Key Takeaways
- • Apollo Global Management is finalizing an agreement to acquire a nearly 10% stake in Mubadala Capital, the alternative asset management subsidiary of Abu Dhabi's sovereign investor Mubadala Investment Company, according to people familiar with the transaction.
- • The deal was expected to be announced on Monday, October 26, 2026, but financial terms were not immediately available.
- • Mubadala Capital manages, advises and administers more than $755 billion in assets, with its core alternatives businesses managing and investing more than $60 billion.
- • The stake would deepen an existing partnership that dates to 2022 and was extended two years later, including a $2.5 billion joint venture formed in 2023 for global private credit investments over five years.
- • Representatives for Apollo and Mubadala Capital declined to comment on the proposed transaction.
Summary
Apollo Global Management is finalizing an agreement to acquire nearly a 10% stake in Mubadala Capital, the alternative asset management subsidiary of Abu Dhabi's sovereign investor Mubadala Investment Company, according to people familiar with the transaction. The deal was expected to be announced Monday morning, October 26, 2026, though its financial terms were not immediately available.
The proposed investment would deepen Apollo's presence in Abu Dhabi and expand its relationship with Mubadala's investment operations. The two institutions already maintain a multibillion-dollar partnership established in 2022 and extended two years later, according to information disclosed by Apollo. Through Apollo's Capital Solutions platform, the firms jointly identify opportunities and provide tailored debt and equity financing to companies worldwide. In 2023, they also established a $2.5 billion joint venture focused on global private credit investments over five years.
Mubadala Capital, which operates under CEO Hani Barhoush, says it manages, advises and administers more than $755 billion in assets, with its wholly owned core alternatives businesses managing and investing more than $60 billion. The firm maintains international offices in London, New York, Rio de Janeiro and San Francisco. According to people familiar with the discussions, John Zito, co-president of Apollo's Asset Management arm, has worked closely with Barhoush in recent years. One person familiar with the transaction pointed to the importance of scale in the asset management industry as a factor behind the deal, saying "Capital as a moat is a big thing."
The transaction also reflects a shift in investment relationships between US financial firms and the Middle East. While Abu Dhabi has long attracted international capital, the proposed acquisition would represent a direct investment by a US firm in an asset management business backed by the emirate's sovereign investment sector. It also follows Apollo's pattern of taking ownership interests in other asset management platforms, including Diameter Capital, Thoreau and Motive Partners.
Representatives for Apollo Global Management and Mubadala Capital declined to comment on the proposed transaction.
The proposed investment would deepen Apollo's presence in Abu Dhabi and expand its relationship with Mubadala's investment operations. The two institutions already maintain a multibillion-dollar partnership established in 2022 and extended two years later, according to information disclosed by Apollo. Through Apollo's Capital Solutions platform, the firms jointly identify opportunities and provide tailored debt and equity financing to companies worldwide. In 2023, they also established a $2.5 billion joint venture focused on global private credit investments over five years.
Mubadala Capital, which operates under CEO Hani Barhoush, says it manages, advises and administers more than $755 billion in assets, with its wholly owned core alternatives businesses managing and investing more than $60 billion. The firm maintains international offices in London, New York, Rio de Janeiro and San Francisco. According to people familiar with the discussions, John Zito, co-president of Apollo's Asset Management arm, has worked closely with Barhoush in recent years. One person familiar with the transaction pointed to the importance of scale in the asset management industry as a factor behind the deal, saying "Capital as a moat is a big thing."
The transaction also reflects a shift in investment relationships between US financial firms and the Middle East. While Abu Dhabi has long attracted international capital, the proposed acquisition would represent a direct investment by a US firm in an asset management business backed by the emirate's sovereign investment sector. It also follows Apollo's pattern of taking ownership interests in other asset management platforms, including Diameter Capital, Thoreau and Motive Partners.
Representatives for Apollo Global Management and Mubadala Capital declined to comment on the proposed transaction.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.