Apollo Global Management reported that its assets under management rose to $938bn (£686.6bn) in the fourth quarter, with record quarterly origination powered by its credit platform.
The alternative asset manager said total AUM rose by $187bn, or 25 per cent year-on-year, primarily due to inflows of $42bn in the fourth quarter and a record $228bn for 2025.
Apollo also reported that fee-related earnings (FRE) grew 23 per cent in 2025, hitting a record quarterly and annual FRE of $690m and $2.5bn, respectively.
It was a record quarter for origination as well, $97bn in the fourth quarter and $309bn for 2025, driven by significant contributions from core credit and origination platforms, Apollo said.
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“Apollo’s fourth quarter results capped a year of exceptional execution,” said Marc Rowan, chairman and chief executive. “Whether financing the industrial renaissance, advancing retirement solutions, or enabling new buyers to access private markets at scale, we are at the forefront of building the next generation of financial services.”
Another beneficiary was Apollo’s capital solutions business, which originates loans across direct lending, asset-backed finance, and opportunistic credit deals. Fees earned from that division rose to a record $808m in 2025 from $668m a year earlier.
However, net income for the firm fell in the fourth quarter to $660m, or $1.07 per share, from $1.5bn, or $2.42 per share, a year earlier.
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The firm also highlighted global wealth as an area of growth in its fourth-quarter results, with strong quarterly inflows of $4bn and record annual inflows of $18bn in 2025.
Apollo reported that its asset management inflows reached $145bn in 2025. It said that fourth-quarter inflows were driven by strong third-party institutional and global wealth contributions, primarily into credit-focused strategies, including third-party insurance separately managed accounts.
Regarding the firm’s credit assets under management, these grew to $749bn in the fourth quarter of 2025 from $616bn in the fourth quarter of 2024.
