Mubadala Capital Draws Apollo Stake, $5 Billion in Expected Commitments

Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, announced on October 26, 2026 that Apollo will take a minority equity stake in the firm and commit capital across its investment strategies. Additional strategic investors, who were not named, will also join as minority shareholders and, together with Apollo, are expected to commit an aggregate of $5 billion to Mubadala Capital’s investment strategies at initial close, according to the joint announcement, which was datelined Abu Dhabi and New York.

The firms said the investment is intended to support Mubadala Capital’s next phase of growth by broadening its investor base, expanding its strategies, and pursuing new opportunities globally. The announcement described the transaction as building on an existing relationship between Apollo and Mubadala, with Apollo working alongside Mubadala Capital as it continues scaling its platform.

Hani Barhoush, CEO of Mubadala Capital, said: “Mubadala Capital was built to connect the world’s capital with differentiated private market opportunities, and this partnership accelerates that ambition.” Barhoush called Apollo one of the most respected institutions in the industry and said it has been a trusted partner to Mubadala and across Abu Dhabi for many years.

John Zito, Co-President of Apollo Asset Management, said Mubadala has been a trusted partner in seeding and scaling a number of Apollo’s strategies over the years and that the investment reflects Apollo’s conviction in the Mubadala Capital business. “This investment will deepen our alignment and strengthen our mutual commitment to each other’s success, while creating significant opportunities to reach a broader global investor base,” Zito said.

Ownership and Governance

Apollo joins the founders of Silver Rock Financial as an equity holder in Mubadala Capital, while Mubadala Investment Company remains the majority shareholder, a position the announcement said reflects its long-term conviction in a platform it has backed since inception.

Following the addition of the new equity shareholders, Mubadala Capital will continue to operate independently and maintain its own governance structure, with its existing management team retaining full authority over investment decisions and operations.

Mubadala Capital’s website describes Silver Rock Financial as a credit-focused manager in which the firm holds a strategic GP stake.

Platform and Partnerships

Founded in 2011, Mubadala Capital’s core alternatives business manages over $60 billion across five investment strategies: private equity, special opportunities with a focus on Brazil, credit, and venture capital, as well as Solutions and co-investment platforms. Across its core alternatives business and strategic partnerships, the firm manages, advises and administers over $755 billion in assets for clients and limited partners, according to the announcement. The firm reports more than 250 professionals across offices in Abu Dhabi, London, New York, Rio de Janeiro, and San Francisco.

The firm’s website describes these strategy areas in more detail. The private equity business targets complex transactions in developed markets, with an emphasis on proprietary sourcing, underwriting, and transaction execution. The special opportunities business manages select assets acquired at discounts to intrinsic value in Brazil. The credit business invests across the full credit spectrum alongside origination partners, spanning direct lending, real estate and infrastructure debt, credit secondaries, and technology private credit in North America, Europe, and Asia. The Solutions business covers private market opportunities across primaries, secondaries, and co-investments for institutional, family office, and private investors, and the venture capital business backs founders building and scaling businesses.

Beyond its wholly owned businesses, Mubadala Capital’s website names strategic businesses and partnerships spanning private wealth, credit, insurance, and real estate. These include CI Financial, which the firm describes as one of North America’s largest wealth management and asset management firms, and Corient, described as the world’s largest multi-family office and non-bank wealth manager focused on ultra-high and high-net-worth clients. The portfolio also includes Aquarian Insurance Holdings and FWD in insurance; Aldar Capital, a joint venture with Aldar focused on GCC real asset and infrastructure investment opportunities; and a strategic partnership with Cain International to invest in premium real estate opportunities.

Apollo is a global alternative asset manager that also operates Athene, its retirement services business, through which it provides retirement savings products and acts as a solutions provider to institutions. As of June 30, 2026, Apollo had approximately $1.05 trillion of assets under management, according to the announcement.

Goldman Sachs (GS ) & 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 (MS ) & Co. LLC served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Apollo.

The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.