M-and-a News & Analysis

Apollo Global Management to Buy Nearly 10% Stake in Mubadala Capital

Apollo Global Management is finalizing a deal to acquire nearly a 10% stake in Mubadala Capital, the alternative asset management subsidiary of Abu Dhabi's sovereign wealth fund, Mubadala Investment Company. The transaction is expected to be announced soon, though financial terms have not been disclosed. This investment builds on Apollo's long-standing relationship with Mubadala, including a multibillion-dollar partnership established in 2022 and a $2.5 billion joint venture formed in 2023 targeting global private credit opportunities. Mubadala Capital manages over $755 billion in assets with a core alternatives business exceeding $60 billion. The deal is part of Mubadala Capital's growth strategy under CEO Hani Barhoush and strengthens Apollo's presence in Abu Dhabi's investment landscape. The deal is notable for reversing the usual capital flow dynamic, with Apollo making a direct investment in the Middle East. This move highlights the growing importance of scale in asset management and further solidifies strategic ties between Apollo and Mubadala. For investors, this transaction underscores Apollo's ambition to deepen its exposure to global alternatives and leverage Mubadala Capital's expanding platform.