Apollo takes a minority stake in Mubadala Capital

Apollo has agreed to buy a minority stake in Mubadala Capital, the investment manager owned by Abu Dhabi’s Mubadala Investment Company. This is not a takeover: Mubadala will remain the majority owner, and Mubadala Capital’s existing management will keep control of investment decisions. The more immediate financial impact is the planned funding: Apollo and other incoming minority investors are expected to commit a combined $5 billion to Mubadala Capital’s investment strategies at the deal’s initial close. For a firm that already manages more than $60 billion, the partnership builds on an existing relationship and is meant to widen its investor base and give it more capital to expand in global private markets.