Apollo takes nearly 10% stake in Mubadala Capital with $5B commitment

Apollo Global Management is taking a nearly 10% minority stake in Mubadala Capital, the alternative asset arm of Abu Dhabi's Mubadala Investment Company. Apollo and other strategic investors are expected to commit a combined $5 billion to Mubadala Capital's investment strategies at initial close. Mubadala Investment Company remains majority shareholder. Mubadala Capital will keep operating independently, with existing management retaining authority. The firm announced the deal on Oct. 26, 2026; it is expected to close in the fourth quarter of 2026. The step builds on a multibillion-dollar Apollo-Mubadala partnership established in 2022 and extended in 2024, and on a 2023 $2.5 billion joint venture focused on global private credit over five years. Mubadala Capital, founded in 2011, manages, advises and administers more than $755 billion in assets, with core alternatives managing more than $60 billion across five strategies. Apollo will join founders of Silver Rock Financial as an equity holder and has made similar investments in Diameter Capital, Thoreau, and Motive Partners. Hani Barhoush and John Zito called the firms longstanding trusted partners. A person familiar with the deal said capital as a moat is a big thing. CONTESTED no contested claims found