Full Breakdown
Apollo to Acquire Minority Stake in Mubadala Capital, Deepening Abu Dhabi Partnership
By Drooid · · How we work
Core Event: Apollo’s Strategic Investment in Mubadala Capital
Apollo Global Management is purchasing a minority equity stake of roughly 10 percent in Mubadala Capital, the alternative-asset arm of Abu Dhabi’s sovereign wealth fund. Alongside the equity purchase, Apollo and other strategic investors will commit an aggregate $5 billion to Mubadala Capital’s investment strategies at the transaction’s initial close. The deal is slated to close in the fourth quarter of 2026, pending regulatory and legal approvals.
Background & Context
Mubadala Capital, founded in 2011, advises and administers over $755 billion for clients, with its core alternatives business managing more than $60 billion across private-equity, credit, venture-capital, special-opportunity and solutions strategies. Apollo’s relationship with Mubadala began in 2022 with a Capital Solutions partnership to source debt and equity financing worldwide. The partnership was extended in 2024, and in 2023 the firms created a $2.5 billion joint venture to co-invest in global private credit. A prior attempt by Mark Walter’s TWG Global to acquire a 5 percent stake was stalled by a DOJ probe, making this Apollo transaction only the third external stake sale by Mubadala Capital.
Timeline
- 2011 – Mubadala Capital established.
- 2022 – Apollo and Mubadala begin Capital Solutions partnership.
- 2023 – $2.5 billion joint venture for global private credit launched.
- 2024 – Partnership extended.
- 2025 – TWG Global’s planned stake purchase halted.
- 2026 (Monday announcement) – Apollo to acquire nearly 10 percent stake; transaction expected to close in Q4 2026.
Data & Statistics
- Stake size: approximately 10 percent of Mubadala Capital.
- Capital commitment: $5 billion from Apollo and other strategic investors at initial close.
- Mubadala Capital assets under advisement: > $755 billion.
- Core alternatives assets: > $60 billion across five strategies.
- Apollo assets under management: $1.05 trillion as of June 30 2026.
- Market reaction: Apollo shares rose 2.1 percent on the announcement; the stock is down 20 percent year-to-date.
Official Statements & Responses
Mubadala Capital’s chief executive, Hani Barhoush, said the partnership “accelerates” the firm’s ambition to connect global capital with differentiated private-market opportunities and praised Apollo as a “respected institution.” Apollo’s co-president, John Zito, noted that the investment builds on the existing partnership and reflects confidence in Mubadala Capital’s business model. Mubadala Investment Company will remain the majority shareholder, and Mubadala Capital’s management team will retain full authority over investment decisions and day-to-day operations.
Verbatim Quote
- “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,” — John Zito, Co-President of Apollo Asset Management
What’s Next
The transaction awaits regulatory and legal approvals, with closing targeted for Q4 2026. Upon closing, Apollo and the new minority shareholders will work with Mubadala Capital to deploy the committed $5 billion across its five investment strategies.