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Apollo Global Management (APO)

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.

  1. Retirement Services - Issues, reinsures, and acquires retirement savings products, including fixed annuities, while generating revenue from premiums, product charges, and net investment income.
  2. 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.
  3. 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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NamePositionExternal RolesShort 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.

  1. 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?

  2. 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?

  3. 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?

  4. 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?

  5. 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

4 questions for APO

Also covers: ABL, AMG, ARES +10 more

William Katz

TD Cowen

4 questions for APO

Also covers: AB, AMG, AMTD +25 more

Alexander Blostein

Goldman Sachs

3 questions for APO

Also covers: AB, AMG, AMP +30 more

Glenn Schorr

Evercore ISI

3 questions for APO

Also covers: BAC, BEN, BK +14 more

Kenneth Worthington

JPMorgan Chase & Co.

3 questions for APO

Also covers: ARES, BAM, BEN +24 more

Michael Brown

Wells Fargo Securities

3 questions for APO

Also covers: ARES, BAM, BLK +18 more

Steven Chubak

Wolfe Research

3 questions for APO

Also covers: AMP, AMTD, ARES +16 more

Benjamin Budish

Barclays PLC

2 questions for APO

Also covers: AB, ARES, BEN +22 more

Brennan Hawken

UBS Group AG

2 questions for APO

Also covers: AMP, AMTD, ARES +26 more

Brian Bedell

Deutsche Bank

2 questions for APO

Also covers: AMG, AMTD, ARES +20 more

Craig Siegenthaler

Bank of America

2 questions for APO

Also covers: AB, AMP, AMTD +23 more

John Barnidge

Piper Sandler

2 questions for APO

Also covers: AFL, AIZ, AMP +15 more

Michael Cyprys

Morgan Stanley

2 questions for APO

Also covers: AAMI, AMP, AMTD +29 more

Alex Blostein

Goldman Sachs

1 question for APO

Also covers: AB, AMG, AMP +21 more

Ben Budish

Barclays PLC

1 question for APO

Also covers: AB, ARES, BX +19 more

Daniel Fannon

Jefferies Financial Group Inc.

1 question for APO

Also covers: AB, AMG, AMTD +26 more

Ken Worthington

JPMorgan Chase & Co.

1 question for APO

Also covers: BAM, BRDG, BX +13 more

Kyle Voigt

Keefe, Bruyette & Woods

1 question for APO

Also covers: AMTD, ARES, BX +16 more

Wilma Burdis

Raymond James Financial

1 question for APO

Also covers: AFL, ALTI, AMP +10 more
Program DetailsProgram 1Program 2
Approval DateJanuary 3, 2022 February 8, 2024
End Date/DurationTerminated February 8, 2024 Ongoing until funds are expended
Total Additional Amount$1.5 billion (reduce share count) + $1.0 billion (offset dilution) $3.0 billion
Remaining Authorization$0 (fully allocated to Program 2) $1,901,969,206
DetailsReallocated in 2023: $1.0 billion (reduce share count) + $1.5 billion (offset dilution) Purpose: reduce share count and offset dilution; flexible execution methods

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

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 Silver Upsizes Private Placement Offering
·$APO
New Projects/Investments
  • Apollo Silver Corp. has increased its non-brokered private placement offering to up to 7,437,680 Units at a price of $3.60 per Unit, aiming for aggregate gross proceeds of up to $26,775,648.
  • Each Unit consists of one common share and one common share purchase warrant, with warrants exercisable at $5.50 for 24 months and subject to an acceleration provision.
  • The net proceeds are intended to advance the Calico Silver Project and Cinco de Mayo Silver Project, cover ongoing property maintenance costs, and for general corporate purposes.
  • The Upsized Offering will include participation by certain insiders of the Company.
2 days ago
Apollo Global Management, Inc. Reports Preliminary Q3 2025 Alternative Net Investment Income
·$APO
Earnings
Guidance Update
  • Apollo Global Management, Inc. (APO) has reported preliminary estimates for its alternative net investment income for the third quarter ended September 30, 2025.
  • The company estimates alternative net investment income to be approximately $325 million (pre-tax) for Q3 2025, which translates to an estimated 10% annualized return on alternative net investments.
  • Within these alternative net investments, Athene's pooled investment vehicle is estimated to have an annualized return of 10%, while Athene's other alternative investments, including retirement services platforms, are estimated to have an 8% annualized return for the quarter.
  • These preliminary financial results are subject to change as the company has not yet completed its financial closing procedures for the period, with the full quarterly earnings release scheduled for November 4, 2025.
4 days ago
Apollo's PK AirFinance Closes $827 Million Aviation Loan ABS
·$APO
Debt Issuance
New Projects/Investments
  • PK AirFinance, an affiliate of Apollo, has closed its second aircraft loan asset-backed securitization (ABS) of 2025, PK ALIFT LOAN FUNDING 7 Series 2025-2 ("PKAIR 2025-2"), which is its largest ABS transaction to date, issuing approximately $827 million of debt.
  • This transaction represents PK's fourth commercial aircraft loan ABS issuance since July 2024, bringing cumulative ABS transactions to approximately $2.8 billion over the past fifteen months.
  • PKAIR 2025-2 is notable as the first commercial aircraft loan ABS issuance in over 20 years to receive a 'Big Three' AAA rating, with Fitch assigning 'AAA' and 'AA' ratings to its A and B tranches, respectively.
  • The issuance is secured by a portfolio of 107 senior-secured aviation loans from 42 unique obligors, with first priority liens on approximately $1.4 billion in underlying metal value.
5 days ago
Apollo Silver Announces Private Placement Offering
·$APO
New Projects/Investments
  • Apollo Silver Corp. announced a non-brokered private placement offering to raise up to $20,880,000.
  • The offering consists of up to 5,800,000 units at a price of $3.60 per unit, with each unit comprising one common share and one common share purchase warrant.
  • Each warrant entitles the holder to purchase one share at an exercise price of $5.50 for 24 months, subject to an acceleration provision if shares trade at $7.50 or greater for ten consecutive trading days.
  • The net proceeds will be used to advance the Calico Silver Project, support the Cinco de Mayo Silver Project, cover ongoing property maintenance costs, and for general corporate purposes.
5 days ago
Apollo Launches Sports Capital Investment Business
·$APO
New Projects/Investments
Management Change
  • Apollo (NYSE: APO) announced the launch of Apollo Sports Capital (ASC) on September 29, 2025, a new investment business providing capital solutions across the global sports and live events ecosystem.
  • Al Tylis has been named Chief Executive Officer of ASC, which will primarily invest in credit and hybrid opportunities within the sports landscape, spanning franchises, leagues, venues, media, and events.
  • ASC is designed as a permanent capital holding company to be a stable, long-term partner in the sector, building on Apollo's managed funds having already deployed approximately $17 billion in the broader sports space.
7 days ago
Apollo Global Management Discusses European Expansion, Retirement Services Growth, and Future of Alternatives in 401(k)s
·$APO
New Projects/Investments
M&A
Revenue Acceleration/Inflection
  • Apollo is actively pursuing significant investment opportunities in Europe, focusing on investment-grade private credit to address massive capital expenditure needs in sectors such as AI, data centers, utilities, transmission lines, and defense, leveraging the region's evolving banking system and smaller capital markets compared to the U.S..
  • Apollo's European retirement services business, Athora, acquired Pension Insurance Corporation Group (PIC) in July 2025, anticipating double-digit growth in the UK pension risk transfer market over the next several years and planning to enhance PIC's asset book with higher-yield, matching adjustment assets through Apollo's asset management expertise.
  • Apollo's business model emphasizes its role as a principal and originator, which allows for direct capital commitment and traffic direction from inception, providing a robust advantage over pure third-party management, particularly in volatile credit environments.
  • Apollo anticipates a gradual but accelerating adoption of alternatives in 401(k)s over the next 2-3 years, driven by their historical superior returns and lower volatility, positioning itself to be a key beneficiary among a limited number of firms.
Sep 16, 2025, 10:00 AM
Apollo Partners with Trade Republic to Offer Private Market Investments
·$APO
New Projects/Investments
Product Launch
  • Trade Republic, with over 10 million clients and 150 billion euros in assets under management, is expanding its services from brokerage to wealth management.
  • Apollo and EQT have formed a strategic partnership with Trade Republic to allow clients to invest in private markets starting from 1 euro.
  • This initiative provides individual investors with access to private market investments, a class of assets that has historically outperformed public markets and was previously reserved for institutional investors.
  • For the launch, Trade Republic will offer a 1% bonus on all private market investments made within the first 30 days.
Sep 15, 2025, 8:30 PM
Apollo Partners with Trade Republic to Expand Private Markets Access
·$APO
New Projects/Investments
Product Launch
  • Apollo has formed a strategic partnership with Trade Republic, Europe's largest savings platform, to expand access to Private Markets.
  • This collaboration enables Trade Republic's 10 million customers to invest in private markets from as little as 1 euro, offering fractional investing and monthly selling options, which significantly lowers the barrier compared to typical fund minimums of 10,000 euro.
  • The partnership aims to democratize private markets, allowing retail investors to diversify their portfolios and access an asset class that has historically outperformed public markets.
Sep 15, 2025, 10:41 AM
Apollo's Torsten Slok discusses weakening economic outlook
·$APO
Demand Weakening
Layoffs
  • Apollo partner and chief economist, Torsten Slok, indicates that the Fed's latest Beige Book survey shows "little to no growth" in recent weeks, raising concerns for the upcoming jobs report.
  • Slok identifies three primary headwinds to the economic outlook: tariffs, immigration restrictions and deportations (reducing the labor force), and the restarting of student loan payments (impacting consumption).
  • These factors contribute to a "stagflation" scenario, characterized by higher prices and a slowing labor market, which presents a challenge for the Federal Reserve.
  • Data from the JOLTS report and the Beige Book, along with other anecdotes, suggest further weakness in the labor market, with the unemployment rate expected to rise.
  • Slok agrees with Fed Governor Chris Waller that the Federal Reserve should consider rate cuts sooner rather than later from a risk management perspective if the labor market continues to deteriorate.
Sep 3, 2025, 8:20 PM
Apollo Participates in Acquisition of Air Lease Corporation
·$APO
M&A
New Projects/Investments
  • Apollo managed funds, in conjunction with Sumitomo Corporation, SMBC Aviation Capital, and Brookfield, have reached a definitive agreement to acquire Air Lease Corporation in a 100% cash transaction.
  • The acquisition will be executed via a newly established entity, Sumisho Air Lease Corporation (Ireland) DAC, with Air Lease being renamed Sumisho Air Lease Corporation.
  • Apollo and Brookfield will provide capital to support this acquisition.
  • The newly formed Sumisho Air Lease is anticipated to be an investment-grade rated aircraft leasing company.
Sep 2, 2025, 8:40 PM