Apollo Global Management

Overview

Apollo Global Management is a global alternative asset manager and retirement services provider organized into three reportable segments: Asset Management, Retirement Services, and Principal Investing. As of December 31, 2025, the firm reports $938.4 billion of assets under management (AUM), broad credit and equity investing capabilities, a sizable retirement solutions business (Athene) with extensive distribution, and on-balance-sheet principal investing activities.

Key scale and structure (as of 12/31/2025)

• Total AUM: $938.4 billion.
• Perpetual capital: $535.6 billion of AUM (about 60% of total AUM and over 70% of total fee-generating AUM).
• Employees: Asset Management segment employs about 4,130 people, including 600 Bridge employees. Apollo maintains a global office footprint.
• Bridge acquisition: In 2025, Apollo completed the acquisition of Bridge Investment Group Holdings Inc.
• Athene and related accounts:
  • Athene accounts: $392.2 billion AUM, $386.5 billion fee-generating.
  • Athora accounts: $57.2 billion AUM, $55.2 billion fee-generating.
  • Athora non-sub-advised assets: $34.7 billion AUM, $32.3 billion fee-generating.
• Origination activity: For the year ended 12/31/2025, origination volumes were $309 billion, with core credit origination representing ~45% and origination platforms ~40% of total origination volume.

Segments

Asset Management (largest segment by AUM)

• Business model: Global asset manager earning management and capital solutions fees. Fee Related Earnings (FRE) is the main segment earnings metric after expenses.
• AUM composition (as of 12/31/2025):
  • Total Asset Management AUM: $938.4 billion.
  • Credit: $749.2 billion across four pillars:
    • Direct Origination: $302.1 billion
    • Asset-Backed Finance: $282.7 billion
    • Opportunistic Credit: $50.0 billion
    • Multi-Credit: $40.9 billion
  • Equity: $189.2 billion
    • Corporate Private Equity: $78.8 billion
    • Hybrid Value: $17.7 billion
    • AAA (perpetual capital/private markets strategy): $25.6 billion
    • Real Estate Equity: $47.9 billion
    • Infrastructure and Clean Transition Equity: $21.6 billion
• Perpetual capital is deployed across these strategies (about $535.6 billion of AUM).
• Products and capabilities support investments across company balance sheets, covering private equity and credit investments across geographies and market cycles.
• The firm emphasizes origination scale and cross-platform collaboration across investment disciplines.
• Governance and capital formation:
  • Uses a centralized governance framework with investment committees and co-investment arrangements.
  • Raises capital from institutional and individual clients through closed-end funds, open-ended and evergreen vehicles, perpetual capital vehicles, and other structures.
  • GP commitments, co-investors, and professional investments align the firm with its investors.

Retirement Services (Athene and related entities)

• Core business: Athene provides retirement savings and income solutions, including issuing, reinsuring, and acquiring retirement savings products.
• Products and distribution: Annuities (fixed, indexed, payout, group), funding agreements, flow reinsurance, institutional placements, and block reinsurance. Distribution channels include a retail network (41 independent marketing organizations, 18 banks, 163 broker-dealers, and roughly 152,000 independent agents), flow reinsurance, institutional channels, and acquisitions/block reinsurance.
• AUM and related accounts:
  • Athene accounts: $392.2 billion AUM, $386.5 billion fee-generating.
  • Athora accounts: $57.2 billion AUM, $55.2 billion fee-generating.
  • Athora non-sub-advised assets: $34.7 billion AUM, $32.3 billion fee-generating.
• Capital deployment and risk management:
  • Athene uses long-duration liabilities and a diversified asset base (high-grade fixed income, structured securities, real estate, etc.) to generate investment income and spreads.
  • Employs hedging and risk management strategies to manage interest rate, longevity, and other risks.
  • Maintains capital deployment vehicles (ACRA) and has executed long-duration funding strategies (FABN, FABR programs, FHLB relationships, and repurchase agreements).
• Strategic moves: Expanded distribution for defined contribution plans, including enhancements to Vitera (Advantage Retirement Solutions) in 2025.
• Capital and solvency: Emphasizes a strong capital position, regulatory ratings, and diversification of liabilities and assets to support long-duration obligations.

Principal Investing

• Purpose: Hold and deploy balance sheet capital to accelerate growth across Apollo’s platforms and generate returns beyond Asset Management and Retirement Services.
• Composition: Realized performance-fee income, realized investment income from balance sheet investments, and allocable corporate costs; includes growth capital and liquidity resources at AGM.
• Role: Supports platform expansion, product capability growth, and opportunistic investments that enhance scale.

Summary

Apollo Global Management combines a large asset management platform ($938.4 billion AUM) with a substantial retirement services business through Athene and a principal investing arm that supports platform growth and liquidity. The firm has extensive origination activity (about $309 billion in 2025), a high proportion of perpetual capital (~60% of AUM), global operations, and a wide range of investment capabilities across direct origination, asset-backed finance, private equity, real estate, infrastructure, and credit strategies.