Apollo Global Management expects its investments to deliver a 10 per cent annualised return in the fourth quarter of 2025.
The $908bn (£674bn) asset manager said it anticipates pre-tax profits of $325m from its alternative investments in the final three months of 2025, according to a filing with the Securities and Exchange Commission. Overall, this equates to an estimated 10 per cent annualised return, the firm said.
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The preliminary fourth-quarter filing also set out expectations for Apollo’s life insurance subsidiary, Athene Holding. The majority of Athene’s alternative investments are held in a large pooled fund, which is expected to generate a similar annualised return of around 10 per cent based on fourth-quarter performance.
Athene’s other alternative investments, including its stakes in retirement services platforms, are expected to deliver a lower annualised return of around seven per cent over the same period.
Apollo said the figures exclude alternative investment income attributable to non-controlling interests.
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The group released the preliminary estimates ahead of its fourth-quarter earnings announcement, scheduled for 9 February.
The update comes as Apollo’s assets under management rose 24 per cent year on year in the three months to 30 September, driven by $82bn of inflows during the quarter and $219bn over the past 12 months.
Fee-generating assets under management stood at $685bn, with private credit accounting for $586bn of the total.
