Apollo Global Management (APO) investor relations material

Macro environment and industry trends

• U.S. economic fundamentals remain strong with high employment, robust CapEx, and accommodative policy, making a near-term recession unlikely.

• The global industrial renaissance is driving demand for capital across sectors like energy, infrastructure, and AI.

• Private markets are increasingly sought for diversification as public markets become more concentrated.

Business model evolution and differentiation

• The firm has expanded its client base beyond institutional alternatives to include individuals, insurance, traditional asset managers, and retirement plans.

• Daily NAV and tradable securities are being rolled out across credit products, aiming for regular way settlement by next year.

• Product innovation includes slicing credit exposure horizontally, enabling more flexible, liquid access to private markets.

Origination and capital deployment

• Origination is the key bottleneck, with focus on providing capital for large-scale projects in energy, infrastructure, and AI.

• Most private credit deals are secured at the asset level, prioritizing safety and compensation.

• The firm expects to double MAPS issuance next year, outpacing retail fundraising.