Apollo Global Management is finalizing a deal to buy nearly a 10% stake in Mubadala Capital, the alternative asset manager subsidiary of Abu Dhabi's sovereign wealth fund Mubadala Investment Company, according to people familiar with the matter. The deal is expected to be announced Monday morning, with financial terms not yet known, and builds on Apollo's 15 years of relationships in Abu Dhabi and its existing partnership with Mubadala Investment Company, including a $2.5 billion private credit joint venture formed in 2023. Mubadala Capital advises and administers over $755 billion in assets, and its alternatives business has grown to more than $60 billion. The article describes the deal as a sign of Apollo investing directly in Abu Dhabi, reversing the usual flow of capital from the Middle East. Spokespersons for both firms declined to comment.
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