Mubadala Capital, the alternative asset management arm of Abu Dhabi’s Mubadala Investment Company, has secured a strategic investment from Apollo Global Management as it seeks to expand its business and attract more capital from investors worldwide.
Apollo will take a minority equity stake in the firm and commit capital across its investment strategies. Additional strategic investors will also become minority shareholders, with the group expected to commit a combined USD 5 billion to Mubadala Capital’s strategies at the initial close.
The companies did not disclose Apollo’s individual contribution or the financial terms of its stake.
Mubadala Investment Company will remain the majority shareholder. Mubadala Capital will continue to operate independently, retaining its governance structure and management team, which will keep authority over investment decisions and operations.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.
The investment is intended to support the next stage of growth for a business that has developed into a substantial player in private markets.
Founded in 2011, Mubadala Capital’s core alternatives business manages and invests more than USD 60 billion across five strategies: private equity, credit, venture capital, special opportunities focused on Brazil, and solutions and co-investment platforms.
The firm also has strategic businesses and partnerships in private wealth, public credit, insurance, and real estate.
Hani Barhoush, the chief executive of Mubadala Capital, stated that the firm aims to connect global capital with unique private-market opportunities. Apollo’s investment, he said, would accelerate that ambition and reflected confidence in the platform’s strength and growth prospects.
“Apollo has been a trusted partner to Mubadala and across Abu Dhabi for many years,” Barhoush said, adding that the firm looked forward to working more closely with Apollo as a shareholder.
For Apollo, the deal offers a direct equity position in a manager with an established network and a presence across major financial centers. John Zito, co-president of Apollo Asset Management, said Mubadala had helped seed and scale several Apollo strategies. The new investment, he said, would deepen alignment and create opportunities to reach a broader global investor base.
Apollo had approximately USD 1.05 trillion in assets under management as of June 30, 2026, according to the company.
The group invests in investment-grade credit and private equity and operates Athene, its retirement services business. The deal deepens its relationship with a major Gulf investor.
The agreement builds on a relationship that has broadened over several years. In 2020, the firms established Apollo Strategic Origination Partners and, in February 2022, expanded their global partnership to pursue financing opportunities across asset classes.
The collaboration was designed to help Apollo originate debt and equity transactions and provide companies with tailored financing.
In 2023, Apollo invested in Mubadala Capital’s newly launched Solutions business, which was created to give institutional investors and family offices access to private-market investments and customised portfolios.
The platform included an evergreen private-markets strategy seeded with a diversified USD 2.7 billion portfolio from Mubadala Capital’s balance sheet.
The partnership also extends into private credit. In January 2023, Mubadala and Abu Dhabi-based Alpha Dhabi Holding announced a joint venture aiming to deploy up to AED9 billion (USD 2.5 billion) over five years in global credit opportunities, using Mubadala’s relationship with Apollo to access investments.
In November 2024, Apollo and Mubadala extended their multi-billion-dollar partnership focused on sourcing global investment opportunities and providing private debt and equity financing.
Alternative asset managers are seeking durable capital and stronger distribution networks, while sovereign investors are building international investment platforms. Strategic stakes can align firms beyond individual funds, although benefits will depend on fundraising, investment performance, and their ability to turn networks into transactions.
The deal marks a shift: Apollo will become a shareholder in Mubadala Capital, while Mubadala retains majority ownership and the manager remains operationally independent.
For Mubadala Capital, strategic shareholders could help diversify its investor base, widen access to international relationships, and support new or expanded investment strategies. Such backing may also help the firm compete for institutional mandates in private markets, where managers are seeking long-term capital and differentiated offerings.
The USD 5 billion commitment should not be interpreted as the purchase price for Apollo’s stake or as a disclosed valuation of Mubadala Capital.
It is the combined expected commitment from Apollo and other new strategic investors to the firm’s investment strategies at initial close.
The announcement does not break down contributions by investor or disclose the percentage of equity being acquired.
Mubadala Capital employs more than 250 professionals across Abu Dhabi, London, New York, Rio de Janeiro, and San Francisco. Its sovereign backing and global footprint provide a base for pursuing investors and deals across regions.
Goldman Sachs and Jefferies advised Mubadala Capital, with Skadden, Arps, Slate, Meagher & Flom acting as its legal counsel.
Morgan Stanley advised Apollo, while Paul, Weiss, Rifkind, Wharton & Garrison served as Apollo’s legal counsel. Completion remains conditional on the required approvals.
The deal underscores how Gulf sovereign investment organisations are building asset-management businesses alongside their traditional role as large institutional investors.
For Apollo, it strengthens a long-standing Abu Dhabi relationship; for Mubadala Capital, it brings a global alternative-asset manager into its ownership base as it pursues its next phase of growth.
