment processes while expanding its shareholder base. The deal adds minority capital without transferring operating control.

How will Apollo’s capital support expansion?

Mubadala Capital said Apollo’s investment is intended to support expansion into additional investment strategies, broaden its institutional investor base and strengthen its global distribution capabilities. The agreement expands an existing partnership between Apollo and Mubadala. It also builds on Mubadala’s support for the development and expansion of several Apollo investment strategies.

“Mubadala Capital was built to connect the world’s capital with differentiated private market opportunities, and this partnership accelerates that ambition,” said Hani Barhoush, CEO of Mubadala Capital.

Barhoush said Apollo has maintained a longstanding relationship with Mubadala and other institutions in Abu Dhabi, providing a foundation for the expanded partnership.

“Mubadala has been a trusted partner in seeding and scaling a number of our strategies over the years,” said John Zito, co-president of Apollo Asset Management. Zito said the transaction reflects Apollo’s confidence in Mubadala Capital’s investment platform and growth prospects.

He added that the partnership would strengthen both firms’ ability to reach institutional investors and pursue opportunities across global private markets.

How large are the two firms?

Mubadala Capital, founded in 2011, manages more than $60 billion through its core alternatives business, the firm said. It invests in private equity, credit, venture capital, special opportunities focused on Brazil, and solutions and co-investment platforms. The company also maintains strategic investments and partnerships in private wealth, public credit, insurance and real estate.

Across its core operations and strategic partnerships, Mubadala Capital reports that it manages, advises and administers more than $755 billion for clients and limited partners. The firm said that broader total is distinct from the more than $60 billion managed through its core alternatives business.

Mubadala Capital currently employs more than 250 professionals across offices in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco. Apollo reported approximately $1.05 trillion in assets under management as of June 30, 2026. The New York-based alternative asset manager operates across credit, private equity and other investment strategies, alongside retirement services through its Athene business.

Mubadala Capital described the proposed investment as a link between two large alternative platforms seeking broader capital sources, stronger investment capabilities and wider international distribution. Mubadala Capital’s figures put Apollo’s $1.05 trillion in AUM against the firm’s more than $60 billion core-alternatives total and its $755 billion broader platform total.

Who advised the transaction?

Goldman Sachs and Jefferies served as financial advisors to Mubadala Capital, while Skadden, Arps, Slate, Meagher & Flom provided legal counsel. Morgan Stanley advised Apollo, with Paul, Weiss, Rifkind, Wharton & Garrison serving as legal counsel.

Mubadala Capital said the agreement provides additional institutional backing and investment commitments while letting Mubadala Investment Company retain majority ownership and management retain operational control. The transaction gives Mubadala Capital the institutional backing it says will support additional strategies and wider distribution, with execution still ahead of the fourth-quarter 2026 close.