Apollo Funds

What Apollo Funds does

Apollo Funds operates as the private equity investment arm of Apollo Global Management, Inc. (NYSE: APO), a publicly traded global alternative asset manager founded in 1990 and converted to a corporation in 2021. The firm deploys institutional capital through controlling acquisitions, minority growth investments, consortium deals, and co-investments across technology, healthcare, financial services, infrastructure, and industrials. As one of the largest alternative asset managers globally — with the parent platform managing over $600 billion in assets — Apollo Funds underwrites mega-deals such as the $28.2 billion Air Lease Corporation consortium acquisition, the $6.5 billion Hornsea 3 offshore wind investment, and the $3.7 billion NSG Group transaction (its largest private equity investment in Japan). The firm also actively builds thematic positions, including a coordinated 2025–2026 push into institutional blockchain/DeFi infrastructure via Circle (Arc), Morpho, and Digital Asset (Canton Network), and a 2025 acquisition of Trace3 to anchor an enterprise AI/cloud/cybersecurity platform. Apollo does not sell a product technology stack; its proprietary capability is in capital deployment, sector underwriting, and operational value-add at portfolio companies.

Revenue is generated through the standard alternative-asset-manager model: recurring management fees calculated as a percentage of assets under management, plus performance fees / carried interest earned when fund investments clear specified return hurdles. Apollo Funds raises capital from institutional limited partners — pension funds, sovereign wealth funds, insurance companies, and endowments — and distributes investment products through direct institutional relationships, investment banking partnerships, and co-investment networks with peers such as Brookfield, Sumitomo, SMBC, and Mubadala. The firm maintains a global operating footprint with material exposure across North America, Europe (UK, France, Germany, Denmark), and Asia-Pacific (Japan), and has executed cross-border carve-outs and platform builds (Ingenico, FORVIA Interiors, U.S. Silica, The Travel Corporation, Univar Solutions). In July 2024, Apollo consolidated two public closed-end credit vehicles (Apollo Senior Floating Rate Fund and Apollo Tactical Income Fund) into MidCap Financial Investment Corporation (NASDAQ: MFIC), streamlining the public fund shelf. Apollo Funds' customers, in the LP sense, are concentrated institutional allocators; its portfolio companies span a diversified multi-sector, multi-geography base.

Name

Apollo Funds

Legal name

Apollo Funds (managed by Apollo Global Management, Inc.)

Website

https://apollofunds.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

Apollo Funds is the private equity investment arm of Apollo Global Management (NYSE: APO), deploying $600B+ in assets across controlling acquisitions, minority growth investments, and consortium deals in healthcare, technology, energy infrastructure, and industrials worldwide for institutional LPs.

Ownership category

akta.pro rank

Product category

Private Equity / Alternative Asset Management

NAICS

Other Investment Pools and Funds (5259)

SIC

Investors, Nec (6799)

akta.pro primary industry

Large-Cap / Mega-Fund Buyout (FSANABAA)

akta.pro secondary industry

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

Keywords

• Private equity
• Alternative investments
• Asset management
• Credit investing
• Fund management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Management Fees: Apollo earns management fees from managing its private equity funds, typically calculated as a percentage of assets under management (AUM). The firm manages funds across private equity, credit, and real assets strategies.
2. Performance Fees / Carried Interest: Apollo earns carried interest when fund investments generate returns above specified hurdles, aligning manager and investor interests and constituting a significant portion of incentive-based compensation.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Apollo Funds deploys capital through direct private equity acquisitions of controlling and minority stakes in target companies, strategic co-investments alongside other institutional investors, and fund-to-fund partnerships. The firm targets mid-to-large cap companies across technology, healthcare, financial services, infrastructure, and industrial sectors globally. Apollo Funds also historically offered publicly traded investment vehicles such as business development companies and closed-end funds focused on senior secured loans and debt instruments.

Product overview

Apollo Funds, managed by Apollo Global Management (NYSE: APO), offers private equity and credit investment strategies. The fund complex includes public investment vehicles such as business development companies (BDCs) and closed-end funds. On July 22, 2024, Apollo Senior Floating Rate Fund Inc. and Apollo Tactical Income Fund Inc. merged with and into MidCap Financial Investment Corporation (NASDAQ: MFIC), consolidating Apollo's public fund offerings under the MidCap Financial Investment Corporation platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Apollo Senior Floating Rate Fund Inc. A publicly traded investment fund that invested in senior secured loans and other debt instruments. Merged with Apollo Tactical Income Fund Inc. into MidCap Financial Investment Corporation in July 2024.
• Apollo Tactical Income Fund Inc. A publicly traded investment fund focused on income-generating debt strategies. Merged with Apollo Senior Floating Rate Fund Inc. into MidCap Financial Investment Corporation in July 2024.

Quantifiable outcome

• Deployed $6.5 billion in Ørsted's Hornsea 3 offshore wind project for a 50% stake
• +4 more outcomes

Named customers4 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators2 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Blackstone: Blackstone is the world's largest alternative asset manager with ~$1 trillion AUM across private equity, credit, real estate, and infrastructure. Like Apollo Funds, it underwrites mega-deals across sectors and serves institutional LPs globally.
• KKR & Co. KKR is a publicly traded global investment firm with deep PE, credit, and infrastructure capabilities. It competes directly with Apollo in large-cap buyouts and infrastructure investing (including renewable energy).
• Carlyle Group: Carlyle is a publicly traded global investment firm with comparable scale across private equity (buyout), credit, and infrastructure. It targets similar large-cap transactions and institutional LPs as Apollo Funds.
• Bain Capital: Bain Capital is a major global PE firm that co-invested with Apollo in Acrisure's $2.1B capital raise. It competes with Apollo in large-cap buyouts across technology, healthcare, and financial services.
• TPG: TPG is a publicly traded global PE firm operating Capital, Growth, Impact, Real Estate, and Market Solutions strategies. It is a direct competitor to Apollo in mid- and large-cap buyouts across similar sectors.
• Brookfield Asset Management: Brookfield is a publicly traded alternative asset manager focused on real assets, infrastructure (including renewables), and private equity. It partnered with Apollo on the $28.2B Air Lease consortium and competes directly in core infrastructure and renewables.
• Ares Management: Ares is a publicly traded alternative asset manager with major credit, private equity, and real estate platforms. It competes with Apollo in private credit and secondaries and serves overlapping institutional LPs.
• Warburg Pincus: Warburg Pincus is a global private equity firm with comparable sector breadth (technology, healthcare, financial services, energy). It competes with Apollo in growth and mid- to large-cap buyouts.
• CVC Capital Partners: CVC is a publicly listed global private equity firm with €200B+ AUM. It is a direct competitor to Apollo in European large-cap buyouts and has overlapping institutional LP relationships.
• Advent International: Advent International is one of the largest global PE firms, focused on buyouts across business and financial services, healthcare, industrial, retail, and technology — sectors that overlap directly with Apollo's investment focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries10 records

Funding overview

Funding rounds

Investors

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M&A18 records

Investments18 records

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Frequently asked questions about Apollo Funds