Mubadala Capital Becomes Majority Owner of Silver Rock Financial
Mubadala Capital, the alternative asset management subsidiary of Mubadala Investment Company, has entered into a strategic partnership with Silver Rock, a premier credit asset manager with over $10 billion in assets under management (AUM), to acquire a 42% stake in Silver Rock Financial LP through a combination of cash and stock, with an option in place that could take Mubadala Capital’s ownership to 50% over time.
The partnership aims to bolster Mubadala Capital’s presence in the credit sector, while providing Silver Rock Financial access to Mubadala Capital’s skills, global network, and capital base. The transaction is expected to close by Q2 of 2025, pending regulatory and legal approvals.
As part of the partnership, Mubadala Capital also intends to commit over $1billion to Silver Rock funds over time, further underscoring its confidence in the partnership and the differentiated returns of Silver Rock Financial’s credit strategies.
Through the stock component of the transaction, Mubadala Capital will welcome three new equity owners into its asset management platform – Carl Meyer, CEO and CIO of Silver Rock Financial LP; Michael Haberkorn, Co-Founder and Co-Portfolio Manager of Silver Rock Financial LP; and M-Cor Capital, the Investment Arm of the Milken Family Office.
This will further strengthen the partnership and alignment between Mubadala Capital and Silver Rock Financial. This marks the first time Mubadala Capital has welcomed external shareholders into the ownership of its alternative asset management business.
Both firms will continue to operate independently, with Carl Meyer remaining as CEO and CIO of Silver Rock Financial LP. Silver Rock Financial’s management is committed to the long-term success of the partnership and is not taking any cash consideration as part of the transaction.
Mubadala also announced that along with other investors including Norwest and HarbourVest, it has entered into an agreement to purchase a minority stake in Zelis, a leading provider of healthcare technology solutions in the US. Parthenon and Bain Capital remain the majority owners of Zelis.
Strategic Value for Mubadala Capital
This partnership aligns with Mubadala Capital’s strategic focus on diversifying and expanding its asset management capabilities and offerings. Through this partnership, Mubadala Capital will gain access to Silver Rock Financial’s credit expertise, while Silver Rock Financial benefits from Mubadala Capital’s global reach, industry network, and capital and investor base.
Mubadala Capital and Silver Rock Financial will continue to operate independently and maintain separate governance structures. Silver Rock Financial will retain autonomy of its day-to-day operations under its existing leadership. This structure ensures that both firms maintain their independent management of client relationships and operational integrity. Josh Lobel of M-Cor and Carl Meyer of Silver Rock Financial will join the Advisory Board of Mubadala Capital.
Hani Barhoush, Managing Director and CEO of Mubadala Capital, said that this milestone transaction reflects Mubadala Capital’s evolution as a global alternative asset manager and underscores our commitment to building partnerships that drive long-term value.
“Bringing new partners into our ownership structure aligns with our vision to diversify and strengthen the Mubadala Capital platform, and we look forward to leveraging their insights and experience as we continue our growth trajectory,” he said.
Carl Meyer said that this partnership with Mubadala Capital marks a significant milestone for Silver Rock Financial as Mubadala Capital has been a valuable business partner of Silver Rock Financial for years.
He added: “This transaction deepens the relationship and allows us to tap into Mubadala Capital’s global reach, capabilities, and geographic and industry expertise. We believe this partnership with Mubadala Capital’s exceptional management team will grant us access to new opportunities as we deliver even greater value to our clients.”
