What Happened to Apollo Global Management, Inc.?
Apollo Global Management is a leading global alternative asset manager founded in 1990, specializing in private equity, credit, and real assets. The firm has significantly expanded its assets under management, surpassing $1.15 trillion by September 2026, driven by strategic acquisitions, its integrated retirement services business Athene, and a focus on private credit and AI infrastructure. Despite recent stock volatility and some fund withdrawal limits, Apollo continues to pursue aggressive growth targets and innovative capital solutions globally.
Quick Answer
Apollo Global Management has evolved into one of the world's largest alternative asset managers, with over $1.15 trillion in assets under management as of September 2026. The firm's strategy is currently centered on expanding its private credit offerings, investing in AI infrastructure, and growing its retirement services business, Athene. While achieving significant AUM milestones, Apollo has faced some stock market pressure in 2026 and has limited withdrawals from its flagship private credit fund for the third consecutive quarter. The company is also establishing a second headquarters in Austin, Texas, to support future growth.
📊Key Facts
📅Complete Timeline15 events
Apollo Global Management Founded
Leon Black, Josh Harris, and Marc Rowan founded Apollo Global Management after the collapse of Drexel Burnham Lambert, initially focusing on distressed debt.
Acquisition of Executive Life Portfolio
Apollo acquired the bond portfolio of Executive Life Insurance Company, a foundational deal that established its credit platform.
Athene Launched
Apollo launched Athene, a retirement services company, with aspirations to become a leading player in the sector.
Initial Public Offering (IPO)
Apollo Global Management completed its IPO on the New York Stock Exchange under the ticker APO, raising over $400 million.
Leon Black Resigns as CEO
Co-founder Leon Black resigned as CEO amidst sexual misconduct allegations and revelations of payments to Jeffrey Epstein. Marc Rowan took over as CEO.
Merger with Athene Completed
Apollo completed its merger with Athene, bringing the two strategic partners together under one publicly-traded parent company.
Marc Rowan Becomes CEO and Chair; Gary Cohn Appointed Lead Independent Director
Marc Rowan's role expanded to CEO and Chair of the Board, and financial services leader Gary Cohn was appointed as Lead Independent Director.
Acquisition of Bridge Investment Group Completed
Apollo completed the acquisition of Bridge Investment Group in an all-stock transaction, significantly scaling its real estate equity business.
AUM Surpasses $1 Trillion, Q1 Earnings Miss
Apollo announced Q1 2026 results, achieving a historic milestone of over $1 trillion in assets under management, though adjusted EPS missed analyst expectations.
AUM Crosses $1.05 Trillion, Q2 Earnings Miss
Apollo reported Q2 2026 results, with AUM crossing $1.05 trillion, driven by record inflows, but adjusted EPS missed expectations, ending a streak of beats.
Completes €3 Billion Capital Solution for Bayer
Apollo-managed funds, joined by KKR, successfully closed a €3 billion capital solution for Bayer's long-acting reversible contraceptives business.
$1.25 Billion Capital Solution for BMG and Concord
Apollo provided a $1.25 billion equity capital solution to support the combination of BMG and Concord, creating a leading music publishing and recorded music entity.
Nears Acquisition of New York Yankees Stake
Apollo Global Management announced it is close to acquiring a 16% economic interest in the New York Yankees for $2.6 billion, valuing the franchise at over $12 billion.
Limits Private Credit Fund Withdrawals
Apollo's flagship private credit fund, Apollo Debt Solutions BDC, limited investor withdrawals to 5% of outstanding shares for the third consecutive quarter due to high redemption requests.
Strategic Outlook and Austin HQ Announcement
CEO Marc Rowan outlined Apollo's strategy at a Bank of America conference, emphasizing liquid private markets, AI infrastructure, and retirement. The firm also announced an Austin, Texas office as a second headquarters.
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🔍Deep Dive Analysis
Apollo Global Management was founded in 1990 by Leon Black, Josh Harris, and Marc Rowan, emerging from the collapse of Drexel Burnham Lambert. Initially focused on distressed debt and leveraged buyouts, Apollo quickly established itself as a major player in alternative investments, acquiring the Executive Life Insurance Company's bond portfolio in 1991, which laid the groundwork for its credit platform. The firm went public in 2011, marking a new phase of growth and increased public scrutiny.
A significant turning point for Apollo was the launch of Athene in 2009, a retirement services company that later merged fully with Apollo in January 2022. This merger brought the two strategic partners under one publicly-traded parent company, significantly bolstering Apollo's permanent capital base and its presence in the insurance and retirement solutions market. The firm also faced leadership changes and controversies, with co-founder Leon Black resigning as CEO in 2021 amid sexual misconduct allegations and revelations regarding payments to Jeffrey Epstein. Marc Rowan, another co-founder, assumed the role of CEO and later Chairman in April 2025.
In recent years, Apollo has aggressively expanded its assets under management (AUM), surpassing $1 trillion in Q1 2026 and reaching $1.15 trillion by Q3 2026. The firm's strategic focus for 2026 and beyond includes significant investments in AI infrastructure, private credit, and further growth in its retirement products. Apollo is also innovating in private markets, launching products like ATLAS, which aims to provide daily pricing and liquidity for private credit securities. To support its ambitious growth plans, Apollo announced in September 2026 that it is opening a second headquarters in Austin, Texas, to access a differentiated talent pool and focus on technological and business model changes.
Despite these growth initiatives, Apollo has experienced mixed financial performance in 2026. While Q1 and Q2 2026 saw record fee-related earnings and AUM milestones, adjusted earnings per share (EPS) missed analyst expectations in both quarters. The company's stock performance has been volatile, down over 10% year-to-date by September 2026, and its flagship private credit fund, Apollo Debt Solutions BDC, has limited investor withdrawals to 5% of outstanding shares for the third consecutive quarter due to high redemption requests. Nevertheless, analysts generally maintain a 'Strong Buy' rating for APO, forecasting significant earnings growth for 2026.
As of September 24, 2026, Apollo Global Management continues to be a dominant force in alternative asset management, actively engaging in large-scale transactions such as providing capital solutions for Bayer (€3 billion) and the BMG/Concord combination ($1.25 billion), and nearing an acquisition of a 16% economic interest in the New York Yankees. The firm's long-term strategy emphasizes expanding access to private market investments for a wider range of investors and leveraging its origination capabilities to meet the complex capital needs of corporations globally.
What If...?
Explore alternate histories. What if Apollo Global Management, Inc. made different choices?