Apollo to take minority stake in $60bn Mubadala Capital

Apollo will take a minority equity stake in Mubadala Capital, the Abu Dhabi manager with more than $60 billion in assets. Apollo and other new minority shareholders expect to commit an aggregate $5 billion to the manager's strategies at an initial close.

The transaction is expected to close in the fourth quarter of 2026. Alternative Credit Investor first reported the deal. After that, Mubadala Capital will keep its own governance structure and operating independence, with the existing management team retaining full authority over investment decisions and operations. Apollo joins the founders of Silver Rock Financial as an equity holder.

For fund selectors weighing Mubadala Capital's credit strategy, the structure keeps the mandate where it is. Investment decisions stay with the existing team, and Apollo's money is expected to arrive as committed capital alongside its equity. The $5 billion aggregate is expected at initial close and is to be committed across Mubadala Capital's strategies rather than to a single vehicle.

Mubadala Capital, founded in 2011, manages more than $60 billion across five investment strategies: special opportunities with a focus on Brazil, credit, venture capital, solutions and co-investment platforms.

"Mubadala has been a trusted partner in seeding and scaling a number of our strategies over the years," said John Zito, co-president of Apollo Asset Management. He said the investment builds on that existing partnership and reflects Apollo's conviction in the business, citing its team, a complementary global network and real momentum across its strategies.

A minority stake ties Apollo to the manager's growth rather than adding another block of investments to its own book. The fee terms and how much of the $5 billion Apollo itself will commit were not disclosed. The initial close, expected in the fourth quarter, is the next milestone.