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Mubadala Capital said in a statement that Apollo Global Management will take a minority equity stake in the firm and commit capital across its investment strategies as part of a deal to support the next phase of growth. Additional strategic investors will join as minority shareholders with the group expected to commit an aggregate of $5 billion at initial close according to the announcement. Mubadala Investment Company will remain the majority shareholder while Apollo joins the founders of Silver Rock Financial as an equity holder in Mubadala Capital. The transaction is expected to close in the fourth quarter of 2026 subject to regulatory and legal approvals.
A person familiar with the matter told Bloomberg the stake would amount to nearly 10 percent though financial terms were not disclosed in the statement. Mubadala Capital manages advises and administers more than $755 billion in assets while its wholly owned core alternatives businesses manage and invest more than $60 billion according to the firm’s disclosures. The agreement builds on a partnership first established in 2022 that has involved Mubadala seeding and scaling multiple Apollo strategies including a joint venture for global private credit opportunities. Reuters reported that the deal further advances Apollo’s ambitions in Abu Dhabi which has become a key hub for such strategic relationships.
John Zito co-president of Apollo Asset Management said in the statement “Mubadala has been a trusted partner in seeding and scaling a number of our strategies over the years. This investment in the differentiated asset management platform they have built in Mubadala Capital builds on our existing partnership and reflects our conviction in their business.” The announcement added that the investment will help Mubadala Capital broaden its investor base expand its strategies and pursue new opportunities globally. Zito noted separately that the move would deepen alignment and strengthen mutual commitment to each other’s success while creating opportunities to reach a broader global investor base.
Goldman Sachs and Jefferies served as financial advisors to Mubadala Capital on the transaction while Morgan Stanley acted as financial advisor to Apollo according to the statement. Skadden Arps Slate Meagher and Flom provided legal counsel to Mubadala Capital. Apollo Global Management reported approximately $1.05 trillion in assets under management as of June 30 2026. The National reported that Mubadala Capital will continue to operate independently maintaining its existing governance structure with its management team retaining full authority over investment decisions and day-to-day operations.
The development comes after Apollo and Mubadala extended their multi-billion-dollar partnership in 2024 focused on global origination opportunities across asset classes. Mubadala Investment Company oversees a sovereign wealth fund valued at roughly $385 billion that has increasingly allocated to alternative investments in recent years according to Bloomberg data. The latest agreement reflects a pattern of deepening collaboration between major U.S. asset managers and Gulf-based investors seeking diversified global exposure. Mubadala Capital’s statement emphasized that the investment aligns with its long-term strategy without altering its core operational independence.
