Apollo Global Management

Apollo Global Management, Inc. is one of the world's preeminent alternative investment managers, with approximately $840 billion in assets under management as of early 2025. Founded in 1990 by Leon Black, Marc Rowan, and Josh Harris in the wake of Drexel Burnham Lambert's collapse, Apollo has evolved from a private equity specialist into an integrated alternative asset management powerhouse spanning credit, equity, and real assets. Headquartered in New York City with a global presence across North America, Europe, and Asia, Apollo serves institutional investors, family offices, and individual clients through innovative investment solutions and its retirement services business, Athene.

Apollo's integrated platform operates across three principal investment strategies that collectively generate substantial fee income and investment returns. The credit business, managing over $392 billion in assets, represents the firm's largest segment and includes investment-grade and high-yield bonds, broadly syndicated loans, direct lending, asset-backed finance, and structured products. This platform has become a cornerstone of Apollo's growth, particularly following the 2022 merger with Athene, which created synergies between asset management and retirement services. The private equity business, with $99 billion under management, maintains Apollo's original focus on buyouts, corporate carve-outs, and deleveraging investments, having generated some of the industry's most notable returns including the landmark $9.6 billion profit from the LyondellBasell investment. The real assets division, managing $46.2 billion, encompasses real estate debt and equity, infrastructure investments including energy transition projects, and aviation finance, providing diversification and exposure to inflation-protected asset classes.

The company's business model has been transformed by the January 2022 merger with Athene Holding Ltd., a leading retirement services company that Apollo had partnered with for over a decade. This $11 billion all-stock transaction created a unique structure combining Apollo's alternative asset management capabilities with Athene's $202.8 billion insurance platform, establishing a high-growth alternative asset manager with dual revenue streams from both asset management fees and retirement services spreads. Under CEO Marc Rowan, who succeeded Leon Black in 2021, Apollo has emphasized this integrated approach, with Athene providing stable, long-duration capital that Apollo can deploy across its strategies while generating management fees. The combined entity has delivered strong financial performance, with 2024 revenue of $26.114 billion and net income of $1.462 billion in the fourth quarter alone, despite a 20% revenue decline from 2023's exceptional performance.

Apollo's growth trajectory has been marked by record fundraising and origination activities, with 2024 seeing over $220 billion in origination and $152 billion in inflows. The firm's fee-generating assets under management grew to $569 billion, reflecting strong demand for alternative investments amid a challenging market environment. Apollo's investment approach emphasizes deep fundamental research, sourcing proprietary deals through its extensive origination infrastructure, and maintaining a flexible, opportunistic stance across market cycles. The firm has been particularly active in infrastructure investing, committing significant capital to energy transition projects, data centers, and essential infrastructure assets, positioning itself at the intersection of secular growth trends and alternative investments.

With a market capitalization of approximately $76 billion and trading on the New York Stock Exchange under ticker APO, Apollo stands as one of the alternative investment industry's most valuable firms. The company employs approximately 4,879 professionals globally and maintains a culture emphasizing entrepreneurship, collaboration, humility, and continuous learning. Apollo has also prioritized diversity and inclusion through employee networks including Apollo Women Empower, Apollo Pride, MOSAIC (multi-ethnic network), and Veterans Network. Looking ahead, CEO Marc Rowan signed a five-year contract extension in 2025, providing continuity as Apollo executes its strategy of expanding origination capabilities, growing fee-generating AUM, and leveraging the integrated Apollo-Athene platform to deliver differentiated investment solutions and shareholder value. The firm's commitment to innovation, exemplified by major deals such as the $11 billion joint venture with Intel and the $6.5 billion commitment to Ørsted's Hornsea 3 offshore wind project, underscores Apollo's position at the forefront of global alternative investing.