Apollo CEO says $1bn stake in Mubadala Capital aims to boost North America expansion

Apollo Global Management has invested more than $1 billion in Mubadala Capital, as the New York-based firm seeks to support the Abu Dhabi sovereign wealth fund’s growth in North America, its chief executive has said.

Investment details

The investment gives Apollo a 10 percent stake in Mubadala Capital. Marc Rowan, Apollo’s CEO, exclusively told The National in an interview in Abu Dhabi that the move is part of a strategy to partner with “other like-minded asset managers who we respect and have economic alignment that is good for them and good for us.”

Rowan described Mubadala as “among the sovereign funds, probably the most advanced in the creation of its own asset manager.” He added: “This is a chance for us to help them accelerate their growth, particularly in North America.” The investment amount is “a little over a billion dollars,” Rowan said.

Strategic rationale

Apollo, which manages about $1.05 trillion in assets, is also planning to significantly increase the scale of its investment in the UAE. Rowan characterised the competition between Apollo and Mubadala as “healthy.”

Existing ties

Apollo has maintained close ties with Mubadala Investment Company in recent years. The relationship includes a $2.5 billion private credit joint venture and a series of financing partnerships. This latest investment is part of the Abu Dhabi sovereign investor’s broader efforts to expand its global investment network and deepen partnerships with major international asset managers.

More to follow…