Apollo Global Management Business Summary

Apollo Global Management, Inc. (APO) operates as a leading global alternative asset manager and retirement services provider, primarily generating revenue through management fees (Fee-Related Earnings), performance-based carried interest, and spread-related earnings (SRE) via its insurance subsidiary, Athene. The company’s business is structured into three core segments: Asset Management, which oversees yield, equity, and hybrid strategies; Retirement Services, which provides institutional and retail clients with retirement savings products; and Principal Investing, which manages the firm’s proprietary capital. As of early 2026, Apollo has solidified its position as the fourth-largest alternative asset manager globally, with assets under management (AUM) reaching approximately $938 billion and a strategic pivot toward private credit and insurance-backed permanent capital. It competes directly with industry titans such as Blackstone, KKR & Co. Inc., The Carlyle Group, and Ares Management, distinguishing itself through a massive origination ecosystem and a focus on investment-grade private credit. The firm was founded in 1990 by Leon Black, Joshua Harris, and Marc Rowan, all of whom were veteran investment bankers from the mergers and acquisitions department of Drexel Burnham Lambert. Today, the leadership team is led by Co-founder and CEO Marc Rowan, who also serves as Chairman and is the Chair of the Board of Advisors at the Wharton School. Key executives include Jim Zelter, who was appointed President of Apollo Global Management in early 2025, and Martin Kelly, the Chief Financial Officer. The asset management division is overseen by Co-Presidents Scott Kleinman and John Zito, while Jamey Lamanna serves as Partner and Chief Information Officer, directing global technology and engineering strategy. The company’s board of directors features notable figures such as Robert Kraft, Chairman of the Kraft Group, and philanthropist Pamela Joyner, reflecting a high-pedigree governance structure supported by major institutional investors including Vanguard, BlackRock, and State Street.