Apollo to Acquire Nearly 10% Stake in Mubadala Capital in Strategic Partnership

Apollo Global Management is acquiring a minority equity stake of nearly 10% in Mubadala Capital, the alternative asset management arm of Abu Dhabi's Mubadala Investment Company, a sovereign wealth fund with approximately $385 billion in assets. The deal was officially announced by Mubadala Capital on October 26 and had been expected to be confirmed as soon as that Monday, according to sources familiar with the matter.

Under the agreement, Apollo will not only take the equity stake but also commit capital across Mubadala Capital's various investment strategies. The two firms described the transaction as building on an existing relationship, with the investment intended to support Mubadala Capital's next phase of growth as it scales its alternative asset management business.

The deal deepens Apollo's footprint in Abu Dhabi, a city that has become a major hub for global alternative asset managers seeking sovereign capital partnerships. For Mubadala Capital, the investment from a firm of Apollo's scale signals a push to expand its standing as a world-class alternatives platform.