Apollo Global Management (APO) Barclays Americas Select Franchise Conference 2025 summary

Macro environment and credit markets

• Markets have stabilized since March, with spreads narrowing but still above Q1 lows; credit markets show little stress despite recent tariff-related downgrades of about 20 companies.

• Business pipelines are robust across equity and investment-grade credit, with strong fundamentals and minimal impact from macro uncertainty or tariffs.

• Institutional and wealth channel flows remain steady, and capital solutions are well positioned despite ongoing uncertainty.

Retirement services and guidance

• Long-term strategy targets 10% growth over five years and 15% ROE, with no change to strategic direction despite tighter spreads and interest rate transitions.

• $25B in Q1 business and $10B in April, with expectations for annual inflows slightly above $70B, though pace may vary with market conditions.

• Flexibility in funding agreement volumes allows adaptation to market spread conditions; annuity pricing pressure is managed through flexible pricing and asset allocation.

Origination and private credit

• Origination remains strong, with $220B in 2023 and $55B in Q1 2024, diversified across consumer, wholesale, real estate, and hybrid credit.

• Tariff uncertainty caused minor delays, but new opportunities have filled pipeline gaps, keeping origination healthy.

• Investment-grade corporate solutions pipeline is at record levels, driven by demand for large, complex financings unmet by banks.