26 October 2026
Apollo Global Management is taking a minority equity stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi’s Mubadala Investment Company. The deal was announced on Monday, 26 October 2026. Apollo and other strategic investors joining Mubadala Capital as minority shareholders are expected to commit an aggregate USD 5 billion (about AED 18.4 billion) to its investment strategies at initial close. Mubadala Investment Company remains the majority shareholder, and the transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals. The size of the stake and the price have not been disclosed.
What was announced on 26 October
The announcement came from Mubadala Capital, with the release distributed through Business Wire and published on Apollo’s investor relations site. According to the release, Apollo will take a minority equity stake in Mubadala Capital and commit capital across its various investment strategies. The two firms describe the deal as building on an existing relationship, and the stated aim is to support Mubadala Capital’s next phase of growth: broadening its investor base, expanding its strategies and pursuing new opportunities globally.
Apollo is not the only new shareholder. Additional strategic investors will also join as minority shareholders, and together with Apollo they are expected to commit USD 5 billion to Mubadala Capital’s strategies at initial close. The release does not name these investors or split the USD 5 billion between them.
Hani Barhoush, CEO of Mubadala Capital, said the firm “was built to connect the world’s capital with differentiated private market opportunities, and this partnership accelerates that ambition.” John Zito, Co-President of Apollo Asset Management, said Mubadala “has been a trusted partner in seeding and scaling a number of our strategies over the years” and that the investment “builds on our existing partnership and reflects our conviction in their business.”
The deal at a glance
| Item | Detail |
|---|---|
| Buyer | Apollo Global Management (NYSE: APO) |
| Target | Mubadala Capital, alternative asset manager of Mubadala Investment Company |
| Stake | minority equity stake, size and price not disclosed |
| Other investors | additional strategic investors as minority shareholders, not named |
| Capital commitment | USD 5 billion in aggregate to Mubadala Capital’s strategies at initial close, about AED 18.4 billion |
| Majority owner | Mubadala Investment Company |
| Governance | independent operation, existing management keeps full authority over investment decisions |
| Expected closing | fourth quarter of 2026, subject to regulatory and legal approvals |
Goldman Sachs and Jefferies acted as financial advisors and Skadden, Arps, Slate, Meagher and Flom as legal counsel to Mubadala Capital. Morgan Stanley advised Apollo on the financial side, with Paul, Weiss, Rifkind, Wharton and Garrison as legal counsel.
Who is Mubadala Capital
Mubadala Capital was founded in 2011 as the asset management arm of Mubadala, the Abu Dhabi sovereign investor. Its core alternatives business manages more than USD 60 billion (about AED 220 billion) across five investment strategies:
- private equity;
- special opportunities, with a focus on Brazil;
- credit;
- venture capital;
- Solutions and co-investment platforms.
Counting its strategic businesses and partnerships, Mubadala Capital says it manages, advises and administers more than USD 755 billion in assets for clients and limited partners. Those businesses cover private wealth, public credit, insurance and real estate. The firm has more than 250 professionals in offices in Abu Dhabi, London, New York, Rio de Janeiro and San Francisco.
The release also states that, after the new shareholders join, Mubadala Capital will continue to operate independently and keep its own governance structure. Its existing management team retains full authority over investment decisions and operations.
How the shareholder base has changed since 2024
Until December 2024 Mubadala Capital had no external shareholders. The first ones came with a credit deal. In December 2024 Mubadala Capital agreed to buy a 42% stake in Silver Rock Financial, a credit manager with more than USD 10 billion in assets, with an option to increase its holding to 50% over time. As part of that deal, Silver Rock CEO and CIO Carl Meyer, co-founder Michael Haberkorn and M-Cor Capital, the investment arm of the Milken Family Office, became shareholders in Mubadala Capital. The new release confirms that Apollo now joins the founders of Silver Rock Financial as an equity holder.
The firm then grew through a large acquisition. On 12 August 2025 Mubadala Capital completed the take-private of CI Financial, a Toronto-based asset and wealth manager, in a transaction with an enterprise value of about CAD 12.1 billion. After that deal, Mubadala Capital reported more than USD 430 billion in assets managed, advised and administered. The figure in the October 2026 release is more than USD 755 billion.
Apollo and Mubadala: a long credit partnership
Apollo, which had approximately USD 1.05 trillion of assets under management as of 30 June 2026, has worked with Mubadala for more than ten years. In a November 2024 release, Mubadala’s head of credit investments said the credit partnership began more than nine years earlier in direct lending. In 2022 the two firms set up a partnership focused on global origination opportunities, extended for several years in November 2024, and they also formed a USD 2.5 billion joint venture to co-invest in global private credit.
The new deal changes the nature of the relationship. So far the relationship has been built mainly around Mubadala investing in and alongside Apollo strategies. After closing, Apollo will also hold equity in Mubadala Capital and commit capital to its strategies.
What it means for companies in the UAE
The announcement does not change any procedure, fee or licensing rule for companies operating in the UAE. It is a corporate transaction between two asset managers, and the USD 5 billion goes to Mubadala Capital’s investment strategies, which invest globally, not to a UAE specific programme.
It does add to a run of large capital decisions by Abu Dhabi institutions this year. Earlier this month we covered how Mubadala led Gulf sovereign wealth funds with USD 26.2 billion invested in January to September 2026. For founders and investors who plan to manage capital from the UAE, the starting point is a local structure. Our guide to company formation in the UAE explains the choice between mainland and free zone companies and the steps that follow.
What to watch next
- regulatory and legal approvals: the release names no authorities and no date;
- closing: expected in the fourth quarter of 2026;
- the other strategic investors: their names and how the USD 5 billion is split are not public yet;
- stake size: neither side has disclosed Apollo’s percentage or the valuation of Mubadala Capital.
How Atlant Capital can help
Investors and fund teams who follow Abu Dhabi capital usually need a UAE structure first: a company, a corporate bank account and residency visas for the team. Atlant Capital helps with company setup on the mainland or in a free zone, including holding and investment structures, and with corporate bank account opening in the UAE. We check activities, shareholder documents and bank requirements before submission, so the application is complete from the first step.
Conclusion
Apollo is buying a minority stake in Mubadala Capital, and together with other strategic investors it is expected to commit USD 5 billion, about AED 18.4 billion, to Mubadala Capital’s strategies at initial close. Mubadala keeps majority control, the management team keeps its authority, and closing is expected in the fourth quarter of 2026 after regulatory and legal approvals. The stake size, valuation and names of the other investors have not been disclosed.
Source: Apollo Global Management, Mubadala Capital.
FAQ
What stake is Apollo buying in Mubadala Capital?
Apollo is taking a minority equity stake in Mubadala Capital, announced on 26 October 2026. The exact percentage and the price have not been disclosed. Mubadala Investment Company remains the majority shareholder.
What is the USD 5 billion in the Apollo and Mubadala Capital deal?
It is a capital commitment, not the price of the stake. Apollo and other strategic investors joining as minority shareholders are expected to commit an aggregate USD 5 billion, about AED 18.4 billion, to Mubadala Capital’s investment strategies at initial close.
How much does Mubadala Capital manage?
Its core alternatives business manages more than USD 60 billion across private equity, special opportunities with a focus on Brazil, credit, venture capital, and Solutions and co-investment platforms. Including strategic businesses and partnerships, it manages, advises and administers more than USD 755 billion.
When will the Apollo investment in Mubadala Capital close?
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals. After closing, Mubadala Capital will continue to operate independently with its existing management team.
