APO
Updated: 24/09/2026, 08:37:45
Apollo Global Management, Inc. operates as a prominent investment management firm, primarily concentrating its efforts across credit, private equity, and real estate asset classes. Within its private equity division, Apollo engages in a broad spectrum of transactions, ranging from traditional management buyouts, recapitalizations, and distressed acquisitions to corporate carve-outs, growth capital infusions, turnaround financing, bridge loans, strategic acquisitions, and industry consolidation initiatives. This also includes debt investments in real estate and corporate partnerships, along with investments in distressed assets and special situations within the middle market. Its client base is diverse, encompassing sovereign wealth and endowment funds, as well as various other institutional and private investors. The firm constructs and oversees bespoke portfolios for clients and actively manages a suite of investment vehicles, including hedge funds, real estate funds, and private equity funds. Globally, Apollo also deploys capital in fixed income and alternative investment markets. Its fixed income strategies span a wide array, featuring income-oriented senior secured loans, corporate bonds, collateralized loan obligations (CLOs), structured credit products, opportunistic and non-performing loans, distressed debt, mezzanine financing, and other value-oriented fixed income instruments. Apollo seeks investment opportunities across numerous sectors, such as chemicals, energy (including oil, gas, natural resources), metals and mining, agriculture, consumer and retail, distribution and transportation, financial and business services, manufacturing and industrial, media (distribution, cable, entertainment), telecommunications, technology, packaging and materials, and satellite and wireless communications. Geographically, the firm targets investments in Africa, North America (with a strong emphasis on the United States), and Europe, while also making significant inroads into Western Europe and Asia. Its investment methodology combines contrarian insights with a rigorous focus on intrinsic value and distressed situations. Apollo typically commits equity capital ranging from $10 million to $1.5 billion per transaction, generally pursuing companies with an enterprise value between $750 million and $2.5 billion. Proprietary in-house research underpins its investment selection process. The firm is open to acquiring both minority and controlling stakes in its portfolio companies. Established in 1990 and headquartered in New York, New York, Apollo maintains additional offices across North America, Asia, and Europe to support its global operations.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$3.5B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
$0.8B
FY 2025 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider
“Founded in 1990, Apollo is a high-growth, global alternative asset manager and a retirement services provider.”
Athene third-party flow reinsurance channel
Third-party flow reinsurance targeting spread-based liabilities (FIAs, MYGAs, annuities, life insurance, institutional products)
“Athene targets reinsuring spread-based liabilities which can include FIAs, MYGAs, traditional one-year guarantee fixed deferred annuities, immediate annuities, whole life insurance, universal life insurance, indexed universal life insurance and institutional products.”
Three reportable segments
Asset Management, Retirement Services and Principal Investing
“Apollo conducts its business primarily in the U.S. through the following three reportable segments: Asset Management, Retirement Services and Principal Investing.”
Retirement services business
Retirement services business (insurance subsidiaries selling annuities; policyholder liabilities sensitive to market factors)
“our retirement services business is materially affected by conditions in the capital markets and the U.S. economy generally”
Principal Investing segment definition
Principal Investing: realized performance fees and realized investment income; earnings more volatile than other segments
“Given the cyclical nature of realized performance fees, earnings from our Principal Investing segment, or PII, are inherently more volatile in nature than earnings from the Asset Management and Retirement Services segments.”
Retirement services business model
Generates spread income combining liability sourcing with asset origination
“Our retirement services business focuses on generating spread income by combining the two core competencies of (1) sourcing long-term, persistent liabilities and (2) using the global scale and reach of our asset management business to actively source or originate assets”
Athene internal ceded reinsurance structure
80%-100% quota share internal reinsurance to Bermuda subsidiaries
“Subject to quota shares generally ranging from 80% to 100%, substantially all of the existing deposits held and new deposits generated by Athene’s U.S. insurance subsidiaries are reinsured to its Bermuda reinsurance subsidiaries.”
Asset management business
Asset management: performance fees and transaction, structuring, advisory and other fees; flagship funds Fund IX, Fund X and AAA
“performance fees from our asset management business and the transaction, structuring, advisory and other fees that we receive, can vary significantly from quarter to quarter”
Asset management client base
Pension, endowment and sovereign wealth funds, insurance companies and other institutional and individual investors
“on behalf of some of the world’s most prominent pension, endowment and sovereign wealth funds and insurance companies, as well as other institutional and individual investors”
Pension group annuity distribution
PGAs sourced via advisors, brokers, consultants; focus on medium/large buyout and buy-in deals
“Athene works with advisors, brokers and consultants to source pension group annuity transactions and design solutions that meet the needs of prospective pension group annuity counterparties”
FABN program distribution
FABN medium-term notes sold via major investment banks' broker-dealers to institutional investors
“The notes are underwritten and marketed by major investment banks’ broker-dealer operations and are sold to institutional investors.”
Credit strategy pillars
Four main investment pillars: direct origination, asset-backed, multi credit and opportunistic credit
“across four main investment pillars: direct origination, asset-backed, multi credit and opportunistic credit”
Athene retirement services product line
Annuities (fixed rate, indexed, payout, group), funding agreements and guaranteed investment contracts
“Athene’s primary product line is annuities, which include fixed rate, indexed, payout and group annuities”
Athene institutional products
Institutional channel: funding agreements, GICs, pension group annuities, group fixed indexed annuities
“Athene’s institutional channel includes funding agreements, guaranteed investment contracts, pension group annuity transactions and group fixed indexed annuities issued in connection with defined contribution plans.”
Vitera group fixed indexed annuities in defined contribution market
Vitera guaranteed lifetime income target date fund for defined contribution plans
“Group fixed indexed annuities are issued as part of Vitera’s guaranteed lifetime income solution through a target date fund within defined contribution plans.”
Credit vs equity AUM split
Credit: $749 billion AUM; Equity: $189 billion AUM
“Credit is our largest asset management strategy with $749 billion of AUM as of December 31, 2025.”
Employee count
~6,140 employees, including 2,010 supporting Retirement Services and 600 Bridge employees
“approximately 6,140 employees, including 2,010 employees supporting our Retirement Services segment and 600 employees of Bridge”
Acquisition of Bridge
Completed all-stock acquisition of Bridge on September 2, 2025
“On September 2, 2025, we completed the previously announced acquisition of Bridge in an all-stock transaction.”
Acquisitions and block reinsurance as growth sources for retirement services
Acquisitions and block reinsurance are complementary growth sources for Athene
“Acquisitions. Acquisitions are a complementary source of growth for our retirement services business. Athene has a proven ability to acquire businesses in complex transactions at favorable terms”
Athene market position
Athene is a leading retirement savings products company
“Athene, a leading financial services company that specializes in issuing, reinsuring and acquiring retirement savings products”
Athene capital deployment uses and return target
Four capital uses; generally seeks mid-teen or higher returns on capital deployment
“Athene generally seeks mid-teen or higher returns on its capital deployment.”
Principal Investing capital deployment to accelerate Asset Management growth
Strategic investments to accelerate Asset Management growth and FRE compounding
“Over time, we may deploy capital into strategic investments that help accelerate the growth of our Asset Management segment, by broadening our investment management and/or product distribution capabilities”
Russia/Ukraine sanctions exposure
Direct exposure of fund portfolios to Russia and Ukraine is insignificant
“we believe the direct exposure of investment portfolios of the funds we manage to Russia and Ukraine is insignificant”
Trade policy / tariff risk
Trade policy uncertainty poses downside risk; potential stagflationary environment
“The ongoing uncertainty regarding trade policy poses a downside risk to the current economic outlook, with lower growth and higher inflationary pressures increasing the risk of a stagflationary environment.”
Monetary policy and Japan rate outlook
Central bank policy divergence; Japan has already raised rates; elevated rates may increase financing costs and pressure valuations and liquidity
“some countries, such as Japan, have already raised, interest rates in response to concerns about inflation in the future”
Macroeconomic and geopolitical risk exposure
Businesses materially affected by interest rates, inflation, tariffs, U.S.-China relations, Russia-Ukraine, Middle East, China-Taiwan tensions and supply chain disruptions
“changes in trade or immigration policy, tariffs and trade sanctions on goods, trade wars, U.S.-China relations”
Financial strength rating downgrade risk
NRSRO financial strength rating downgrade of insurance subsidiaries could reduce sales, increase lapses/surrenders and raise cost of capital
“A financial strength rating downgrade, potential downgrade or any other negative action by a rating agency could make our product offerings less attractive”
Russia/Ukraine and Middle East exposure
No significant exposure to Russia, Ukraine or the Middle East; monitoring impact on portfolio companies in chemicals, oil and gas and aviation
“We have no significant exposure to Russia, Ukraine or the Middle East and as such, to date, these conflicts have not had a material impact on our business, financial condition or results of operations.”
Policyholder behavior risk in economic stress
In economic hardship, retirement services policyholders may defer or stop premiums or surrender policies; stressed markets discourage product purchases
“the policyholders of our retirement services business may choose to defer paying insurance premiums, stop paying insurance premiums altogether or surrender their policies”
Key risk factors summary
Principal risks include market conditions, revenue variability, key personnel, AI risks, illiquidity, regulation, litigation, tax treatment
“Artificial intelligence increasing competitive, operational, legal and regulatory risks;”
Portfolio company industry exposures
Fund performance tied to portfolio companies in leisure/hospitality, oil & gas, financial services, real estate/infrastructure, power/energy and software
“The performance of the investments of the funds we manage in the commodities markets is substantially dependent upon prevailing prices of oil and natural gas.”
Credit strategy fund risks
Credit strategy funds exposed to concentration, short-selling, illiquid private credit/direct origination and counterparty risks
“Certain of the funds we manage invest in private credit opportunities (including through direct origination), which may be illiquid, difficult to value and exit prior to maturity”
Revenue and earnings variability
A portion of revenues, earnings and cash flow is highly variable; performance fees subject to contingent repayment by the general partner
“A portion of our revenues, earnings and cash flow is highly variable, primarily due to the fact that performance fees from our asset management business”
Generative AI risk to software portfolio companies
Rapid technological transformations such as LLMs and generative AI may introduce operating risks to portfolio companies in the software industry
“Rapid and unforeseen technological transformations, such as the emergence of large language models and generative AI”
Interest rate risk on rate-sensitive assets and liabilities
Interest rate risk from interest-rate-sensitive fixed income assets and fixed deferred/immediate annuity liabilities
“Interest rate risk poses a significant market risk to us as a result of interest rate-sensitive assets (e.g., fixed income assets) and liabilities (e.g., fixed deferred and immediate annuities)”
Cryptocurrency and real asset investment risks
Funds invest in cryptocurrencies and infrastructure/real assets exposing them to increased inherent risks and liabilities
“Certain of the funds we manage invest in cryptocurrencies, which may expose us and such funds to increased risks and liabilities”
Sanctions and export controls exposure
U.S., U.K. and EU export controls and sanctions on Russia could expand; investing outside the U.S. raises compliance costs under anti-corruption/AML/sanctions laws
“governments in the U.S., U.K., and EU have each imposed export controls on certain products and financial and economic sanctions on certain industry sectors and parties in Russia”
Government programs and tax credit dependence
Fund investments based on government incentives/subsidies/tax credits that may not be available for the full anticipated investment horizon
“assumptions regarding the availability, amount or duration of federal, state, local or foreign government programs, incentives, subsidies, regulatory frameworks or tax credits”
Retirement Services segment conducted by Athene; asset management business provides full suite of investment management services for Athene's portfolio, linking FRE to Athene's asset growth.
“Our asset management business provides a full suite of services for Athene’s investment portfolio, including direct investment management”
Business conducted primarily in the U.S.; US GDP growth (2.2% in 2025), tariffs, and inflation (2.7% at Dec 31, 2025) are key demand drivers.
“Apollo conducts its business primarily in the U.S. through the following three reportable segments”
Elevated interest rates increase financing costs and pressure valuations of rate-sensitive assets and annuity liabilities.
“Interest rate risk poses a significant market risk to us as a result of interest rate-sensitive assets (e.g., fixed income assets) and liabilities (e.g., fixed deferred and immediate annuities)”
80%-100% quota shares of Athene's U.S. deposits are reinsured to Bermuda subsidiaries; a significant majority of aggregate capital is held there, concentrating regulatory capital in Bermuda.
“Subject to quota shares generally ranging from 80% to 100%, substantially all of the existing deposits held and new deposits generated by Athene’s U.S. insurance subsidiaries are reinsured to its Bermuda reinsurance subsidiaries.”
Apollo operates in highly regulated industries; risks include extensive regulation, increased regulatory focus, tax treatment complexity and new minimum tax regimes.
“Our ability to comply with the extensive regulation of our businesses;”
Fed cut rates 25bp at three meetings to end 2025 to a 3.50%-3.75% target range; interest rates significantly impact business performance.
“The U.S. Federal Reserve has a current benchmark interest rate target range of 3.50% to 3.75%, following a rate cut of 25 basis points at each of its three meetings to end 2025”
Equity and credit market performance impacts performance fees and valuation of investments; S&P 500 rose 16.4% in 2025, HY index 8.5%.
“Price fluctuations within equity, credit, commodity and foreign exchange markets, as well as interest rates and global inflation ... can significantly impact the performance of our business”
Athene targets spread-based liabilities (FIAs, MYGAs, annuities, life insurance, institutional products) in its flow reinsurance channel, a core retirement services revenue source.
“Athene targets reinsuring spread-based liabilities which can include FIAs, MYGAs, traditional one-year guarantee fixed deferred annuities, immediate annuities, whole life insurance, universal life insurance, indexed universal life insurance and institutional products.”
Policyholder behavior (premium deferral, lapse, surrender) and capital-market conditions directly affect retirement services results.
“In times of economic hardship, the policyholders of our retirement services business may choose to defer paying insurance premiums”
The filing cites interest rate fluctuations among factors affecting the business, and Athene's spread-based products and funding costs are sensitive to rates.
“risks relating to inflation, interest rate fluctuations and market conditions generally”
Athene's institutional channel (funding agreements, GICs, PGAs, group FIAs) serves institutional customers including stable value fund managers, pension plan sponsors and defined contribution institutions.
“Guaranteed investment contracts are marketed to stable value fund managers to support stable value investment options within defined contribution plans.”
Foreign exchange rates materially impact valuations of investments denominated in non-USD currencies; euro appreciated 13.4% and pound 7.7% vs USD in 2025.
“Foreign exchange rates can materially impact the valuations of our investments and those of the funds we manage that are denominated in currencies other than the U.S. dollar.”
ACRA vehicles provide on-demand third-party capital (via ADIP I/II at 63% economic interests) supporting Athene's growth and capital deployment; $2.8 billion undrawn capital available at ACRA.
“$2.8 billion in available undrawn capital at ACRA.”
Currency exchange rates and controls are listed among macroeconomic conditions materially affecting the business; funds invest in assets denominated in currencies differing from fund currency.
“commodity prices, currency exchange rates and controls”
Tariffs, export controls and trade barriers contribute to supply-chain reconfiguration, higher costs and reduced exit environment visibility.
“Governments have increasingly relied on tariffs, export controls, investment screening and other policy tools”
Russia-Ukraine conflict and related sanctions could raise energy crisis risk; company states no significant exposure to Russia or Ukraine.
“We have no significant exposure to Russia, Ukraine or the Middle East and as such, to date, these conflicts have not had a material impact on our business, financial condition or results of operations.”
FABN funding agreement notes are underwritten and marketed by major investment banks' broker-dealers and sold to institutional investors.
“The notes are underwritten and marketed by major investment banks’ broker-dealer operations and are sold to institutional investors.”
Fund investments in commodities markets substantially depend on prevailing oil and natural gas prices.
“The performance of the investments of the funds we manage in the commodities markets is substantially dependent upon prevailing prices of oil and natural gas.”
The filing identifies AI as increasing competitive, operational, legal and regulatory risks.
“Artificial intelligence increasing competitive, operational, legal and regulatory risks;”
Tariffs, which are inflationary, remain in place and may negatively impact GDP growth; impact on corporate earnings uncertain pending trade negotiations.
“Tariffs, which are inflationary in nature, remain in place and may have a negative impact on GDP growth.”
Conflicts in the Middle East may escalate and disrupt markets and portfolio companies.
“the conflicts in the Middle East, the tensions between China and Taiwan”
Generative AI/LLM emergence may introduce operating risks and valuation volatility to software-sector portfolio companies.
“may introduce operating risks to certain portfolio companies and other investments, particularly those in the software industry”
Monitoring Russia/Ukraine conflict and sanctions against Russia and Belarus; direct portfolio exposure insignificant; no new material Russia investments.
“The Company and the funds we manage do not intend to make any new material investments in Russia”
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