Credit drives Apollo’s "record" Q3 performance

Private credit dominated Apollo Global Management’s third-quarter results, fuelling sharp rises in assets under management (AUM), income and management fees.

Apollo’s AUM climbed 24 per cent year-over-year to $908bn ($696.3bn) in the three months to 30 September, driven by $82bn of inflows during the period and $219bn over the past 12 months, the US alternative asset manager reported today (4 November).

Private credit strategies accounted for $723bn of Apollo’s total AUM at the end of the quarter, up from $598bn a year earlier.

Fee-generating AUM stood at $685bn, with private credit holdings making up $586bn of that total. The firm said its debt platforms and core credit strategies supported “robust” quarterly origination activity of $75bn.

Apollo also reported a “record” quarterly fee-related earnings figure of $652m, up from $627m in the previous quarter, driven by continued growth in fee-related revenues.

“Our outstanding third-quarter results reflect broad-based momentum across the business,” said Marc Rowan, chairman and chief executive at Apollo. “In a world of re-industrialisation, ageing populations and investors seeking greater access to private markets, we are delivering through leading origination, new product solutions and distribution, and excess return for our clients.”

Total management fees rose 22 per cent year-on-year, supported by higher contributions from third-party asset management inflows, record capital deployment and strong growth from retirement services clients, Apollo said.

Within private credit specifically, management fees increased 22 per cent to $632m from the third quarter of 2024.

Capital solutions fees also grew 33 per cent year-on-year, driven by continued strength in Apollo’s debt origination ecosystem, including direct lending, asset-backed finance and opportunistic credit transactions, the firm said.