Fund News — Wednesday 28 October 2026

Ares Capital agrees to buy Apollo's MidCap Financial for about $2.6bn

Alternative Credit Investor · 2026-10-27

Global

Ares Capital has agreed to buy MidCap Financial Investment (MFIC), the closed-end fund externally managed by an Apollo subsidiary, in a stock-and-cash deal.

• Value: about $2.6bn (£1.9bn) enterprise value, cementing Ares Capital's position as the largest publicly traded BDC.
• Price: $10.88 per fully diluted MFIC share, made up of $9.67 in Ares Capital stock and $1.21 in cash.
• Cash: from a subsidiary of Ares Management, whose SEC Form ADV filings list 616 private funds with $291.4bn of gross asset value.
• Earnings: Ares Capital expects the deal to be modestly accretive to core earnings per share.
• Management: stays externally managed by Ares Capital Management; its board and management team are expected to remain.
• Timing: set to close in the first half of 2027, subject to MFIC stockholder and regulatory approvals.
• Apollo: says it will keep investing in its middle-market direct lending franchise, including through the MidCap Financial platform.

The numbers

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In practice: Investor relations teams at MFIC should prepare holder communications explaining the mixed stock-and-cash consideration and the stockholder vote needed before the merger can close.

Apollo to take minority stake in Mubadala Capital alongside $5bn investment commitment

Private Equity Wire · 2026-10-27

Middle East & Africa

Apollo Global Management has agreed to acquire a minority stake in Mubadala Capital, the alternative asset management subsidiary of Abu Dhabi sovereign wealth fund Mubadala, Reuters reported.

• Stake: nearly 10%, according to a person familiar with the transaction.
• Commitments: Apollo and other strategic investors taking minority stakes are expected to commit a combined $5bn across Mubadala Capital's strategies, to broaden its investor base.
• Governance: Mubadala Capital will retain its independent operations and governance.
• Timing: completion is reportedly expected in the fourth quarter.
• Advisers: Goldman Sachs and Jefferies advised Mubadala Capital; Morgan Stanley advised Apollo.
• Scale: Apollo's SEC Form ADV filings list 1,475 private funds with $396.4bn gross asset value. Mubadala managed $385bn at the end of 2025.
• Context: Mubadala Capital and Fortress Investment Group announced a $1bn private credit partnership last year.

The numbers

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In practice: Compliance teams at Mubadala Capital should map where the new minority shareholders also commit as investors across its strategies, then log any conflicts and information-access limits.

Meiji Yasuda plans 5% Man Group stake and $1.3bn allocation over three years

Hedgeweek · 2026-10-27

Global

Meiji Yasuda Life Insurance plans to buy a 5% stake in Man Group and allocate $1.3bn to the manager over the next three years, according to a Bloomberg report.

• Stake value: about £179m ($239m) at Man Group's closing share price on 23 October.
• Terms: built through open-market purchases, not new shares; a three-year lock-in; Meiji Yasuda's holding capped at 19.99%.
• Man Group: record assets under management of $270.9bn in the third quarter, helped by inflows into its hedge fund and long-only strategies. Its SEC Form ADV filings list 167 private funds with $75.9bn gross asset value.
• For the insurer: access to Man's quantitative, private markets and AI expertise, plus advisory services through the Oxford-Man Institute.
• For Man Group: supports the expansion of its private credit platform and its push to win capital from global insurers.

The numbers

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In practice: Fund operations teams at Man Group should prepare for an insurer client allocating in stages across several strategies, each tranche needing look-through holdings reporting the insurer can use.

Man Group — manager profile →

Advent raises $30bn across GPE XI flagship and a new mid-market fund

AltAssets · 2026-10-28

Global

Advent International has raised $30bn across its latest global private equity fund and a newly launched mid-market strategy.

• Flagship: almost $27bn for GPE XI.
• Mid-market: more than $3bn for its first dedicated mid-market fund.
• Realisations: $13bn this year.
• Scale: Advent's SEC Form ADV filings list 251 private funds with $91.0bn gross asset value.

The numbers

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In practice: Compliance teams should check how deals are allocated between the flagship and the new mid-market fund, since both may target the same companies.

Town Lane closes second real estate fund at $1.9bn hard cap

AltAssets · 2026-10-27

Global

Town Lane has closed its second real estate opportunities fund at its $1.9bn hard cap.

• Target: $1.5bn initially, so the fund closed well above it.
• Growth: more than 50% larger than the firm's debut vehicle.

In practice: Fund administrators should reconcile the final commitment register to the hard cap, checking that no late subscription or allocation adjustment pushes total commitments past it.

Ascertis Credit passes $700m for fourth private credit fund, targeting $1bn

AltAssets · 2026-10-26

Asia-Pacific

Singapore-based Ascertis Credit has secured more than $700m in commitments for its fourth private credit fund.

• Previous fund: $600m, already passed.
• Target: a $1bn final close; fundraising continues.

In practice: Fund administrators should prepare equalisation calculations and late-entry interest for investors admitted at subsequent closes, because fundraising continues after the commitments already secured.

Vintage raises $920m across venture fund-of-funds and secondaries, AUM tops $4.8bn

AltAssets · 2026-10-26

Middle East & Africa

Tel Aviv-based Vintage Investment Partners has raised $920m across its venture fund-of-funds and secondaries strategies.

• Assets: the new capital takes the manager's assets under management above $4.8bn.

In practice: Fund administrators servicing the secondaries strategy need to process transfer documents for acquired fund interests and roll forward each one's value from the underlying managers' lagged statements.

Tanmiya Capital closes second Egypt growth fund at $130m, above target

AltAssets · 2026-10-27

Middle East & Africa

Egyptian private equity manager Tanmiya Capital has closed its second growth investment fund at $130m.

• Target: $120m, exceeded.
• EIB: the European Investment Bank backed the fund with a $37.5m commitment.

In practice: Investor relations teams should map any European Investment Bank side-letter reporting and exclusion-list terms into the fund's investor reporting and pre-deal screening checks.