Apollo posts record fee-related earnings of $599m in Q1

Apollo Global Management reported record fee-related earnings of $599m (£450.1m) in the first quarter of the year but profit dropped by almost $1bn year-on-year to $418m, missing City estimates.

The alternative asset manager’s revenue for the period fell 21.2 per cent to $5.548m.

However, Apollo reported record inflows of $43bn during the first quarter, noting particularly strong demand for its credit-focused strategies.

Record quarterly inflows from its insurance business Athene of $26bn were driven by record funding agreement issuance and flow reinsurance volume, and continued strength in retail annuity sales, Apollo said.

Total assets under management increased by 17 per cent year-on-year to $114bn.

Apollo’s hybrid value funds – which provide a mix of debt and equity finance to corporates – performed the most strongly, returning 3.8 per cent in the first quarter of 2025 and 19.3 per cent over the past 12 months.

This was followed by Apollo’s direct origination credit funds, which returned 2.6 per cent and 11.8 per cent respectively.

Asset-backed finance strategies also performed well, returning 2.6 per cent and 11.2 per cent.

“Our first-quarter results highlight Apollo’s strengths and our ability to navigate shifting market conditions,” said chairman and chief executive Marc Rowan.

“In asset management, we generated record organic inflows, strong origination volume, and delivered solid investment performance across all major strategies.

In retirement services, consistent with our longstanding approach of positioning the business to seize opportunity, we accelerated new business growth and invested conservatively to be able to redeploy into widening spreads.

“Armed with broad origination capabilities and a robust pipeline, significant dry powder, and a purchase price matters philosophy, we are uniquely built to thrive amid volatility and dislocation.”