Apollo Global Management, Inc. (APO) is a global alternative asset manager and retirement services provider, founded in 1990. The company specializes in managing investments across various asset classes and providing retirement savings products through its subsidiary, Athene. Apollo's operations are divided into three main segments, offering a diverse range of financial services and investment solutions to institutional and individual clients worldwide.
- Retirement Services - Issues, reinsures, and acquires retirement savings products, including fixed annuities, while generating revenue from premiums, product charges, and net investment income.
- Asset Management - Manages funds, accounts, and investment vehicles across yield, hybrid, and equity strategies for institutional and individual investors, earning fees for investment management and capital solutions.
- Principal Investing - Focuses on proprietary investments, including Apollo's own funds and strategic opportunities, aiming to generate long-term returns across various asset classes.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James Belardi ExecutiveBoard | Chairman and CEO of Athene | Board member of Paulist Productions and Southern California Aquatics | Co-founder of Athene Holding Ltd. in 2009, with extensive experience in the insurance and financial services industries. | |
James Zelter ExecutiveBoard | President | Trustee of Duke University, Board member of the Robert Toigo Foundation, Partnership for New York City, The Bridge Golf Foundation, and Weill Cornell Medicine Board of Fellows | Joined Apollo in 2006, previously CIO of Apollo's credit business and Co-President of Apollo Asset Management. Extensive expertise in global credit markets and alternative investments. | |
Marc Rowan ExecutiveBoard | Chief Executive Officer (CEO) | Chair of the Board of Advisors of the Wharton School, Trustee of the University of Pennsylvania, Chair of UJA-Federation of New York, Board member of Athora Holding Ltd. and OpenDor Media | Co-founder of Apollo in 1990, CEO since 2021, with over 36 years of experience in private equity and financial services investing. | |
John Zito Executive | Co-President of Apollo Asset Management | None listed | Joined Apollo in 2012, currently Co-President of AAM and Head of Credit, with extensive experience in credit markets and investment management. | |
Martin Kelly Executive | Chief Financial Officer (CFO) | Trustee of the U.S. Olympic and Paralympic Foundation, Trustee of The Westminster School, Advisor to the Audit and Risk Committees of The Hotchkiss School | Joined Apollo in 2012, previously CFO of Apollo Asset Management and Co-COO of AGM. Extensive experience in financial operations and risk management. | |
Scott Kleinman Executive | Co-President | Board member of Athora Holding Ltd., Advisor to the University of Pennsylvania Stuart Weitzman School of Design, Board of Advisors of Nature Conservancy New York | Joined Apollo in 1996, Co-President since 2018, co-leads Apollo's day-to-day operations and revenue-generating businesses. | |
Whitney Chatterjee Executive | Chief Legal Officer | None | Joined Apollo in 2024 as Chief Legal Officer. Previously a partner at Sullivan & Cromwell LLP, with over 20 years of experience in financial services and investment management law. | |
A.B. Krongard Board | Independent Director | Chair of the Nominating and Corporate Governance Committee at Iridium Communications Inc., Member of the Audit Committee at Icahn Enterprises L.P. | Former Executive Director of the CIA and CEO of Alex Brown, with extensive leadership experience in corporate governance and public service. | |
David Simon Board | Independent Director | Chairman, CEO, and President of Simon Property Group; Chairman of the Supervisory Board of Kl\u00e9pierre S.A. | Chairman and CEO of Simon Property Group since 1995, with extensive experience in real estate and corporate leadership. | |
Jessica Bibliowicz Board | Independent Director | Board member of Prudential Insurance Funds, Trustee of Cornell University, New York-Presbyterian, and Chair of the Board of Fellows of Weill Cornell Medicine | Former CEO and Chair of National Financial Partners, with over 30 years of experience in financial services and corporate governance. | |
Kerry Murphy Healey Board | Independent Director | Trustee of American University of Afghanistan, American University of Bahrain, and Western Governors University; Member of the Council on Foreign Relations and Trilateral Commission | Former Lieutenant Governor of Massachusetts and President of Babson College, with a strong background in public service, academia, and corporate governance. | |
Lynn Swann Board | Independent Director | President of Swann, Inc.; Board member of Xylem Inc. and American Homes 4 Rent | Former Pro Football Hall of Fame inductee, media personality, and USC Athletic Director, with extensive board experience in public and private companies. | |
Michael Ducey Board | Independent Director | None currently listed | Former non-executive Chairman of TPC Group and board member of multiple companies, with extensive experience in audit and governance. | |
Mitra Hormozi Board | Independent Director | Partner at Walden Macht & Haran LLP, Director of several U.S. subsidiaries of Athene Holding Ltd. | Former EVP and General Counsel of Revlon, with extensive legal and regulatory expertise. | |
Pamela Joyner Board | Independent Director | Founding Partner of Avid Partners LLC, Trustee of Dartmouth College, Art Institute of Chicago, and J. Paul Getty Trust | Over 30 years of experience in finance and corporate governance, with significant contributions to the arts and education sectors. | |
Patrick Toomey Board | Independent Director | None listed | Former U.S. Senator for Pennsylvania (2011-2023), with expertise in economic and tax policy, financial regulation, and budgetary issues. | |
Pauline Richards Board | Independent Director | COO of Trebuchet Group Holdings Limited, Director of Hamilton Insurance Group, Member of the Audit and Governance Committees of Wyndham Hotels and Resorts | Extensive finance and governance experience, with leadership roles in both public and private companies. | |
Walter (Jay) Clayton Board | Independent Chair of the Board | Board member of American Express Company, Trustee of Lehigh University, Member of FDIC Systemic Resolution Advisory Committee, Adjunct Professor at University of Pennsylvania | Former Chair of the SEC (2017-2020), brings expertise in financial stability, cybersecurity, and capital markets regulation. |
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With your origination reaching $62 billion this quarter and annualizing close to $250 billion, are there capacity constraints that prevent you from increasing your annual origination target beyond $275 billion over the next five years, and how would exceeding this target impact the allocation among third-party, Athene, and syndication channels?
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Given that the sidecar vehicle ADIP's participation in new business has been less than the historical 40–45% year-to-date, what factors are influencing this lower contribution, and how do you see this evolving in the coming years, particularly in relation to maintaining Athene's dividend at $750 million annually?
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Considering the strong returns from Athene's alternative portfolio and the recent repositioning, is the allocation shift to have approximately 80% in AAA sufficient to maintain the expected 11% normalized return going forward, and are there any remaining steps needed to align the portfolio fully?
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With other asset managers reporting margin pressures due to increased payments to distribution platforms in the wealth management build-out, why aren't you experiencing similar headwinds, and could you elaborate on your expense structure in retail distribution compared to peers?
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Retirement services outflows improved to around a 10% annualized rate this quarter, but without visibility into 2025, can you provide guidance on how liability outflows are expected to trend next year, and whether they will remain consistent with 2024 levels or exhibit significant deviations?
Research analysts who have asked questions during Apollo Global Management earnings calls.
Patrick Davitt
Autonomous Research
5 questions for APO
William Katz
TD Cowen
5 questions for APO
Glenn Schorr
Evercore ISI
4 questions for APO
Steven Chubak
Wolfe Research
4 questions for APO
Alexander Blostein
Goldman Sachs
3 questions for APO
Brennan Hawken
UBS Group AG
3 questions for APO
Brian Bedell
Deutsche Bank
3 questions for APO
Craig Siegenthaler
Bank of America
3 questions for APO
John Barnidge
Piper Sandler
3 questions for APO
Kenneth Worthington
JPMorgan Chase & Co.
3 questions for APO
Michael Brown
Wells Fargo Securities
3 questions for APO
Michael Cyprys
Morgan Stanley
3 questions for APO
Alex Blostein
Goldman Sachs
2 questions for APO
Ben Budish
Barclays PLC
2 questions for APO
Benjamin Budish
Barclays PLC
2 questions for APO
Wilma Burdis
Raymond James Financial
2 questions for APO
Daniel Fannon
Jefferies Financial Group Inc.
1 question for APO
Ken Worthington
JPMorgan Chase & Co.
1 question for APO
Kyle Voigt
Keefe, Bruyette & Woods
1 question for APO
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Barnes Group Inc. | 2024 | Apollo Global Management’s affiliates agreed to acquire Barnes Group Inc. for approximately $3.6 billion, with stockholders to receive $47.50 per share; the transaction is expected to close in the first quarter of 2025. |
U.S. Silica Holdings, Inc. | 2024 | Apollo Global Management’s affiliates are set to acquire U.S. Silica at an enterprise value of about $1.85 billion in an all-cash deal, featuring an 18.7% to 33.0% premium pricing, a 45-day “go-shop” period, and an expected closing in the third quarter of 2024. |
Univar Solutions | 2023 | Apollo Global Management completed the acquisition of Univar Solutions for $8 billion, demonstrating its expertise in structuring complex deals in the chemicals industry amid market turbulence. |
Arconic | 2023 | Apollo’s private equity funds acquired Arconic for $5 billion, reinforcing their strategy of leveraging opportunities in the industrial and aluminum products sector during market dislocation. |
Credit Suisse’s Securitized Products Group | 2023 | Apollo Global Management acquired Credit Suisse’s Securitized Products Group via Atlas Securitized Products Holdings LP for a total price of $3.3 billion, including deferred payments and backed by several Apollo subsidiaries, as part of its strategy to expand its investment-grade private credit capabilities. |
Griffin Capital’s U.S. Wealth Distribution Business | 2022 | In March 2022, Apollo Global Management acquired Griffin Capital’s U.S. Wealth Distribution Business (along with its subsequent U.S. Asset Management Business phase) to expand its reach in independent broker-dealer and wirehouse distribution channels, enhancing its Global Wealth Management Solutions platform. |
Griffin Capital’s U.S. Asset Management Business | 2022 | Completed on May 3, 2022, this acquisition involved a closing consideration of about $213 million with up to $64 million in contingent consideration, and added roughly $6.5 billion to Apollo’s AUM while rebranding Griffin’s institutional funds as part of Apollo’s diversified product offering. |
Recent press releases and 8-K filings for APO.
- Apollo Global Management reported strong Q3 2025 financial results, with adjusted net income of $1.4 billion, or $2.17 per share, up 17% year-over-year, and Fee-Related Earnings (FRE) of $652 million, up 23% year-over-year.
- The company achieved record Assets Under Management (AUM) of $908 billion, a 24% year-over-year increase, fueled by robust inflows of $82 billion in the quarter, including $49 billion of organic inflows.
- Origination volume reached $75 billion in Q3 2025, contributing to over $270 billion in the last 12 months, which effectively achieves multi-year targets three to four years early.
- Apollo is expanding its origination capabilities with new platforms such as Olympus Housing Capital, Stream Data Center, 1050 (European CRE), and Apollo Sports Capital, and is seeing significant growth in the wealth channel with $5 billion in inflows for the quarter.
- Apollo Global Management reported adjusted net income of $1.4 billion, or $2.17 per share, up 17% year over year, driven by record combined fee and spread-related earnings in Q3 2025.
- Fee-Related Earnings (FRE) increased 23% year over year to $652 million, and total Assets Under Management (AUM) grew 24% year over year to $908 billion.
- The company generated $75 billion in origination and $82 billion in inflows during the quarter, with asset management inflows of $59 billion and retirement services inflows of $23 billion.
- The acquisition of Bridge closed on September 2, expected to contribute approximately $300 million in annual fee-related revenues and $100 million in pre-tax FRE.
- For 2026, Apollo projects 20% plus growth in FRE and 10% growth in SRE, maintaining long-term average annual growth targets of 20% for FRE and 10% for SRE through 2029.
- Apollo Global Management, Inc. reported record quarterly Fee Related Earnings (FRE) of $652 million and near-record Spread Related Earnings (SRE) of $871 million for the third quarter ended September 30, 2025, with combined FRE and SRE totaling a record $1.5 billion.
- Total Assets Under Management (AUM) grew to $908 billion in Q3 2025, reflecting $82 billion in inflows during the quarter and a 24% increase year-over-year.
- The company declared a cash dividend of $0.51 per share of Common Stock for Q3 2025 and repurchased $356 million of common stock during the quarter. Additionally, approximately 10 million shares were issued in connection with the acquisition of Bridge Investment Group.
- Apollo Global Management reported strong Q3 2025 adjusted net income of $1.4 billion or $2.17 per share, marking a 17% increase year-over-year, driven by record combined fee and spread related earnings.
- The company achieved significant growth in Fee Related Earnings (FRE) of 23% year-over-year and saw its Assets Under Management (AUM) increase by 24% year-over-year to $988 billion.
- Origination was robust at $75 billion for the quarter, contributing to total inflows of $82 billion, with $59 billion from asset management and $23 billion from retirement services.
- Management provided a positive outlook, anticipating 20% plus FRE growth and 10% SRE growth for 2026, and expects FRE to equal SRE by 2028, a year ahead of previous expectations.
- The recent acquisition of Bridge is projected to contribute approximately $300 million in annual fee-related revenues and $100 million in pretax FRE.
- Apollo Global Management, Inc. reported GAAP Net Income Attributable to Common Stockholders of $1.7 billion, or $2.82 per share, for the third quarter ended September 30, 2025.
- Adjusted Net Income for the third quarter of 2025 totaled $1.4 billion, or $2.17 per share.
- The company declared a cash dividend of $0.51 per share of its Common Stock for the third quarter ended September 30, 2025.
- Total Assets Under Management (AUM) reached approximately $908 billion as of September 30, 2025, driven by inflows of $82 billion during the third quarter.
- Apollo repurchased $356 million of common stock in the third quarter of 2025.
- Apollo Global Management, Inc. reported its third quarter results for the period ended September 30, 2025.
- Chairman and CEO Marc Rowan highlighted "outstanding third quarter results" and "broad based momentum" across the business.
- The company declared a cash dividend of $0.51 per share of Common Stock for the third quarter ended September 30, 2025, payable on November 28, 2025.
- As of September 30, 2025, Apollo had approximately $908 billion of assets under management.
- Apollo Global Management has committed $6.5 billion to acquire a 50% stake in Ørsted's Hornsea 3 offshore wind project, the world's largest offshore wind project with a 2.9 gigawatts generating capacity.
- The investment includes $3.25 billion at closing, with the remaining $3.25 billion to be provided as the project reaches specific construction and development milestones.
- The deal is expected to close by the end of the year, pending regulatory approvals, with Ørsted continuing to manage the wind farm's construction, operations, and maintenance.
- This investment is viewed as a significant infrastructure commitment promoting renewable energy and supporting the UK's energy security and net-zero goals.
- Apollo-managed funds have agreed to invest $6.5 billion for a 50% stake in Ørsted’s Hornsea 3, which is described as the world's largest offshore wind project.
- This investment includes the acquisition price for the stake and a commitment to fund 50% of the project's remaining construction costs.
- Hornsea 3 will have a capacity of 2.9GW, capable of generating renewable electricity for more than 3 million UK households.
- The transaction is subject to regulatory approvals and is anticipated to close before year-end 2025.
- Blaqclouds Inc. announced the launch of DeployTokens.com on October 31, 2025, a no-code token creation platform that enables users to design, deploy, and distribute tokens across more than 20 major blockchains.
- The platform is seamlessly integrated with Apollo Wallet, Blaqclouds' flagship Web3 wallet solution, providing secure, one-click token deployment and cross-chain management.
- This launch is a cornerstone of Blaqclouds' Deploy Suite, which aims to redefine how creators and businesses bring digital assets to market, making blockchain innovation faster, smarter, and easier.
- Apollo Commercial Real Estate Finance, Inc. (ARI) reported net income attributable to common stockholders per diluted share of $0.34 for the quarter ended September 30, 2025.
- Distributable Earnings per diluted share was $0.30, and Distributable Earnings prior to realized loss on investments and realized gain on litigation settlement per diluted share was $0.23 for the third quarter of 2025.
- The company originated $1.0 billion in new loans during the quarter.
- Management expects the benefits from freeing up non-performing capital to begin materializing in the fourth quarter.