Apollo agrees to take minority stake in Abu Dhabi’s Mubadala Capital

Apollo has agreed to acquire a minority stake in Mubadala Capital, expanding its relationship with the alternative asset management arm of Abu Dhabi’s Mubadala Investment Company. The October 26 announcement also includes commitments to invest across Mubadala Capital’s strategies, linking an ownership interest with backing for its investment activities.

Apollo and other incoming strategic shareholders are expected to commit a combined $5 billion to those strategies at the initial close. That figure represents investment commitments, rather than a disclosed purchase price for the equity stake. The announcement did not specify Apollo’s ownership percentage or the amount it would pay.

The agreement comes about 18 months after Mark Walter’s holding company TWG announced plans to acquire an equity interest in Mubadala Capital. That earlier stake transaction was never completed, according to the Financial Times. The report adds an important distinction between the previously announced ownership plans and the shareholders now joining the business.

In its April 30, 2025 announcement, Mubadala Capital described a broader alliance with TWG Global, led by Walter and Thomas Tull. TWG was to commit $2.5 billion to Mubadala Capital products and acquire a strategic minority stake. Separately, Mubadala Capital planned to anchor and lead a $10 billion syndicated investment in TWG as part of its $15 billion equity raise.

Those proposed arrangements combined investment in an asset manager with commitments to its products and a reciprocal investment relationship. The reported failure to complete TWG’s equity purchase does not, by itself, establish the status of every other element of that alliance. The Apollo announcement did not explain why the earlier stake transaction failed to close.

Apollo’s relationship with Mubadala predates the new ownership agreement. In November 2024, the two announced a multiyear extension of a multibillion-dollar partnership established in 2022, focused on sourcing investment opportunities across asset classes. They framed that extension around demand for tailored private debt and equity financing.

Earlier cooperation included Mubadala anchoring Apollo Strategic Origination Partners in 2020 and Apollo investing in Mubadala Capital’s evergreen solutions strategy when its Capital Solutions unit launched in 2023. Those arrangements provided investment exposure without the ownership position now proposed. The new agreement therefore adds a shareholder relationship to an existing network of investment partnerships.

That distinction matters because ownership in the management company and investment in its strategies serve different purposes. The former aligns Apollo with the asset-management business, while the latter supplies capital for investment activity. Mubadala Capital has identified a broader investor base and expanded strategies as objectives for the transaction, rather than guaranteed outcomes.

Mubadala Investment Company will remain the majority shareholder, and Mubadala Capital says its existing management will retain authority over investments and operations. The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals. Completion would turn the announced ownership arrangement into a formal extension of the firms’ longstanding partnership.