Apollo Takes Minority Stake in Mubadala Capital as $5B Goes to Its Funds

Apollo will take a minority equity position in Mubadala Capital as part of a deal that brings $5 billion of commitments from the US firm and other strategic investors into the Abu Dhabi manager's funds at first close.

The stake will sit alongside the founders of Silver Rock Financial, who also become equity holders. Mubadala Investment Company, the sovereign investor that has backed Mubadala Capital since its inception, will keep its majority position. Additional minority shareholders are expected to join as part of the transaction. It is scheduled to close in the fourth quarter of 2026, subject to regulatory and legal approvals. Goldman Sachs and Jefferies advised Mubadala Capital; Morgan Stanley advised Apollo.

Mubadala Capital's core alternatives business manages more than $60 billion across five strategies: private equity, Brazil-focused special opportunities, credit, venture capital, and solutions and co-investment platforms. Counting advisory and administration work for clients and limited partners through strategic partnerships, the firm oversees more than $755 billion. Its 250-plus professionals are based in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco.

The new money is intended to broaden the firm's investor base, extend its lineup of strategies and fund a push into international markets.

Chief executive Hani Barhoush said the partnership would accelerate the firm's ambition to connect global capital with private-market opportunities, and that Apollo's investment reflected confidence in the platform and its growth prospects.

John Zito, co-president of Apollo Asset Management, said the investment would deepen alignment between the two firms and strengthen their mutual commitment to each other's success, creating significant opportunities to reach a broader global investor base.

Mubadala Capital will keep operating independently under its existing governance structure, and its management team retains full authority over investment decisions and operations.

Apollo brings scale few peers match: about $1.05 trillion in assets under management at June 30, 2026, strategies stretching from investment-grade credit to private equity, and the retirement services business Athene. A minority position in a sovereign-backed Gulf manager gives it a route into regional deal flow; Mubadala Capital gets distribution and a far larger balance sheet behind its funds. The $5 billion in commitments is the concrete part of that exchange.