Apollo Global Management raised $61 billion in new funds in the second quarter of 2025 – more than ever before in a three-month period. The assets under management of the US investment firm rose to a new high of $840 billion. Around two-thirds of the funds came from the asset management business, where institutional investors and wealthy private clients increasingly sought opportunities in light of the market turbulence triggered by US President Donald Trump.
A significant portion of the inflows occurred through so-called funding agreements: Apollo's insurance subsidiary Athene uses lines of credit from the Federal Home Loan Banks to obtain short-term capital at favorable terms. In the second quarter, 11.7 billion dollars were raised this way – also a record amount.
At the same time, Apollo invested aggressively: A total of 90 billion dollars was deployed – including a 4.5-billion-pound loan to EDF to finance the UK nuclear power plant project Hinkley Point C, as well as financing Thoma Bravo's acquisition of Boeing subsidiary Jeppesen. The latter prevailed against a competing offer from Blackstone.
CEO Marc Rowan emphasized in a statement that the second quarter "demonstrated the full power of our origination platform." In this period alone, Apollo initiated $81 billion in transactions, with the full year reaching $260 billion. The long-term goal: to generate $275 billion in new deals annually by 2029.
The financial figures also exceeded expectations. The fee-related earnings, i.e., the income from management fees, increased year-on-year by 22 percent to 627 million dollars - analyst estimates had been at 577 million. The spread-related earnings from the fixed income business increased to 821 million dollars, an increase of almost 16 percent.
The recently completed acquisition of Irradiant Partners, a specialist in structured credit investments, contributed an additional $12 billion to the growth of assets under management.
Despite the operational strength, the stock lags behind the market: Since the beginning of the year, it has lost 13.5 percent, while the S&P 500 has gained 8.4 percent.
