Apollo Global Management (NYSE: APO) is an alternative asset management company that raises, invests, and manages capital across credit, equity, and real assets strategies. It earns management fees on assets under management and performance-related fees, including carried interest, when funds exceed return thresholds. Apollo is among the largest alternative asset managers globally, competing with firms such as Blackstone, KKR, and Carlyle. The company is headquartered in New York and was founded in 1990. Its integrated insurance platform, anchored by Athene, adds a significant spread-based earnings stream alongside the traditional fee-based asset management business. As of the fiscal year ended December 31, 2025 (per the 10-K filed February 25, 2026), Apollo operates across institutional and individual investor channels, deploying capital into private credit, private equity, and real assets on behalf of pension funds, sovereign wealth funds, insurance companies, and other institutional clients.

Revenue model

Management fees on assets under management, performance fees and carried interest from fund outperformance, and spread-related earnings from insurance capital managed through Athene.

Products and services

Private credit funds, private equity funds, real assets funds, insurance and retirement services through Athene, and capital solutions for corporate and financial sponsor clients.

Customers and end markets

Institutional investors including pension funds, sovereign wealth funds, and insurance companies; individual investors through wealth management channels; corporate borrowers and financial sponsors seeking capital solutions.

Value-chain role

Alternative asset manager and capital allocator; acts as general partner and investment manager for closed-end and open-end funds; also acts as insurance capital manager through Athene.

Geographic exposure

Global operations with headquarters in New York; investments and fund activity span North America, Europe, and Asia-Pacific.

Competitors

Blackstone, KKR, Carlyle Group, Ares Management

Source: SEC 10-K, filed 2026-02-25

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