Apollo Global Management, Inc. (APO)

Apollo, founded in 1990, is a global alternative asset manager and retirement services provider. It earns fees for providing investment management services and expertise to its clients, and it generates spread income through its retirement services business, Athene. Apollo operates primarily in the U.S. and describes its asset management business as highly integrated, with investment teams collaborating across disciplines. Its approach is contrarian and value-oriented, with an emphasis on downside protection and capital preservation. As of December 31, 2025, it had total assets under management of $938.4 billion.

The company reports three segments: Asset Management, Retirement Services and Principal Investing. Asset Management focuses on credit and equity strategies. Credit is the largest, at $749.2 billion of AUM, across direct origination, asset-backed finance, opportunistic credit and multi-credit. Equity represents $189.2 billion of AUM, spanning corporate private equity (including secondaries), hybrid value, AAA, real estate equity, and infrastructure and clean transition equity. Real estate was expanded through the September 2025 acquisition of Bridge. Apollo also runs origination across 16 platforms, with $309 billion of origination volume in 2025, and a capital solutions business. Its primary performance measure for the segment is Fee Related Earnings. Perpetual capital accounts for $535.6 billion of AUM. Retirement Services is conducted through Athene, which issues, reinsures and acquires retirement savings products. Its two product lines are annuities (fixed rate, fixed indexed, registered index-linked, payout and group annuities) and funding agreements. Athene earns an investment spread between income on its assets and its cost of funds. It invests primarily in high-grade fixed income assets and pursues direct origination of predominantly senior secured assets.

Apollo raises capital from public and private pension funds, sovereign wealth funds, endowments and foundations, insurance companies, private wealth platforms, family offices, high net worth individuals and other institutional investors, as well as public market investors through certain perpetual capital vehicles. It is also expanding toward institutional fixed income and equity replacement, individuals, insurance, traditional asset managers and defined contribution/401(k) channels. Vehicles include closed-end funds, open-ended and evergreen funds, perpetual capital vehicles, publicly listed entities, insurance and retirement solutions, and separately managed accounts. Athene Accounts accounted for $392.2 billion of AUM, and Athora Accounts, tied to a European life insurance liabilities platform, for $57.2 billion.

Apollo's Asset Management segment has about 4,130 employees, including 600 from Bridge, with offices throughout the world. Its subsidiary ISG provides investment management and operational support services for Athene's portfolio, and ISGI advises certain portfolio companies of Apollo funds and Athora. Athene is headquartered in West Des Moines, Iowa, and about 2,010 employees supported the Retirement Services segment. Athene supplements its capital with long-duration third-party capital through ACRA and uses derivatives and reinsurance to hedge risks. Apollo also holds general partner and professional co-investments alongside fund investors, with $553 million of unfunded commitments at year-end 2025.