Key Takeaways
- • Apollo agreed to take a minority equity stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi's Mubadala Investment Company, and to commit capital across its investment strategies.
- • Apollo and additional strategic minority investors are expected to commit an aggregate $5 billion to Mubadala Capital's strategies at initial close, per the two firms.
- • Reuters reported the stake is close to 10%, and The National valued it at more than $1 billion; the parties did not disclose terms.
- • Mubadala Capital manages more than $60 billion in core alternatives and more than $755 billion including strategic partnerships; the deal is expected to close in Q4 2026, subject to regulatory and legal approvals.
Summary
Apollo has agreed to take a minority equity stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi's Mubadala Investment Company, and to commit capital across its investment strategies. Additional strategic investors will also join as minority shareholders and, together with Apollo, are expected to commit an aggregate of $5 billion to Mubadala Capital's strategies at initial close, the two firms said.
Terms of the equity stake were not disclosed in the announcement. Reuters reported that the stake is close to 10%, and The National reported that it is valued at more than $1 billion. Mubadala Investment Company remains the majority shareholder, and Apollo joins the founders of Silver Rock Financial as an equity holder. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.
Founded in 2011, Mubadala Capital manages more than $60 billion in its core alternatives business across private equity, special situations with a focus on Brazil, credit, venture capital, and solutions and co-investment platforms. Including strategic partnerships, the firm says it manages, advises, or administers more than $755 billion. It will continue to operate independently, with its existing management team retaining full authority over investment decisions and operations.
John Zito, co-president of Apollo Asset Management, said Mubadala has been a partner in seeding and scaling several Apollo strategies and that the investment deepens alignment between the two firms. Mubadala Capital chief executive Hani Barhoush said the deal will help broaden the manager's investor base and expand its strategies. Goldman Sachs and Jefferies advised Mubadala Capital, while Morgan Stanley advised Apollo.
For allocators, the transaction exemplifies GP-stake capital being paired with fund commitments, giving a growing manager both a strategic shareholder and anchor capital for new vehicles. It also extends the trend of large U.S. alternative managers building closer ties with Gulf sovereign capital, which has become one of the most consistent sources of new commitments to private markets.
Terms of the equity stake were not disclosed in the announcement. Reuters reported that the stake is close to 10%, and The National reported that it is valued at more than $1 billion. Mubadala Investment Company remains the majority shareholder, and Apollo joins the founders of Silver Rock Financial as an equity holder. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.
Founded in 2011, Mubadala Capital manages more than $60 billion in its core alternatives business across private equity, special situations with a focus on Brazil, credit, venture capital, and solutions and co-investment platforms. Including strategic partnerships, the firm says it manages, advises, or administers more than $755 billion. It will continue to operate independently, with its existing management team retaining full authority over investment decisions and operations.
John Zito, co-president of Apollo Asset Management, said Mubadala has been a partner in seeding and scaling several Apollo strategies and that the investment deepens alignment between the two firms. Mubadala Capital chief executive Hani Barhoush said the deal will help broaden the manager's investor base and expand its strategies. Goldman Sachs and Jefferies advised Mubadala Capital, while Morgan Stanley advised Apollo.
For allocators, the transaction exemplifies GP-stake capital being paired with fund commitments, giving a growing manager both a strategic shareholder and anchor capital for new vehicles. It also extends the trend of large U.S. alternative managers building closer ties with Gulf sovereign capital, which has become one of the most consistent sources of new commitments to private markets.
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