Mubadala in $400 Million Seed Investment in Middle Market Apollo Institutional Private Lending

Cleary Gottlieb represented Mubadala in its $400 million seed investment into Middle Market Apollo Institutional Private Lending, a closed-end management investment company sponsored by Apollo Credit Management that is electing to be regulated as a business development company (BDC) under the Investment Company Act of 1940.

The fund will invest primarily in private credit opportunities with U.S. borrowers and acquired its initial portfolio of assets from a “fund of one” affiliate of Mubadala managed by Apollo. Mubadala’s investment in the BDC includes a revenue sharing arrangement with Apollo.