The investment will give Apollo a 10% stake, The National reported, citing an interview with Marc Rowan. Separately, Mubadala and Brookfield have been reported as backers of AVID's bid for Australia's Ingenia, which AVID values at about A$3.2 billion including debt.
The price of Apollo's investment in Abu Dhabi's alternatives manager is no longer a matter of anonymous sourcing.
Apollo's investment gives it a 10% stake in Mubadala Capital, The National reported on Tuesday, citing an interview with Apollo Global Management Chief Executive Marc Rowan, who said the investment is "a little over a billion dollars." Rowan said the deal reflects Apollo's interest in partnering with like-minded managers and in accelerating Mubadala Capital's growth in North America.
Apollo announced the minority investment on Monday, along with commitments across Mubadala Capital's strategies. Together with other new strategic shareholders, it is expected to commit $5 billion to those strategies at the initial close. The deal is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals. Mubadala Investment Company remains the majority owner.
What the interview adds
On Monday, the stake had been reported at nearly 10%, citing people familiar with the matter, and Apollo declined to comment. The interview adds the size of the check, in Rowan's own words.
It does not settle the valuation. The amount and the share refer to an ownership stake, and Mubadala Capital's other new shareholders and their terms have not been named. Whether the price includes any element tied to the fund commitments is also not clear.
Mubadala as a buyer
The same week, Mubadala's name surfaced on the other side of a deal. Trade publications have reported that Mubadala Investment Company and Brookfield are backing AVID's bid for Australian-listed Ingenia, which AVID has valued at an enterprise value of about A$3.2 billion. Ingenia and AVID have not publicly named the backers. AVID's exclusivity period runs to about Dec. 7.
Taken together, the two deals show Abu Dhabi's capital working in both directions: bringing a U.S. firm in as a minority shareholder in its own asset manager, while reportedly partnering with a global manager to buy assets abroad.
Two readings
One reading is that this is a sign of how closely Gulf sovereign capital and large alternative managers are now aligned. Apollo is investing in Mubadala's platform, and Mubadala is reported to be investing alongside Brookfield, deepening ties that run in both directions.
The other is that the details remain thin. The size of Apollo's check is now known, but the valuation basis, the other investors and the link to fund commitments are not, the deal has yet to close, and the Ingenia backers are reported rather than confirmed.
What to watch
Commentary in Apollo's third-quarter results on Nov. 3, the closing and any disclosure of the other Mubadala Capital investors, a formal statement on Ingenia's bidders, and the AVID exclusivity deadline in early December.