Key Takeaways
- • Apollo Global Management has agreed to acquire a minority stake of nearly 10% in Mubadala Capital, the alternative asset management subsidiary of Abu Dhabi sovereign wealth fund Mubadala, according to Reuters citing a person familiar with the transaction.
- • Apollo and other strategic minority investors are expected to commit a combined $5bn across Mubadala Capital's investment strategies.
- • Mubadala Capital will retain its independent operations and governance structure after the deal, which is reportedly expected to complete in the fourth quarter.
- • Goldman Sachs and Jefferies advised Mubadala Capital, while Morgan Stanley advised Apollo.
- • The transaction follows an earlier, uncompleted deal in which Mark Walter's holding company TWG announced an equity stake roughly 18 months prior.
Summary
Apollo Global Management has agreed to acquire a minority stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi sovereign wealth fund Mubadala, as part of a strategic partnership involving approximately $5bn in investment commitments, according to Reuters. A person familiar with the transaction told Reuters that Apollo will acquire a stake of nearly 10%. Apollo and other strategic investors taking minority stakes are expected to commit a combined $5bn across Mubadala Capital's investment strategies, supporting the expansion of its investor base and global investment activities.
Mubadala Capital will retain its independent operations and governance structure following completion, which is reportedly expected in the fourth quarter. Goldman Sachs and Jefferies advised Mubadala Capital, while Morgan Stanley acted as financial adviser to Apollo. The agreement builds on an established relationship between the two firms.
The deal reflects a broader trend of global alternative asset managers forming partnerships with Middle Eastern sovereign wealth funds. Mubadala managed $385bn at the end of 2025 and has reportedly expanded its exposure to private markets, including a $1bn private credit partnership between Mubadala Capital and Fortress Investment Group announced last year.
Financial Times reported that the investment comes 18 months after Mark Walter's holding company TWG announced a deal for an equity stake in Mubadala Capital, which was never completed. Coverage from Pensions & Investments, PEI Private Equity and Alternative Credit Investor reported the same transaction.
Mubadala Capital will retain its independent operations and governance structure following completion, which is reportedly expected in the fourth quarter. Goldman Sachs and Jefferies advised Mubadala Capital, while Morgan Stanley acted as financial adviser to Apollo. The agreement builds on an established relationship between the two firms.
The deal reflects a broader trend of global alternative asset managers forming partnerships with Middle Eastern sovereign wealth funds. Mubadala managed $385bn at the end of 2025 and has reportedly expanded its exposure to private markets, including a $1bn private credit partnership between Mubadala Capital and Fortress Investment Group announced last year.
Financial Times reported that the investment comes 18 months after Mark Walter's holding company TWG announced a deal for an equity stake in Mubadala Capital, which was never completed. Coverage from Pensions & Investments, PEI Private Equity and Alternative Credit Investor reported the same transaction.
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