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 a report by Reuters.
Apollo will reportedly acquire a stake of nearly 10%, according to a person familiar with the transaction. The firm and other strategic investors taking minority stakes are expected to commit a combined $5bn across Mubadala Capital’s investment strategies, supporting the expansion of its investor base and global investment activities.
Mubadala Capital will retain its independent operations and governance structure following completion of the transaction, which is reportedly expected in the fourth quarter. Goldman Sachs and Jefferies advised Mubadala Capital, while Morgan Stanley acted as financial adviser to Apollo.
The agreement builds on an established relationship between the two firms and comes amid growing partnerships between global alternative asset managers and Middle Eastern sovereign wealth funds. Mubadala, which managed $385bn at the end of 2025, 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.
