Apollo Global Management, Inc.

Apollo Global Management: A Defining Force in Alternative Asset Management

Apollo Global Management LLC engages in investing in and managing various financial assets, real estate, renewable energy projects, and private companies, on a global basis. Apollo Global was established in 1990 in New York by Leon Black, Josh Harris and Marc Rowan, former partners of Drexel Burnham Lambert. Apollo was given its name by a secretary who couldn’t agree on which other space exploration names to pair with Apollo. Today, the firm is one of the world’s largest and most influential alternative asset managers with approximately $938 billion of assets under management as of 31 December 2025. Apollo’s 35-year history has seen the firm evolve from its original roots of capitalising on distressed debt and leveraged buyouts to become a fully integrated platform spanning a range of business segments including credit, private equity, real assets and retirement services. The firm merged with its insurance affiliate Athene in 2022 which provides a model of permanent insurance capital underwriting business to create vast origination opportunities at scale. All these elements combined, Apollo was admitted to the S&P 500 index in December 2024 which officially designated the firm as one of the top publicly traded financial services institutions in the world. Apollo Global is headquartered in New York and has 26 offices globally, located in North America, Europe, Asia Pacific and the Middle East and employs over 3,100 personnel, who are all dedicated to helping achieve the firm’s aggressive expansion plans. These ambition plans include a goal of reaching $1.5 trillion in assets under management by 2029.

Investment Platform & Strategic Architecture

Apollo’s investment engine brings together in a network of deeply interwoven platforms across the full breadth of risk and return. Across our platforms, we have $1.2 trillion of assets under management: The largest Credit platform in alternatives, with $392 billion in assets under management and investment grade and below investment grade as well as direct lending, asset-backed finance, structured credit and multi-credit platforms The third largest Private Equity firm globally with $99 billion in assets under management across traditional buyout, distressed, corporate carve-out, and growth equity strategies The third largest Real Assets platform with $46.2 billion in assets under management focused on real estate equity and debt, infrastructure and ESG strategies Most importantly, the Retirement Services platform of Athene, our reinsurer, which has $400 billion in total assets under administration across its annuity, pension risk transfer, reinsurance and capital markets funding activities – making Apollo one of the largest dedicated investors in retirement in the world. Capital Solutions further expands Apollo’s presence in the market where it currently completes over 430+ transactions annually and collects $800+m in fees from a variety of sources across the market including M&A advisory, capital markets underwriting and fundraising/ placement of capital These business strategies operate along the yield – hybrid – equity continuum, allowing Apollo’s institutional and individual investors choices regarding their risk exposure in the Credit and Equity markets.

• Approximately $938 billion in AUM as of Q4 2025, with $709 billion in fee-paying AUM and 25% year-over-year AUM growth
• Publicly traded on the NYSE (ticker: APO) with a market capitalization of approximately $77 billion and S&P 500 membership since December 2024
• Three integrated reporting segments: Asset Management, Retirement Services (Athene), and Principal Investing
• Credit platform exceeding $392 billion in AUM — one of the largest alternative credit franchises globally
• Full-year 2025 revenue of $31.8 billion, with fee-related earnings of $2.5 billion at a 57.3% FRE margin and $5.2 billion in adjusted net income
• Global footprint spanning 26 offices across the Americas, Europe, Asia Pacific, and the Middle East with over 3,125 employees
• Ambitious sustainability targets including $100 billion in clean energy and climate capital by 2030, with $69 billion in sustainability-linked investments already deployed
• Expanding individual investor access through semi-liquid vehicles such as Apollo Aligned Alternatives (AAA) and Apollo Debt Solutions (ADS), and partnerships with firms like State Street and Schroders

Track Record & Notable Investments

Apollo’s dealmaking history reflects its contrarian roots and its subsequent evolution into a multi-strategy firm. The firm’s marquee transaction was its 2022 all-stock merger with asset manager Athene Holding in a transaction valued at about $11 billion. The transaction which fully integrated Apollo’s asset management business with a permanent capital insurance platform has had a lasting impact on the industry and validated the strategy of combining alternatives and insurance. In 2024, Apollo was part of one of the largestever infrastructure deals when it together with a sovereign wealth fund acquired a 49% stake in Intel’s €10.1 billion (or about $11 billion) Ireland Fab 34 semiconductor manufacturing project in a joint venture. Apollo has its roots in private equity having completed numerous historic deals over the years. Such deals include the $410 million 2013 acquisition of Hostess Brands in 2013 where the firm helped to revive the iconic Twinkies brand while turning the business around, and its $2.5 billion 2012 acquisition of McGraw-Hill Education, later sold in 2021 for $4.5 billion. Apollo acquired a 55% stake in Atlético Madrid in February 2025, thus becoming the new controlling shareholder of one of Europe’s top football teams. Its portfolio includes a number of well-known names across a number of industries such as Barnes Group, Rackspace, University of Phoenix (via its Apollo Education Group subsidiary), Yahoo (a minority shareholder), packaging company Novolex, and Panasonic Automotive Systems.

Market Position & Competitive Differentiation

Apollo is uniquely positioned in the alternative asset management business. While peers such as Blackstone, KKR and Carlyle have all pursued their own vision of scale and diversification, Apollo has engineered a unique business model with a number of decisive advantages: An insurance affiliate, Athene, with $130bn of statutory liabilities that serves as both fuel for investments and a source of predictable earnings from spread. Apollo is one of the largest origination platforms in financial services. It has a business capable of originating, structuring and investing or monetizing assets in any credit category at scale. Apollo has 393bn of credit AUM – a quantity that reduces many standalone credit managers to the status of niche players. As a systemically important player in fixed income and private credit markets, Apollo has unparalleled access to any asset it wants to buy. This generates fantastic economics: $31.8bn of revenue, a 57.3% margin from fees and reversals (FRE) and $5.2bn of EBIT from interests with an investment yield of 13.4% as of 2025. The firm is expanding its wealth management and retail distribution platform through AAA and ADS – a DAF platform, and through partnerships such as with State Street, Lord Abbett and Schroders. This effort to open up private markets for the masses will be the next stage of Apollo’s business model growth. The goal is to achieve $1.5trn of AUM by 2029 and meet its $150bn of clean energy investments targets and $150bn of climate change finance targets by 2030.