Apollo Plans Near 10% Stake in Abu Dhabi's Mubadala Capital

Apollo Global Management plans to buy a nearly 10 percent stake in Mubadala Capital, the alternative asset manager backed by Abu Dhabi's sovereign investor Mubadala. The move links the New York firm more closely to one of the Gulf's largest pools of investment capital.

The deal extends Apollo's push into Abu Dhabi, a city that has worked hard to build its reputation as a hub for investment and is often described as the "capital of capital." For a US private markets firm, a minority holding in a regional peer offers a foothold in the region's growing alternatives business without taking on the full weight of control.

For Abu Dhabi, the transaction reflects a wider appetite among local investors for closer partnerships with global alternative managers, both to reach new deals and to bring in outside expertise. Mubadala Capital gains a large international partner at a time when competition for private market capital keeps intensifying.