Apollo Global Management surpassed $1.05 trillion of assets under management during the second quarter of 2026 as record quarterly inflows of $60 billion were generated entirely through organic fundraising and business activity.
Total AUM increased 25% year over year, supported by growth across Asset Management and Retirement Services, acquisitions completed during the previous 12 months, and continued demand for private credit and retirement products.
Fee-generating AUM reached approximately $858 billion.
The record second-quarter inflows included approximately $38 billion from Asset Management and $22 billion from Retirement Services.
Asset Management inflows were supported by multi-asset securitization strategies, institutional credit products, and flagship private-equity fundraising.
Retirement Services benefited from strong retail sales and activity across funding agreements and flow reinsurance.
The latest $60 billion of quarterly inflows contained no disclosed contribution from acquisitions.
This distinguishes the second-quarter growth from the trailing-12-month result, which included substantial acquired assets from Apollo’s purchases of Bridge Investment Group and Pension Insurance Corporation.
Apollo generated $298 billion of total inflows during the trailing 12 months.
Approximately $98 billion of those inflows came from acquisitions, including about $35 billion associated with Bridge and $63 billion from Athora’s acquisition of Pension Insurance Corporation.
The acquired assets represented approximately one-third of Apollo’s trailing-12-month inflows.
Excluding those contributions, Apollo still generated roughly $200 billion of organic inflows over the period.
The latest quarterly record therefore demonstrates that the platform’s growth is continuing after the most significant acquisition-related assets were incorporated.
Apollo’s AUM remained heavily concentrated in credit.
Credit AUM reached approximately $849 billion, while equity AUM totaled about $198 billion.
Credit represented roughly 81% of total AUM and approximately 88% of fee-generating AUM, based on the disclosed figures.
The concentration reflects Apollo’s focus on investment-grade credit, direct lending, asset-backed finance, opportunistic credit, structured products, and insurance-related assets.
Management said the breadth of its origination capabilities and its willingness to invest with a principal mindset position the company to support businesses seeking alternatives to traditional bank financing and public capital markets.
Apollo originated $84 billion during the second quarter.
The result was supported by core credit and origination platforms and accompanied by a record amount of signed but not yet closed origination activity.
The company deployed $111 billion of gross capital during the quarter.
Deployment included investments across core credit, hybrid, and private-equity strategies.
Assets available for future investment also increased.
Apollo’s dry powder reached a record $82 billion at quarter-end, including $62 billion that could generate future management fees.
Approximately 70% of the dry powder was associated with credit strategies.
The growing amount of uninvested capital provides Apollo with potential future fee growth as funds enter their investment periods and capital is deployed.
However, the timing of deployment will depend on transaction activity, credit conditions, asset pricing, and the availability of investments that meet Apollo’s return requirements.
The company’s recurring earnings businesses delivered record results during the quarter.
Fee Related Earnings increased 25% to a quarterly record of $785 million.
The increase reflected record fee-related revenue and positive operating leverage across Asset Management.
Asset Management fees increased 23% year over year.
Growth was supported by Athora, the Pension Insurance Corporation transaction, the Bridge acquisition, increased third-party institutional fundraising, and continued organic expansion at Athene.
The Asset Management FRE margin expanded by approximately 120 basis points to about 58.5%.
The margin improvement showed that fee revenue increased faster than compensation and other operating expenses, even as Apollo continued investing in future growth.
Capital Solutions generated record quarterly fees of $277 million, increasing 28%.
The platform completed more than 100 transactions, with approximately two-thirds of the activity related to credit and one-third derived from equity transactions.
Capital Solutions fees include compensation for arranging, structuring, underwriting, and distributing financing transactions.
The record result demonstrates how Apollo can generate revenue from its origination platform even when it does not retain every asset on its own balance sheet or within its managed funds.
Spread Related Earnings reached a quarterly record of $877 million.
The result was supported by diversified organic growth, improved net investment income, and the expanding scale of Apollo’s Retirement Services business.
Fee Related Earnings and Spread Related Earnings generated a combined $1.66 billion.
That total exceeded Apollo’s adjusted net income of approximately $1.31 billion because adjusted net income also reflects Principal Investing results, holding-company financing costs, and taxes.
Principal Investing produced a $16 million loss during the quarter.
Realized performance fees totaled $130 million as monetization activity across certain flagship private-equity and hybrid funds remained delayed by the evolving exit environment.
The Principal Investing compensation ratio increased to approximately 79%.
Management attributed the elevated ratio to lower realized performance fees and investment income during a period when market conditions were less supportive of exits and monetizations.
The weakness in Principal Investing contrasted with the record recurring earnings generated by Asset Management and Retirement Services.
That divergence reinforces the growing importance of management fees and insurance spreads to Apollo’s earnings mix.
Approximately 60% of total AUM consisted of perpetual capital.
Perpetual capital represented approximately 70% of fee-generating AUM.
Perpetual capital generally does not require investors to redeem their money following traditional fund realizations.
The structure can provide Apollo with more stable and scalable management-fee revenue across market cycles.
Retirement Services generated record quarterly organic inflows of $22 billion.
The inflows included strong retail demand for multi-year guaranteed annuities and fixed indexed annuities, record registered index-linked annuity volume, and solid activity in funding agreements and flow reinsurance.
Athene’s retail sales reached their largest quarterly level.
The business benefited from continued secular demand for retirement-savings products as individuals and institutions sought guaranteed income and protection against longevity risk.
Third-party capital supplied through reinsurance and other structures supported approximately 23% of Athene’s organic new-business volume during the second quarter.
Third-party capital also represented about 21% of organic new-business volume during the first half.
The structures allow Athene to expand its retirement business without financing every new liability solely through its own balance sheet.
Spread Related Earnings increased despite some compression in the investment spread.
The net investment spread declined to approximately 1.14%, compared with roughly 1.22% one year earlier.
Higher volumes and investment income helped offset the narrower spread.
Athene’s alternative-investment portfolio generated a 9% return during the quarter.
That was below Apollo management’s long-term expectation of approximately 11%.
Apollo estimated that achieving the 11% assumption would have generated an additional $76 million of alternative net investment income.
The retirement portfolio remained predominantly investment grade.
Approximately 98% of Athene’s fixed-income investments were invested in investment-grade assets.
Apollo reported average annual credit losses of approximately 11 basis points across Athene’s total portfolio during the previous five years.
That compared with a 12-basis-point average for the industry group referenced in the presentation.
Athene also maintained closely matched floating-rate assets and liabilities.
The portfolio included approximately $71 billion of floating-rate assets and $69 billion of floating-rate liabilities, producing only about $2 billion of net floating-rate exposure before considering approximately $12 billion of cash.
Apollo reported GAAP net income attributable to common shareholders of approximately $1.45 billion, or $2.17 per diluted share.
Adjusted net income reached approximately $1.31 billion, or $2.11 per share.
The company declared a quarterly cash dividend of $0.51 per common share.
Apollo also continued using capital for share repurchases, dividends, and investments intended to support future growth.
Apollo deployed approximately $102 million for share repurchases during the second quarter.
That included $73 million intended to substantially offset dilution and another $29 million of opportunistic repurchases.
Over the trailing 12 months, Apollo repurchased approximately $1.6 billion of common stock and distributed more than $1 billion of common dividends.
The company also allocated approximately $485 million of strategic capital to investments supporting future growth.
Apollo ended the quarter with approximately $3.54 billion of cash and cash equivalents at the holding company and Asset Management operations.
The company maintained investment-grade ratings, including A2 from Moody’s and A from S&P and Fitch.
The second-quarter results demonstrate that Apollo’s expansion beyond $1 trillion of AUM is being driven by more than acquisitions.
The company generated record organic inflows, record recurring earnings, strong origination activity, and a growing pool of dry powder while continuing to integrate acquired businesses.
Future growth will depend on Apollo’s ability to deploy the capital it has raised, preserve credit quality, sustain demand for retirement products, and eventually convert accumulated private-equity value into realized performance income.
KEY QUOTES:
“Our strong second-quarter results reflect record earnings across Asset Management and Retirement Services, highlighting the quality and growing scale of our business.”
“We are at the forefront of modernizing how private markets operate by enhancing transparency, improving liquidity, and broadening access.”
“In a market evolving quickly with increasing demand for capital, the breadth of our origination capabilities combined with a principal mindset positions us to help shape what comes next.”
Marc Rowan, Chairman And Chief Executive Officer Of Apollo Global Management
