Key Takeaways
- • Apollo Global Management (NYSE: APO) will take a minority equity stake in Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, and commit capital across its investment strategies.
- • Apollo and additional strategic minority investors are expected to commit an aggregate $5 billion to Mubadala Capital's investment strategies at initial close.
- • Mubadala Capital's core alternatives business manages over $60 billion across five investment strategies; the broader platform manages, advises and administers over $755 billion, according to the press release.
- • Mubadala Investment Company remains the majority shareholder, and Mubadala Capital will keep its own governance structure and management team.
- • The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.
Summary
Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, announced on October 26, 2026 a strategic investment from Apollo Global Management. Under the transaction, Apollo will acquire a minority equity stake in Mubadala Capital and commit capital across its various investment strategies, building on an existing relationship between the two firms. Apollo joins the founders of Silver Rock Financial as an equity holder, and Mubadala Investment Company remains the majority shareholder.
Additional strategic investors will also join as minority shareholders. Together with Apollo, they are expected to commit an aggregate $5 billion to Mubadala Capital's investment strategies at initial close. According to the release, the investment is intended to help the firm broaden its investor base, expand its strategies, and pursue new opportunities globally.
Mubadala Capital was founded in 2011 and manages over $60 billion across five investment strategies within its core alternatives business, spanning private equity (including a focus on Brazil), special opportunities, credit, venture capital, and Solutions and co-investment platforms. The firm also holds strategic businesses and partnerships in private wealth, public credit, insurance and real estate. The company reports more than 250 professionals across offices in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco.
Hani Barhoush, CEO of Mubadala Capital, said the partnership accelerates the firm's ambition to connect global capital with differentiated private market opportunities. John Zito, Co-President of Apollo Asset Management, said Mubadala has been a trusted partner in seeding and scaling several Apollo strategies, and that the investment deepens alignment between the two firms. Following the transaction, Mubadala Capital will continue to operate independently, with its existing management team retaining full authority over investment decisions and operations.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals. Goldman Sachs & Co. LLC and Jefferies LLC acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel to Mubadala Capital. Morgan Stanley & Co. LLC acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel to Apollo. Apollo reported approximately $1.05 trillion in assets under management as of June 30, 2026.
Additional strategic investors will also join as minority shareholders. Together with Apollo, they are expected to commit an aggregate $5 billion to Mubadala Capital's investment strategies at initial close. According to the release, the investment is intended to help the firm broaden its investor base, expand its strategies, and pursue new opportunities globally.
Mubadala Capital was founded in 2011 and manages over $60 billion across five investment strategies within its core alternatives business, spanning private equity (including a focus on Brazil), special opportunities, credit, venture capital, and Solutions and co-investment platforms. The firm also holds strategic businesses and partnerships in private wealth, public credit, insurance and real estate. The company reports more than 250 professionals across offices in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco.
Hani Barhoush, CEO of Mubadala Capital, said the partnership accelerates the firm's ambition to connect global capital with differentiated private market opportunities. John Zito, Co-President of Apollo Asset Management, said Mubadala has been a trusted partner in seeding and scaling several Apollo strategies, and that the investment deepens alignment between the two firms. Following the transaction, Mubadala Capital will continue to operate independently, with its existing management team retaining full authority over investment decisions and operations.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals. Goldman Sachs & Co. LLC and Jefferies LLC acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel to Mubadala Capital. Morgan Stanley & Co. LLC acted as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP as legal counsel to Apollo. Apollo reported approximately $1.05 trillion in assets under management as of June 30, 2026.
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