Apollo Global Management (APO) Barclays 22nd Annual Global Financial Services Conference 2024 summary

Investor day and strategic targets

• New five-year financial targets and strategic goals will be announced at the upcoming Investor Day, building on progress since the last event and leveraging recent achievements to scale further.

• Progress against previous targets will be reviewed, with a focus on new opportunities and building blocks for future growth.

Origination and capital solutions

• Origination capacity has grown from $80B to over $140B annually, surpassing previous five-year targets, with new, higher guidance expected.

• Origination is seen as the main growth constraint, with a focus on proprietary sourcing to deliver excess returns and scale syndication.

• The high-grade capital solutions business is expanding, with marquee deals like Intel and a robust pipeline driven by corporate demand for flexible, large-scale financing.

• ACS business reached $600M this year, with forecasts for substantial further growth and a strong client conversion flywheel.

Fixed income replacement and market convergence

• Fixed income replacement is a major theme, with private credit gaining traction as liquidity perceptions shift and public/private distinctions blur.

• The total addressable market is vast, with the $40T fixed income market offering significant room for private IG growth.

• Product innovation is enabling traditional and new investors to access private assets, with convergence expected across fixed income and equity markets.