Apollo Global Management (APO) is finalising a deal to acquire nearly a 10% stake in Mubadala Capital, reports CNBC citing sources

Apollo Global Management (APO) is finalising a deal to acquire nearly a 10% stake in Mubadala Capital, reports CNBC citing sources.

Minority stake purchases by large alternative asset managers in other investment platforms are an established pattern in private markets, typically structured to secure fee-related earnings and strategic alignment rather than control. Episodes of this kind have tended to sit within the broader GP-staking trend, where listed alternatives groups take passive positions in third-party managers to broaden exposure to fee streams without the integration risk of a full acquisition. A position in the capital arm of a sovereign wealth entity adds a second dimension: prior tie-ups between listed US alternatives managers and Gulf sovereign capital have generally preceded deeper fundraising and co-investment relationships, which is the channel that matters for the acquirer's permanent-capital and AUM trajectory rather than any near-term earnings contribution from a stake of this size. Worth watching are the terms, specifically whether the stake carries governance rights, fee-sharing or product commitments, and whether the sovereign relationship extends into anchor commitments on future flagship vehicles. As a sourced report ahead of confirmation, the deal is subject to the usual revision risk on size, structure and completion, and headline risk on the acquirer has historically been limited for minority positions of this nature given the modest balance-sheet footprint relative to a controlling acquisition.