Apollo to Take Minority Stake in Mubadala Capital

Apollo has agreed to acquire a minority equity stake in Mubadala Capital, deepening its relationship with the Abu Dhabi-backed alternative asset manager while committing capital across the firm’s investment strategies.

Additional strategic investors will also become minority shareholders. Together with Apollo, they are expected to commit $5 billion to Mubadala Capital’s strategies at the initial closing.

Founded in 2011, Mubadala Capital manages more than $60 billion across five strategies in its core alternatives business. Apollo’s investment will support broader investor relationships, strategy expansion and new opportunities globally.

Mubadala Investment Co. will remain the majority shareholder. Apollo will join existing equity holders, including the founders of Silver Rock Financial, the Los Angeles credit manager in which Mubadala Capital agreed to buy a 42% stake in late 2024, as an outside equity holder.

Mubadala Capital will retain its independent governance structure, with its management team maintaining authority over investments and operations.

“Apollo has been a trusted partner to Mubadala and across Abu Dhabi for many years,” said Hani Barhoush, Mubadala Capital’s CEO.

The agreement extends a relationship spanning multiple investment initiatives. Apollo and Mubadala Investment Co. expanded their multibillion-dollar origination partnership in 2024. Their collaborations have included a $2.5 billion private credit joint venture and Mubadala’s support for Apollo lending strategies.

The transaction is expected to close in the fourth quarter of 2026.

Goldman Sachs & Co. LLC and Jefferies LLC served as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Mubadala Capital. Morgan Stanley & Co. LLC served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Apollo.