Law Firms Skadden, Paul Weiss land roles on Apollo’s stake acquisition in Mubadala

Two corporate law firms are at the center of Apollo Global Management’s deal to take a minority stake in Mubadala Capital, the alternative-asset arm of Abu Dhabi’s sovereign investor.

Skadden, Arps, Slate, Meagher & Flom LLP advised Mubadala Capital, while Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Apollo, according to a statement announcing the transaction. The financial terms of the stake weren’t disclosed.

A deal between longtime partners

Under the agreement, Apollo (ticker: APO) will take a minority equity stake in Mubadala Capital and commit capital across the firm’s investment strategies. Additional strategic investors will also join as minority shareholders and, together with Apollo, are expected to commit an aggregate $5 billion to Mubadala Capital’s strategies at the initial close.

Mubadala Capital, founded in 2011, runs a core alternatives business with more than $60 billion under management across five strategies. Including strategic partnerships, the firm confirmed it manages, advises and administers over $755 billion in assets.

The deal builds on an existing relationship. Apollo joins the founders of Silver Rock Financial as an equity holder, while Mubadala Investment Company remains the majority shareholder. Mubadala Capital said it will keep its own governance structure, with its management team retaining full authority over investment decisions and operations.

The legal and financial lineup

Skadden’s role for Mubadala Capital places the firm alongside financial advisers Goldman Sachs & Co and Jefferies. Paul Weiss, advising Apollo, worked alongside Morgan Stanley & Co, which served as that side’s financial adviser.

The transaction is expected to close in the fourth quarter of 2026, subject to regulatory and legal approvals.