Apollo

What Apollo does

Apollo Global Management, Inc. (NYSE: APO) is a publicly traded global alternative asset manager founded in 1990, headquartered in New York with a planned second US headquarters in Austin, Texas. As of March 31, 2026, the firm managed approximately $1.03 trillion of assets across an integrated platform spanning Credit (Corporate Credit, Asset-Backed Finance, Private Investment-Grade Credit), Equity (Private Equity, Hybrid Value, Impact Investing, Secondaries/S3), Real Assets (Energy Transition, Real Estate, Infrastructure, European Principal Finance), Capital Solutions, and Financial Services, with the Athene retirement services platform serving as a core owned subsidiary generating Spread Related Earnings from policyholder float investment.

The firm's business model is anchored on three earnings streams: Fee Related Earnings from $1.03T AUM (Q1 2026 record of $728M, 30% YoY growth), Spread Related Earnings from Athene's $719M Q1 2026 contribution, and Performance Fees/Carried Interest across private equity, credit, and real assets funds, plus principal investment income from Apollo's own capital deployed alongside fund clients. Distribution operates through direct institutional field sales, financial advisor channels via Apollo Academy and Allocation Pro, wealth platform integrations (Allfunds, CAIS, DST Vision, GLASfunds, iCapital), and direct-to-consumer products including the $26B Apollo Debt Solutions BDC and interval funds.

Apollo serves institutional investors (public pensions, sovereign wealth funds, endowments, insurance companies), wealth professionals, and individual investors across more than 30 cities globally, with significant EMEA expansion including a €100 billion Germany investment program and 30+ named country offices. The firm employs 5,001-10,000 people and operates subsidiaries including Athene Holding (NYSE: ATH.PRA-D), Apollo Commercial Real Estate Finance (NYSE: ARI), MidCap Financial Investment Corp (NASDAQ: MFIC), Athora (European insurance run-off), Atlas SP Partners, Perseus Asset Management, and Thoreau. Proprietary technology includes the AI Disruption Risk Assessment Framework, the Transition Investment Framework targeting $50B by 2027 and $100B+ by 2030, and the AI XPV Platform launched in June 2026.

Name

Apollo

Legal name

Apollo Global Management, Inc.

Website

https://apollo.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Apollo Global Management is a publicly traded global alternative asset manager (NYSE: APO) with $1.03 trillion AUM across Credit, Equity, Real Assets, and Capital Solutions strategies, plus the Athene retirement services platform, serving institutional investors, wealth professionals, and individual investors across more than 30 cities.

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices27 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fee Related Earnings (FRE): Recurring asset management fees earned on $1.03 trillion of assets under management across Credit, Equity, and Real Assets strategies. Q1 2026 FRE reached a record $728 million (30% year-over-year growth), with FRE projected to grow at a CAGR of 21.7% through 2027. Includes capital solutions fees of $900 million already ahead of the $1 billion 2029 target.
2. Spread Related Earnings (SRE): Earnings generated from Athene retirement services operations through investment of policyholder float into higher-spread investment-grade portfolios while managing long-duration insurance liabilities. Q1 2026 SRE totaled $719 million (-10.6% YoY due to higher cost of funds and alternatives portfolio underperformance).
3. Performance Fees and Carried Interest: Performance-based fees earned on investment gains across Apollo's private equity, credit, and real assets funds, including the firm's Hybrid Value, Private Equity, Secondaries (S3), and Impact Investing platforms.
4. Principal Investment Income: Earnings from Apollo's own capital invested alongside fund clients across strategies, including senior notes and junior subordinated notes issuances ($750M senior notes due 2036, $500M junior subordinated notes due 2054, $400M 4.600% senior notes due 2031).
5. Wealth Distribution and BDC Income: Income generated through Apollo's wealth distribution channel including Apollo Debt Solutions BDC ($26B non-traded business development company with 9.03% annualized distribution rate) and interval fund products distributed to individual investors.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels8 records

Core offering

Apollo Global Management is a global alternative asset manager with approximately $1.03 trillion of assets under management as of March 31, 2026, providing institutional and individual investors with investment products across Credit, Equity, Real Assets, Capital Solutions, and Financial Services. The firm delivers retirement income and annuity solutions to millions of retirees through its Athene retirement services subsidiary, arranges bespoke large-scale structured financings through Apollo Capital Solutions (including the $35B AI XPV Platform), and operates wealth distribution channels through the Apollo Debt Solutions BDC, Interval Fund, and partnerships with wealth platforms including Allfunds, CAIS, and iCapital.

Product overview

Apollo Global Management is a single integrated alternative asset management platform with multiple strategy modules organized under three core pillars: Credit, Equity, and Real Assets, plus a dedicated Capital Solutions business and the Athene retirement services franchise. The platform combines asset management, retirement services through Athene, credit strategies (including Corporate Credit and Asset-Backed Finance), equity strategies (Private Equity, Hybrid Value, Impact Investing Platform, and Secondaries/S3), real assets (Energy Transition, Real Estate, European Principal Finance, Infrastructure), and the Apollo Debt Solutions BDC. Wealth distribution is delivered through the Apollo Academy, Allocation Pro tool, and partnerships with platforms including Allfunds, CAIS, DST Vision, GLASfunds, and iCapital. Apollo also provides proprietary research through "The Daily Spark," "View from Apollo," and "Apollo Academy" educational content. Acquired/owned products include Athene (retirement), Skyward Specialty Insurance, Shutterfly, Beequip, and the Invited Clubs / Emerald-Questex B2B events platform. Apollo's Capital Solutions unit leads structured financings such as the $35 billion AI XPV Platform with Broadcom and Blackstone.

Differentiator

Problem solved

Functional benefit

Brands

• Athene: Retirement services platform; co-founder Jim Belardi serves as Executive Chairman & CIO; listed on NYSE as ATH.PRA-D. Provides retirement solutions across the retirement ecosystem for more than three decades.

Products and services

• Apollo Credit Platform Comprehensive suite of financing solutions and investment strategies spanning Corporate Credit, Asset-Backed Finance, and Private Investment-Grade Credit designed to promote financial system resiliency and fuel business growth. Targeted at institutional investors, insurance companies, and wealth professionals seeking private credit exposure.
• Apollo Equity Platform Creative equity solutions spanning Private Equity (Flagship PE), Hybrid Value, Impact Investing Platform, and Secondaries (S3) - delivering value creation at scale and driving transformation and growth across portfolio companies. Targeted at institutional investors and large partners.
• Apollo Real Assets Platform Integrated real assets platform investing across geographies and risk spectrum, including Energy Transition, Real Estate, European Principal Finance (EPF), and Infrastructure (Apollo Infrastructure Group). Targeted at institutional investors and large partners.
• Apollo Capital Solutions Bespoke capital solutions business that arranges large-scale structured financings for innovative companies; led the $35 billion AI XPV Platform with Broadcom and Blackstone to finance Anthropic's AI compute expansion. Targeted at large corporations and institutional partners.
• Athene Retirement Solutions Retirement services franchise built around Athene, which acquires and manages insurance liabilities (including European life run-off books via the Athora platform) and supports millions of retirees with annuities and reinsurance solutions. Apollo has delivered retirement investment solutions for more than three decades. Targeted at retirees, individual annuity holders, and pension risk transfer sponsors.
• Apollo Debt Solutions BDC Non-traded business development company (BDC) managed by Apollo Credit Global with approximately $26 billion in assets, providing direct lending to U.S. middle-market borrowers. Offers a 9.03% annualized distribution rate, subject to a 5% quarterly redemption cap; NAV per share of $23.87 as of May 31, 2026. Targeted at individual investors and financial advisors.
• AI XPV Platform $35 billion private credit financing platform launched with Broadcom and Blackstone in June 2026 - a Special Purpose Vehicle that purchases Tensor Processing Units from Alphabet's Google and leases them to AI labs (initially Anthropic), with Broadcom providing residual value guarantees and Apollo's Atlas SP Partners contributing $800 million in equity.
• Apollo Hybrid Solutions Hybrid Value offering flexible capital structures with both debt and equity features, gaining momentum amid heightened market volatility and expectations for higher-for-longer interest rates. Targeted at institutional investors and corporate partners.
• Apollo Secondaries (S3) Sponsor and Secondary Solutions business - one of the leading secondary market participants; targets the $225 billion private market secondaries opportunity for wealth and institutional investors.
• Apollo Impact Mission (AIM) Impact investing platform pursuing private-equity-like opportunities with the intention of generating measurable positive social and environmental impact while seeking attractive risk-adjusted returns, centered on helping people and healing the planet.
• Apollo Energy Transition Real assets platform deploying long-duration capital enabling global energy transition, targeting firmwide commitments of $50 billion by 2027 and more than $100 billion by 2030 under Apollo's proprietary Transition Investment Framework.
• Morningstar Public/Private Select Series (Apollo contribution) Six risk-based model portfolios developed jointly with Morningstar Wealth, Franklin Templeton, and J.P. Morgan Asset Management - combining ETFs and interval funds with 12-20% private credit and real estate allocations through interval funds, designed to broaden advisor and retail access to private markets. Targeted at financial advisors.
• Apollo Aviation Finance Platform Aviation asset-backed securities platform operated via Perseus Asset Management; MAPS 2026-2 Trust represents the fifth aviation lease ABS under the platform with proceeds funding a 23-aircraft portfolio valued at approximately $722.2 million. Co-investment partnership includes Oaktree Capital Management and HPS Investment Partners.
• Apollo Financial Services Apollo's financial services platform including Origination and Financial Services Solutions that capitalize on proprietary origination capabilities to deliver capital to financial services companies. Targeted at financial institutions and insurance companies.

Quantifiable outcome

• $1.03 trillion AUM as of March 31, 2026
• +4 more outcomes

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

AI capability2 records

Feature6 records

Partnerships

Five partnerships are on record, tiered strategic and flagship.

• Oaktree Capital Management and HPS Investment Partners (Apollo Aviation Finance Platform)strategicStrategic or Co-development Partner · 23 June 2026A co-investment partnership between Perseus (under Apollo's aviation finance platform), Oaktree Capital Management, and HPS Investment Partners retains equity in MAPS 2026-2 Trust, an aviation ABS transaction servicing 23 aircraft valued at approximately $722.2 million across 13 jurisdictions. The transaction represents Apollo's fifth aviation lease ABS.
• Thoreau (Ensemble Health Partners investment)strategicStrategic or Co-development Partner · 18 June 2026Thoreau, a healthcare investment platform backed by Apollo Global Management and founded by Matt Holt, entered a definitive agreement for strategic growth investment in Ensemble Health Partners, valuing the revenue cycle management company at approximately $12 billion. Legacy co-investors Berkshire Partners, Warburg Pincus, and Bon Secours Mercy Health continue as active co-investors.
• Morningstar Wealth, Franklin Templeton, and J.P. Morgan Asset ManagementflagshipGTM or Marketing Partner · 17 June 2026Partnership to launch the Morningstar Public/Private Select Series of six risk-based model portfolios combining public and private market strategies for financial advisors. Private credit and real estate will represent 12-20% of allocations through interval funds, with transparent pricing and no overlay fees.
• Energos Infrastructure (East Mediterranean Gas Forum)strategicStrategic or Co-development Partner · 15 June 2026Energos Infrastructure, a maritime infrastructure company owned by funds managed by Apollo, joined the Gas Industry Advisory Committee of the East Mediterranean Gas Forum. The company, which owns the FSRU Energos Eskimo, aims to contribute to regional dialogue on energy security and LNG infrastructure.
• Broadcom and Blackstone (AI XPV Platform with Anthropic)flagshipStrategic or Co-development Partner · 9 June 2026Apollo co-leads a $35 billion private credit financing deal structured through a Special Purpose Vehicle to purchase Tensor Processing Units from Alphabet's Google and lease them to Anthropic for AI compute expansion. The AI XPV Platform targets over 20 gigawatts of AI compute capacity by 2028. Broadcom provides residual value guarantees while Apollo's Atlas SP Partners contributed $800 million in equity.

Scale indicators13 records

Recent moves11 records

Expansion highlights7 records

Direct peers

• Blackstone Inc. Blackstone is the world's largest alternative asset manager and Apollo's most direct competitor, with overlapping Credit, Private Equity, Real Estate, and Hedge Fund Solutions businesses. The two firms co-invested on the $35B AI XPV Platform for Anthropic, and both target institutional and wealth channels with similar product suites including BDCs and interval funds.
• KKR & Co. Inc. KKR is a leading global alternatives manager with directly comparable Asset Management, Insurance (Global Atlantic), Private Equity, Credit, and Real Assets businesses. Apollo and KKR compete head-to-head in middle-market private credit, large-cap PE take-privates, and the wealth/retail alts channel, including co-investing in deals like Medallia's recapitalization.
• Ares Management Corporation: Ares is a publicly traded alternative asset manager with a credit-heavy focus that competes directly with Apollo Credit, MidCap Financial (NASDAQ: MFIC), and Apollo Debt Solutions BDC. Both firms are top players in U.S. middle-market direct lending and have built out insurance balance sheets (Ares via Aspida) and wealth distribution platforms.
• Brookfield Asset Management: Brookfield is one of the largest alternatives managers globally with leading Real Assets, Renewable Power, Infrastructure, Credit, and Private Equity businesses that overlap materially with Apollo's Real Assets and Capital Solutions strategies. Both firms pursue large take-privates and energy transition capital deployment at institutional scale.
• The Carlyle Group Inc. Carlyle is a global alternatives manager with Private Equity, Credit, and Real Assets businesses directly comparable to Apollo's flagship strategies. Both firms target large institutional LPs and have built out wealth distribution channels; Carlyle and Apollo are also among the sixteen asset managers participating in the Bank of England's private markets stress test.
• TPG Inc. TPG is a publicly traded alternatives manager with overlapping Private Equity (including impact investing), Credit, and Capital Solutions strategies. Both firms compete for large-cap take-privates, have built out impact/transition investing platforms, and target the same institutional and high-net-worth client base.
• Blue Owl Capital Inc. Blue Owl is a publicly traded alternatives manager with a strong focus on private credit and GP stakes — directly competing with Apollo Credit, Apollo Debt Solutions BDC, and Apollo S3 secondaries platform. Both firms structure sale-leaseback and data center financings with hyperscaler tenants like Microsoft and Meta.
• Bain Capital: Bain Capital is a leading private alternatives firm with Private Equity, Credit, Real Estate, and Impact strategies that overlap with Apollo's flagship and specialty platforms. Both firms compete for large global buyouts, have built out credit businesses, and pursue transition/impact capital deployment.

Emerging players

• Hamilton Lane Incorporated: Hamilton Lane is a publicly traded private markets investment manager with a focus on fund-of-funds, secondaries, and co-investments — overlapping with Apollo S3 (Sponsor and Secondary Solutions) and Apollo's $780M Centauri Health Solutions continuation vehicle. Both firms are scaling wealth/private wealth distribution offerings.
• StepStone Group Inc. StepStone is a publicly traded private markets investment firm focused on fund-of-funds, secondaries, and co-investments — overlapping with Apollo's S3 secondaries platform and growing wealth/intermediary distribution. Both firms serve institutional LPs seeking diversified exposure to alternatives.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/apolloglobal
• LinkedInlinkedin.com/company/apollo-global-management-inc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries10 records

Funding overview

Funding rounds13 records

Investors6 records

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M&A115 records

Investments210 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Apollo