Apollo Global Management has agreed to acquire a minority stake in Mubadala Capital, the alternative asset management subsidiary of Abu Dhabi sovereign wealth fund Mubadala, as part of a strategic partnership involving approximately $5bn in investment commitments, according to Private Equity Wire. Apollo will reportedly acquire a stake of nearly 10%, according to a person familiar with the transaction.
Transaction structure and capital commitments
The firm and other strategic investors taking minority stakes are expected to commit a combined $5bn across Mubadala Capital’s investment strategies, according to Private Equity Wire. Those commitments are described as supporting the expansion of Mubadala Capital’s investor base and global investment activities.
Governance and timing
Mubadala Capital will retain its independent operations and governance structure following completion of the transaction, according to Private Equity Wire. The transaction is reportedly expected in the fourth quarter.
Advisers and related partnerships
Goldman Sachs and Jefferies advised Mubadala Capital, while Morgan Stanley acted as financial adviser to Apollo, according to Private Equity Wire. The agreement is described as building on an established relationship between the two firms and coming amid growing partnerships between global alternative asset managers and Middle Eastern sovereign wealth funds.
Mubadala managed $385bn at the end of 2025 and has reportedly expanded its exposure to private markets, including through a $1bn private credit partnership between Mubadala Capital and Fortress Investment Group announced last year, according to Private Equity Wire.
