Company Overview
About Apollo Global Management
Apollo Global Management is one of the world's largest alternative asset managers, founded in 1990 by Leon Black, Marc Rowan, and Josh Harris in New York City, where it remains headquartered and trades on NYSE (APO). The company managed approximately $733 billion in assets under management as of late 2024 under CEO Marc Rowan, who assumed leadership in 2021 following Leon Black's departure amid controversy over his personal relationship with Jeffrey Epstein. Apollo generated approximately $14.8 billion in total revenues for FY2024, spanning private equity, credit (the dominant segment), and real assets, with the company's defining strategic differentiator being its fully integrated insurance platform through Athene Holding—the fixed annuity and retirement services company Apollo merged into a fully owned subsidiary in 2022 after originally creating Athene in 2009 as a vehicle to deploy insurance liabilities into Apollo-managed alternative credit strategies.
Business Model & Competitive Advantage
Apollo's Athene integration established the template for the 'insurance-to-alternatives' model that has transformed alternatives asset management: Athene's $350+ billion in insurance liabilities (fixed and flow reinsurance annuities, funding agreements, and pension risk transfer contracts) provide permanent, low-cost capital that Apollo invests across its credit platform—investment grade structured credit, private lending, real estate debt, and infrastructure debt—generating spread income above Athene's liability costs. This model is strategically superior to raising traditional PE funds because insurance liabilities are perpetual and don't require distributions, allowing Apollo to earn management fees indefinitely while investing in longer-duration, higher-yielding credit assets. Apollo's credit AUM has grown to approximately 70% of total AUM, making it the world's largest private credit manager.
Competitive Landscape 2025–2026
In 2025-2026, Apollo competes with Blackstone (BX), KKR (which uses Global Atlantic as its Athene equivalent), Carlyle Group, and Ares Management in the large-cap alternatives space. Private credit—direct lending to companies outside traditional bank lending channels—has been the fastest-growing segment in asset management, with Apollo at the forefront of investment grade private credit that targets the insurance, pension, and sovereign wealth fund market seeking yield above public bonds. Apollo's platform investments in digital infrastructure (data centers), energy transition, and financial services represent thematic deployment of its scale capital. CEO Rowan's "double down on complexity" philosophy—favoring complex, hard-to-analyze transactions where Apollo's analytical depth creates pricing advantages—underlies the firm's culture.
The Apollo Global Management Story
Founders
Recent Activity
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Major milestones in Apollo Global Management's journey
Leadership Team
Meet the leaders behind Apollo Global Management
Marc Rowan
Marc Rowan is CEO, Chairman, and Co-Founder of Apollo Global Management, roles he has held since 2021 (CEO) and 2025 (Chairman). He co-founded Apollo in 1990 with Leon Black and Josh Harris. Rowan has been instrumental in developing Apollo's credit and insurance platforms, including architecting the transformational 2022 Athene merger. In 2025, he signed a five-year contract extension, cementing his leadership of the firm's integrated alternative asset management and retirement services strategy.
Jim Zelter
Jim Zelter serves as President of Apollo Global Management, overseeing operations and key strategic initiatives across its asset management and retirement services businesses. He was named co-president of Apollo Asset Management in 2018 and was elevated to President in January 2025. Since joining Apollo in 2006, Zelter has led the broad expansion of Apollo's credit platform, which now manages over $392 billion in assets.
Scott Kleinman
Scott Kleinman is Co-President of Apollo Asset Management, where he co-leads Apollo's day-to-day operations including all revenue-generating businesses and enterprise solutions across its integrated platform. He joined Apollo in 1996 and was named Lead Partner for Private Equity in 2009 prior to being elevated to Co-President in 2018. Kleinman oversees the private equity business responsible for $99 billion in AUM.
Martin Kelly
Martin Kelly serves as CFO of Apollo Global Management, a position he has held since September 2012. He oversees the company's financial operations, ensuring fiscal stability and driving financial strategy. Kelly also served as Co-Chief Operating Officer from January 2019 to December 2021, demonstrating his broad operational expertise across the firm's diversified platform.
Jim Belardi
Jim Belardi serves as CEO of Athene, Apollo's retirement services subsidiary, leading the insurance and annuity platform that manages over $200 billion in assets. Under his leadership, Athene has become a cornerstone of Apollo's integrated business model, providing stable long-duration capital that Apollo deploys across its investment strategies while generating management fees and insurance spreads.
Stephanie Drescher
Stephanie Drescher serves as Partner and Chief Client and Product Development Officer at Apollo, responsible for client relationships and product innovation across the firm's global institutional and wealth management platforms. She plays a key role in Apollo's growth strategy, particularly in developing new investment products and expanding distribution capabilities.
Gary Cohn
Gary Cohn joined Apollo's Board of Directors as Lead Independent Director in April 2025, bringing extensive financial services leadership experience. Cohn previously served as President and Chief Operating Officer of Goldman Sachs and as Director of the National Economic Council under President Trump. His appointment strengthens Apollo's governance and strategic oversight.
Leon Black
Leon Black co-founded Apollo in 1990 and served as Chairman and CEO until March 2021, building it into one of the world's preeminent alternative investment firms. A former head of Drexel Burnham Lambert's M&A department and lieutenant to Michael Milken, Black led Apollo through three decades of growth. He retired from day-to-day responsibilities in 2021 and established a family office, Elysium Management, with international operations.
Josh Harris
Josh Harris co-founded Apollo Global Management in 1990 and served in senior leadership roles until stepping down from day-to-day responsibilities in January 2022. He led major private equity investments including the record-setting LyondellBasel deal. Harris founded alternative asset firm 26North in September 2022, which manages $25 billion in AUM, and owns major sports franchises including the Philadelphia 76ers, New Jersey Devils, and Washington Commanders.
Key Differentiators
Market Leader
Apollo Global Management is recognized as a market leader in the Consumer Finance sector, demonstrating strong industry presence and customer trust.
Frequently Asked Questions
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