1. Imagine a BlackRock, but primarily focused on managing large funds for private equity, private credit, and real asset investments, rather than public stocks and bonds.

2. Essentially a specialized Goldman Sachs, focused exclusively on managing vast pools of capital for alternative investments like private equity and private credit.

• Private Equity Investment Management: Managing capital for institutional and individual investors to acquire and grow private companies across various sectors.
• Credit Investment Management: Managing capital across a broad spectrum of credit strategies, including direct lending, opportunistic credit, and structured credit, for diverse client needs.
• Real Assets Investment Management: Managing capital invested in real estate and infrastructure assets globally to generate long-term returns.
• Hybrid Value Investment Management: Providing flexible capital solutions to companies by blending elements of private equity and credit investing strategies.
• Insurance Company Asset Management: Offering comprehensive investment management services to insurance companies, optimizing their asset portfolios to meet policyholder obligations.

Apollo Asset Management (symbol: APO) primarily sells its investment management and capital solutions services to other companies and institutional investors.

Due to the confidential nature of client relationships in the alternative asset management industry, Apollo does not publicly disclose the specific names of its major institutional customers.

However, Apollo's customer base generally consists of a diverse group of large institutional investors globally. These typically include the following categories, some of which are public companies or parts of public companies:

• Insurance Companies: Large insurance firms are significant allocators of capital to alternative investment strategies to manage their general account assets and liabilities. Many major insurance companies are publicly traded. Examples of large public insurance companies that are active institutional investors (though not confirmed specific customers of Apollo due to client confidentiality) include:
  • Prudential Financial, Inc. (NYSE: PRU)
  • MetLife Inc. (NYSE: MET)
  • Aflac Incorporated (NYSE: AFL)
• Pension Funds: This category includes public and corporate pension plans. While most large public pension funds (e.g., CalPERS, CalSTRS) are governmental entities and not publicly traded companies, corporate pension funds are often managed by large public corporations.
• Sovereign Wealth Funds: Government-owned investment funds that invest a country's surplus reserves. These are typically not public companies (e.g., Norway's Government Pension Fund Global, GIC Private Limited of Singapore).
• Endowments and Foundations: Investment funds established by universities (e.g., Harvard Management Company) and charitable organizations (e.g., Bill & Melinda Gates Foundation Trust). These are typically not public companies.
• Wealth Management Platforms and Other Financial Institutions: Major global financial institutions that manage assets for high-net-worth individuals and other institutional clients often allocate capital to alternative funds or distribute them to their client base. Examples of such public companies that are major players in the wealth management space (again, not confirmed specific customers of Apollo) include:
  • Morgan Stanley (NYSE: MS)
  • The Goldman Sachs Group, Inc. (NYSE: GS)
  • UBS Group AG (NYSE: UBS)

• State Street Corporation (NYSE: STT)
• The Bank of New York Mellon Corporation (NYSE: BNY)
• S&P Global Inc. (NYSE: SPGI)
• Moody's Corporation (NYSE: MCO)
• London Stock Exchange Group plc (LON: LSEG)
• FactSet Research Systems Inc. (NYSE: FDS)
• Microsoft Corporation (NASDAQ: MSFT)
• Deloitte & Touche LLP

Marc Rowan, Co-Founder, Chief Executive Officer and Chairman of the Board

Marc Rowan co-founded Apollo Global Management in 1990 with Leon Black and Josh Harris, having previously worked in the mergers and acquisitions department at Drexel Burnham Lambert. He assumed the role of CEO in 2021. Rowan was instrumental in establishing Athene, a retirement services company that significantly contributed to Apollo's business. He was also an investor in Beats Electronics, which Apple acquired for $3 billion in 2014. The firm, which he co-founded after the collapse of Drexel, initially focused on distressed debt and leveraged buyouts.

Martin Kelly, Chief Financial Officer

Martin Kelly joined Apollo in 2012. He served as CFO of Apollo Asset Management, Inc. from September 2012 through February 2022, and also as Co-Chief Operating Officer from January 2019 through December 2021. Before joining Apollo, Mr. Kelly was with Barclays Capital from 2008 to 2012, where he was a Managing Director, CFO of the Americas, and Global Head of Financial Control for their Corporate and Investment Bank. Prior to Barclays, he held various roles at Lehman Brothers Holdings Inc. from 2000 to 2008 and was a Partner with PricewaterhouseCoopers LLP for 13 years, becoming a partner in 1999.

James Zelter, President

James Zelter joined Apollo in 2006 and has been responsible for expanding Apollo's credit platform. He previously served as Co-President of Apollo Asset Management, where he co-led day-to-day operations, including all revenue-generating businesses. Before his tenure at Apollo, Mr. Zelter worked at Citigroup Inc. and its predecessor companies, holding roles such as Chief Investment Officer of Citigroup Alternative Investments. His career also includes experience as a high-yield trader at Goldman Sachs.

Scott Kleinman, Co-President, Apollo Asset Management

Scott Kleinman became part of Apollo in 1996. He was appointed Lead Partner for Private Equity in 2009 and then Co-President in 2018. In his role, he co-leads Apollo's day-to-day operations, including all revenue-generating businesses and enterprise solutions across its integrated alternative investment platform, with a focus on equity and opportunistic businesses. Prior to joining Apollo, Mr. Kleinman was a member of the Investment Banking division at Smith Barney Inc.

Matt Nord, Partner, Co-Head of Equity

Matt Nord joined Apollo in 2003. He currently co-leads the firm's equity investment franchise and oversees the hybrid value fund and growth equity strategies. Previously, he was Co-Head of Apollo's flagship private equity business. Before his time at Apollo, Mr. Nord was a member of the Investment Banking division of Salomon Smith Barney Inc. He has directed numerous investments across technology, healthcare, and business services.

The emergence of technology-enabled platforms and blockchain-based tokenization initiatives aimed at fractionalizing and democratizing access to private market investments.

Apollo Asset Management (symbol: APO) operates primarily in alternative asset management and retirement services. The addressable markets for its main products and services are substantial on a global scale.

Alternative Asset Management

• Overall Alternative Assets: The global alternative assets under management (AUM) market was approximately $16.8 trillion at the end of 2023 and is projected to exceed $30 trillion by 2030. Another estimate places the global alternatives market AUM at $32 trillion by 2030. The global alternative investment funds (AIFs) market was valued at $12.8 trillion in 2023 and is projected to reach $25.8 trillion by 2032. North America was the largest regional market for Alternative Investment Funds in 2023.
• Private Equity: The global private equity market (by AUM) reached approximately $5.3 trillion in 2023 and is expected to reach $6 trillion by the end of 2024. It is forecast to more than double in AUM from US$5.8 trillion in end-2023 to US$12.0 trillion in 2029. The North American private equity market is the largest globally, with total assets under management of $3.4 trillion.
• Private Credit: The global private credit market's assets under management quadrupled over the past decade to US$2.1 trillion in 2023 and has since surpassed US$3 trillion. This market is expected to reach $4.5 trillion by 2030. North America accounts for approximately 70% of global private credit raised since 2008.
• Real Estate Investment: The global real estate investment market was valued at $9.8 trillion in 2023 and is predicted to reach $14.5 trillion by 2030. Another report valued the global real estate investment market at USD 9,158.04 billion in 2023 and projected it to reach USD 18,611.46 billion by 2033. North America is estimated to hold the largest share of the real estate investment market.

Retirement Services and Wealth Management

• Wealth Management: The global wealth management market was valued at $1.25 trillion in 2020 and is projected to reach $3.4 trillion by 2030. It reached nearly $1.8 trillion in 2023 and is expected to grow to $3.5 trillion by 2033. North America held the largest market share in terms of revenue in 2020 for wealth management.
• Insurance (related to Retirement Services through Athene): The global insurance market was valued at $9.0 trillion in 2023 and is projected to reach $28.5 trillion by 2032. Total global premium income for the insurance industry was EUR 7.0 trillion (approximately $7.7 trillion USD) in 2024. North America is the largest regional market for insurance.

1. Growth in Assets Under Management (AUM): Apollo has set an ambitious target to significantly increase its AUM, aiming for $1.5 trillion by 2029, up from approximately $908 billion as of Q3 2025. This growth is expected to be a primary driver of fee-related earnings. The firm's ability to attract substantial capital, as evidenced by robust inflows of $82 billion in Q3 2025, positions it well for continued AUM expansion.
2. Expansion of Global Wealth Management and Retail Distribution: Apollo is actively targeting individual investors through its "New Markets" division, launched in April 2025. This initiative focuses on democratizing access to alternative investments via semi-liquid products and strategic partnerships, aiming to raise $150 billion from its wealth business by 2029. This strategic focus on retail distribution, including through its Athene subsidiary, is expected to drive inflows and strengthen its position in the retail investment market.
3. Growth in Private Credit and Origination Capabilities: The firm is strategically emphasizing private credit investments, which offer higher yields compared to traditional fixed-income assets. Apollo is scaling its origination platforms with an annual target of over $275 billion. The integration of its asset management and insurance operations, particularly leveraging Athene, helps generate stable capital and investment opportunities to fuel this growth.
4. Strategic Acquisitions: Apollo has a demonstrated history of growing its AUM and market presence through strategic acquisitions. A recent example includes the acquisition of Bridge Investment Group in February 2025, which significantly bolstered its real estate equity and credit capabilities. Such inorganic expansion is a recurring part of Apollo's growth strategy.
5. International Expansion, especially in the Asia-Pacific (APAC) Region: Apollo is actively pursuing a global expansion strategy with a particular focus on the APAC region. The firm aims to strengthen its operations and increase hiring in key markets such as Japan, South Korea, Australia, Singapore, and Hong Kong, indicating an expectation of significant revenue contributions from these growing markets.

Share Repurchases

• In February 2024, Apollo's board of directors authorized a new share repurchase program of up to $3 billion, replacing a previous program.
• As of September 30, 2025, approximately $2.237 billion worth of shares had been repurchased under the February 2024 authorization.
• In Q1 2025, $700 million was utilized for share repurchases, contributing to a total of $1.7 billion in capital returned to shareholders (including dividends) over the preceding twelve months.

Share Issuance

• Apollo's shares outstanding increased by 147.13% in 2022 to 0.585 billion from 2021, largely due to the merger with Athene.
• Shares outstanding continued to increase to 0.589 billion in 2023 (a 0.7% increase) and 0.604 billion in 2024 (a 2.58% increase).
• As of September 30, 2025, shares outstanding were approximately 608 million, representing a 3.31% increase year-over-year.

Outbound Investments

• In September 2025, Apollo completed the acquisition of Air Lease for $28.2 billion.
• In June 2024, Apollo acquired a 49% equity interest in a joint venture related to Intel Ireland's Fab 34 for €10.1 billion ($11 billion).
• In January 2022, Apollo acquired the retirement services business Athene, and in July 2022, investment funds managed by Apollo acquired Tenneco for $7.1 billion.