Apollo Takes Minority Stake in Mubadala Capital; Illinois TRS Commits $1.28B

Apollo Takes Minority Stake in Mubadala Capital

Illinois TRS Commits $1.28B

Apollo agreed to take a minority equity stake in Mubadala Capital, with Apollo and other new strategic investors expected to commit an aggregate $5B to Mubadala Capital’s investment strategies at initial close. Mubadala Investment Company remains majority shareholder, with Apollo joining the founders of Silver Rock Financial as an equity holder; Mubadala Capital manages more than $60B across five strategies and oversees more than $755B in total assets including strategic partnerships. The deal builds on a global origination partnership the two firms extended in 2024.

Among US allocators, Teachers’ Retirement System of the State of Illinois and Pennsylvania Public School Employees’ Retirement System both backed Clayton, Dubilier & Rice’s latest flagship, committing $125M and $200M respectively to CD&R Fund XIII, which is targeting $26B against a $28.5B hard cap. Illinois approved approximately $1.28B in new commitments overall, while PSERS disclosed roughly $650M in total commitments. Elsewhere, UK pension provider TPT Retirement Solutions is screening new private markets managers, with senior investment manager Nick Stacey saying the £11B fund is prioritizing managers whose structures can absorb steady inflows and return cash on request.

On the GP fundraising side, PennantPark Investment Advisers closed its PennantPark Senior Credit Fund II at $1.2B, above target, and separately closed the $745M PennantPark Credit Secondary Fund, a continuation vehicle, bringing its Senior Credit strategy total to roughly $1.9B. Separately, Town Lane closed Town Lane Real Estate Opportunities Fund II at its $1.9B hard cap, surpassing its debut fund’s $1.25B raise in 2024; and Rajeev Misra’s One Investment Management raised a combined $1.5B for two new income-focused vehicles – the OneIM Strategic Credit Opportunities Income Fund I ($1.13B) and OneIM Real Estate Income Fund I ($376M) – from a small set of institutional backers as the Abu Dhabi-headquartered firm pushes further into private credit and real estate.

In leadership developments, Berea College named Joshua Shannon as its first CIO, bringing endowment oversight in-house; he joins from Hershey Trust Co., where he was deputy CIO. Elsewhere, Dubai-based single family office Miras Investments appointed Matthew Lesesky as global head of private equity after 14 years at UNC Management Company; and Ontario Teachers’ Pension Plan gave Olivia Steedman oversight of its Asia-Pacific investing alongside her existing role leading innovation arm Teachers’ Venture Growth, effective Jan. 1, 2027.