Apollo Global Management will take a minority equity stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi’s Mubadala Investment Company, the two firms said on Monday.
Apollo and additional strategic investors joining as minority shareholders are expected to commit a combined $5 billion to Mubadala Capital’s investment strategies at initial close, according to the statement.
The companies did not disclose the size of the stake or the price. Apollo was finalizing a deal to buy nearly 10% of Mubadala Capital, CNBC reported earlier on Monday, citing people familiar with the matter.
Mubadala Investment Company will remain the majority shareholder. Apollo joins the founders of Silver Rock Financial as an equity holder in the asset manager.
Mubadala Capital, founded in 2011, manages more than $60 billion across five investment strategies in its core alternatives business, the statement said.
The firms said Apollo’s investment will help Mubadala Capital broaden its investor base, expand its strategies and pursue new opportunities globally.
Mubadala Capital will continue to operate independently with its own governance structure, and its existing management team will keep full authority over investment decisions and operations, according to the statement.
“Apollo has been a trusted partner to Mubadala and across Abu Dhabi for many years, and we look forward to working even more closely with them as a shareholder,” said Hani Barhoush, chief executive officer of Mubadala Capital.
John Zito, co-president of Apollo Asset Management, said Mubadala had been a partner in seeding and scaling a number of Apollo’s strategies. “This investment will deepen our alignment and strengthen our mutual commitment to each other’s success,” he said.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.
Goldman Sachs and Jefferies were financial advisers to Mubadala Capital, with Skadden, Arps, Slate, Meagher & Flom as legal counsel. Morgan Stanley advised Apollo, and Paul, Weiss, Rifkind, Wharton & Garrison acted as its legal counsel.
Apollo and Mubadala Investment Company set up a multibillion-dollar partnership in 2022 to jointly source and provide financing to companies worldwide, and extended it in 2024.
