Apollo Takes Stake in Mubadala Capital
Apollo Global Management has agreed to acquire a minority stake in the alternative asset arm of Abu Dhabi's sovereign wealth fund Mubadala.
Updated on Nov. 5, 2026 in Business Strategy
Apollo Global Management agreed to acquire a minority stake in Mubadala Capital, the alternative asset management subsidiary of Abu Dhabi sovereign wealth fund Mubadala. Apollo and other strategic investors are expected to commit a combined $5bn across Mubadala Capital's investment strategies.
Why it matters
The deal deepens an existing relationship between Apollo and Mubadala Capital and signals continued capital flows into alternative asset managers backed by Gulf sovereign wealth. Mubadala Capital will retain its independent operations and governance structure after the transaction.
Apollo reportedly acquires a stake of nearly 10% in Mubadala Capital, alongside a combined $5bn in commitments from Apollo and other strategic investors across its strategies. The stake is measured against Mubadala's $385bn in assets under management at the end of 2025, and the transaction value and individual investor allocations remain undisclosed.
The players
Apollo Global Management
Apollo Global Management is a major U.S.-based alternative investment manager known for private equity, credit, and hybrid investment strategies.
Mubadala Capital
Mubadala Capital is the alternative asset management arm of Abu Dhabi's Mubadala sovereign wealth fund, focused on private markets investing.
Mubadala
Mubadala is the Abu Dhabi sovereign wealth fund that managed $385bn at the end of 2025 and oversees a diversified global investment portfolio.
Fortress Investment Group
Fortress Investment Group is a global alternative asset manager that partnered with Mubadala Capital on a $1bn private credit initiative.
The details
Goldman Sachs and Jefferies advised Mubadala Capital on the transaction, while Morgan Stanley acted as financial adviser to Apollo. The agreement follows a $1bn private credit partnership announced in 2025 between Mubadala Capital and Fortress Investment Group.
Timeline
2025: Mubadala Capital and Fortress Investment Group announce a $1bn private credit partnership.
End of 2025: Mubadala reports $385bn in assets under management.
Fourth quarter 2026: Completion of the Apollo minority stake transaction is reportedly expected.
Market Landscape
The transaction extends a pattern in which Abu Dhabi's Mubadala has built out its alternative asset platform through partnerships with established global managers. It positions Mubadala Capital among large private markets players competing for institutional capital, with strategic co-investment now a recurring feature of the sector.
For investors with exposure to private markets, the deal signals expanding capital from Gulf sovereign funds into alternative managers. Consumers and retail investors see limited direct effect, as the transaction primarily concerns institutional capital and fund-level commitments.
The takeaway
Strategic minority partnerships between sovereign wealth funds and established asset managers are becoming a common way to share capital and expertise without ceding control. Investors tracking alternative assets should watch how such stakes affect fundraising and deal flow in the coming year.
Further reading
For more on how deals like this fit into broader corporate positioning, see Business Strategy.
