Apollo – Written Evidence (PMG0046)

 

Apollo Global Management

Response to Supplementary Questions[1]

 

Apollo Global Management, Inc. (“AGM,” and together with its consolidated subsidiaries, “Apollo” or “we”) is pleased to respond to the Committee’s supplementary questions. Approximately 60% of the credit assets managed by Apollo is on behalf of Athene Holding Ltd (together with its subsidiaries, “Athene”), a leading financial services company specializing in retirement services and wholly owned subsidiary of AGM, as well as for Athora Holding Ltd. (together with its subsidiaries, “Athora”), a leading European savings and retirement company in which Apollo is a strategic investor and asset management partner. The remainder is managed on behalf of mostly institutional investors – that is, pension funds, sovereign wealth funds, endowments and foundations. We have specified in our answers where we are referring to investments that Apollo manages on behalf of Athene and Athora or investments into credit products that Apollo manages on behalf of other investors.

 

Apollo is a high-growth, global alternative asset management and a retirement services provider with around $908 billion in assets under management (AUM) as of 30 September 2025, of which $723 billion is credit AUM.[i]  We have been investing, on behalf of our affiliated managed funds, in the UK for 25 years and have had a physical presence for 20 years. In Europe, we have approximately $150B AUM and more than a third of our European deployment is in the UK.

 

Apollo’s business goals are centred around (i) the origination of investment-grade credit, supported by broad access to global capital sources, and (ii) providing consistent and safe incremental yield per unit of risk to our clients and policyholders. Apollo’s growth in recent years reflects the expanding need for long-term capital to finance strategic priorities (such as energy transition, housing and digital and traditional infrastructure) coupled with growing demand for retirement income.

 

Private credit is generally funded by long-term capital sources – such as retirement savers, pensions, sovereigns and other types of global investor pools.  The long duration and diverse nature of funding promotes resilience across the financial system, often providing stability during periods of stress. At Apollo, we view private credit as a $40 trillion addressable market, a majority of which is investment grade. “Private” corporate and consumer credit can be found on the balance sheets of banks as well as insurers, asset managers, pensions and many others in the investor marketplace. Private credit finances business growth and innovation, it supports households, and it helps to fuel the real economy.

 

The vast majority of the credit that we originate through our origination platforms and credit-oriented funds is investment grade, which helps to generate high-quality yield and retirement income for families and savers. As much of the world navigates ageing demographics and savings shortfalls, we believe private fixed income will continue to play an expanding role in supporting retirement security for millions of families.

 

In our view, private credit provides diversity in financing to the economy, enabling critical projects that might otherwise struggle to find long-term capital. Private credit supports economic growth, promotes market resilience and ultimately plays a vital role in financing the UK’s future.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. It was mentioned that your investor base is largely international and institutional. Could you provide a breakdown of:

 

    1. The percentage of investment that comes from international investors versus domestic investors, and from which jurisdictions this international investment comes;

 

The chart below provides the percentage of the investment into Apollo’s credit products that comes from international and UK investors (Q2 2025). This excludes credit managed for Athene and Athora.

 

    1. The percentage of investment that comes from institutional investors?

 

Please see our response to the next question.

 

 

 

 

 

 

 

 

 

 

  1. Are you able to provide a percentage breakdown of how much of your long-term investment comes from:

 

    1. Family offices
    2. Insurance companies
    3. Pension funds and other institutional investors
    4. Sovereign wealth funds
    5. High net-worth individuals

 

The chart below provides an approximate breakdown of investment into credit assets managed by Apollo by category of investor (Q2 2025).

 

 

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  1.             Are you able to share graphs showing the growth of your private credit, and other direct lending, businesses from 2010 to today covering:

 

a)  Total stock of lending;

 

In 2010, the AUM for our credit business was $22bn. In Q3 2025, AUM was $723bn. As noted earlier in our response, we define private credit as a $40 trillion market. Private corporate and consumer credit can be found on the balance sheets of banks as well as insurers, asset managers, pensions and many others in the investor marketplace.

 

b)  Employee numbers

 

Apollo employed around 475 people in 2010 and around 5500 in 2025. In 2022, Apollo completed its merger with Athene which significantly expanded the size of the firm. Apollo has had a presence in the UK since 2005 and employs around 500 staff. We generally do not break out employees by asset class.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. You stated in response to questions that your firm had no exposure to First Brands or Tricolor “at the time of […] bankruptcy”.

1.    Did you have any exposure prior to that? If so, how did you manage that exposure?

  1. Have you suffered any losses or do you have any residual exposure? No losses

 

We have included the original question for reference, which was intentionally worded to cover all exposure Apollo had to First Brands and Tricolor: "I would be interested to know whether any of your companies had any exposure to First Brands or Tricolor. If so, could you set out the interconnections through which this exposure came back to your funds or to captive insurers?" (See pp 5-6 of the transcript.)

 

Neither AGM nor any of Apollo’s affiliated managed funds ever held the defaulted debt issued by Tricolor.  We also did not hold the defaulted debt issued by First Brands at the time it filed for bankruptcy.  Affiliates of AGM acquired two entities that, prior to their acquisition, held small long positions in a First Brands’ term loan.  Those entities sold out of their entire respective positions after being acquired by affiliates of AGM and before First Brands filed for bankruptcy.  Neither Apollo nor its affiliates’ managed funds incurred losses as a result of the bankruptcy and there was no material impact on AGM’s business.

 

 

27 November 2025

 

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[1] This information is proprietary and may not be distributed, transmitted or otherwise communicated to others, in whole or in part, without the express written consent of Apollo Global Management, Inc.  It reflects the views and opinions of Apollo analysts, which are subject to change without notice. The information contained herein is as of the date provided and is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service.

 

[i] The assets of the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, including, without limitation, capital that such funds, partnerships and accounts have the right to call from investors pursuant to capital commitments. AUM equals the sum of:

 

1. the NAV, plus used or available leverage and/or capital commitments, or gross assets plus capital commitments, of the credit and certain equity funds, partnerships and accounts for which we provide investment management or advisory services, other than certain CLOs, CDOs, and certain perpetual capital vehicles, which have a fee-generating basis other than the mark-to-market value of the underlying assets; for certain perpetual capital vehicles in credit, gross asset value plus available financing capacity;

2. the fair value of the investments of the equity and certain credit funds, partnerships and accounts Apollo manages or advises, plus the capital that such funds, partnerships and accounts are entitled to call from investors pursuant to capital commitments, plus portfolio level financings;

3. the gross asset value associated with the reinsurance investments of the portfolio company assets Apollo manages or advises; and

4. the fair value of any other assets that Apollo manages or advises for the funds, partnerships and accounts to which Apollo provides investment management, advisory, or certain other investment-related services, plus unused credit facilities, including capital commitments to such funds, partnerships and accounts for investments that may require pre-qualification or other conditions before investment plus any other capital commitments to such funds, partnerships and accounts available for investment that are not otherwise included in the clauses above.

Apollo’s AUM measure includes Assets Under Management for which Apollo charges either nominal or zero fees. Apollo’s AUM measure also includes assets for which Apollo does not have investment discretion, including certain assets for which Apollo earns only investment-related service fees, rather than management or advisory fees.

 

Apollo’s definition of AUM is not based on any definition of Assets Under Management contained in its governing documents or in any management agreements of the funds Apollo manages. Apollo considers multiple factors for determining what should be included in its definition of AUM. Such factors include but are not limited to (1) Apollo’s ability to influence the investment decisions for existing and available assets; (2) Apollo’s ability to generate income from the underlying assets in the funds it manages; and (3) the AUM measures that Apollo uses internally or believes are used by other investment managers. Given the differences in the investment strategies and structures among other alternative investment managers, Apollo’s calculation of AUM may differ from the calculations employed by other investment managers and, as a result, this measure may not be directly comparable to similar measures presented by other investment managers. Apollo’s calculation also differs from the manner in which its affiliates registered with the SEC report “Regulatory Assets Under Management” on Form ADV and Form PF in various ways.