Abu Dhabi, United Arab Emirates — U.S. investment group Apollo has agreed to buy a minority shareholding in Mubadala Capital, the alternatives unit of Abu Dhabi state investor Mubadala Investment Company, and to put money to work across the firm's investment strategies.
Other strategic investors are coming in through the same transaction, also as minority holders. Together with Apollo, they are expected to commit a combined $5 billion to Mubadala Capital's strategies when the deal reaches its initial close.
Mubadala Capital described the investment as backing for its next phase of growth. Set up in 2011, the firm now oversees more than $60 billion in its core alternatives business, spread over five investment strategies. It said the new shareholder will help it reach a wider pool of investors, add strategies and look for opportunities around the world.
The ownership change stops well short of control. Mubadala Investment Company stays the majority owner, which the firm said reflects the parent's long-term conviction in a platform it has funded since day one. Apollo joins the founders of Silver Rock Financial on the shareholder register; Mubadala Capital bought 42% of that Los Angeles and New York credit manager for cash and stock in a deal that closed in October 2025.
Day-to-day running of the business is also unchanged. Once the new shareholders are in, Mubadala Capital will keep operating independently under its own governance structure, and its current management team will retain full authority over investment decisions and operations, according to the release.
Hani Barhoush, CEO of Mubadala Capital, said: "Mubadala Capital was built to connect the world’s capital with differentiated private market opportunities, and this partnership accelerates that ambition. Apollo is one of the most respected institutions in our industry, and their confidence in what we are building reflects the strength of the platform we’ve created and the trajectory we are on. Apollo has been a trusted partner to Mubadala and across Abu Dhabi for many years, and we look forward to working even more closely with them as a shareholder."
John Zito, Co-President of Apollo Asset Management, added: "Mubadala has been a trusted partner in seeding and scaling a number of our strategies over the years. 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. With a talented team, a highly complementary global network and real momentum across its investment strategies, Mubadala Capital is well positioned for its next phase of growth. This investment will deepen our alignment and strengthen our mutual commitment to each other’s success, while creating significant opportunities to reach a broader global investor base."
The two groups already have a long record of deals together. Mubadala's 2024 annual review lists a $2.5 billion joint venture that invests in private credit worldwide, backing for Apollo's middle market lending vehicle when it launched, and Apollo Strategic Origination Partners, which Mubadala anchored in 2020. Apollo also put money into Mubadala Capital's evergreen Solutions strategy in 2023.
Apollo itself had approximately $1.05 trillion of assets under management as of June 30, 2026. Counting its strategic partnerships, Mubadala Capital says it manages, advises on or administers more than $755 billion for clients and limited partners, and it employs more than 250 people across Abu Dhabi, London, New York, Rio de Janeiro and San Francisco.
The deal builds on Mubadala’s expanding investment business. The parent company’s assets under management rose 17% to $385 billion in 2025, providing broader context for Mubadala Capital’s efforts to attract new investors and expand its strategies.
