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Apollo Group
Marc Rowan runs Apollo Global Management, the $598B private equity and credit giant built on distressed-debt roots and an insurance capital engine.
Apollo Group
Apollo Global Management was founded in 1990 by Leon Black, Marc Rowan, and Josh Harris. The firm grew out of Drexel Burnham Lambert's distressed-debt group and established itself as a dominant player in leveraged buyouts and credit markets. Black stepped down as CEO in 2021 amid scrutiny over his ties to Jeffrey Epstein; Rowan succeeded him. Apollo invests across a broad spectrum: private equity, credit (performing and distressed), infrastructure, real estate, and hedge funds. Its credit platform represents over half of assets under management. The firm is known for large-scale direct lending and has been a major lender to companies including Intelsat and Univision. Deal types range from buyouts (e.g., ADT Inc. in 2016) to structured credit and opportunistic real estate. Geographically, Apollo operates primarily in North America, with significant activity in Europe and a growing presence in Asia. As of early 2024, Apollo managed roughly $598B in assets. The firm employs approximately 2,000 professionals globally, with key offices in New York, London, and Mumbai. Its affiliate Athene Holding Ltd., acquired in 2021, provides a steady flow of insurance premiums that fund credit investments. In September 2023, Apollo closed its flagship fund, Apollo Investment Fund X, at $24.5B (per the firm, September 2023). The firm also runs a publicly traded business development company, Apollo Investment Corporation, and a hedge fund platform. Apollo's structural differentiator is its insurance-linked capital model. Through Athene, it generates a low-cost, long-duration liability stream that funds credit investments—blurring the line between asset management and insurance. This gives it a permanent capital base that allows longer hold periods and higher-yielding strategies than traditional private equity firms. The succession from Black to Rowan marked a governance shift, with Rowan emphasizing the insurance-engine advantage as central to Apollo's future.
General information
Firm type
Private Equity Firm
Year founded
1990
AUM
$598B (per public filings, 2023)
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Additional offices
Phoenix, AZ · San Francisco, CA · Seattle, WA · Menlo Park, CA · Houston, TX · Los Angeles, CA · London, UK · Mumbai, India · Singapore
Principals
Marc Rowan
Chief Executive Officer
Scott Kleinman
Co-President
Jim Zelter
Co-President
Leon Black
Co-Founder
Sector focus
Frequently asked questions
Who makes investment decisions at Apollo?
Marc Rowan is CEO and controls overall strategy. Co-Presidents Scott Kleinman and Jim Zelter oversee credit and private equity, respectively. Each investment committee operates within its vertical, with sector specialists leading deal execution (per public records and the firm's website).
How does Apollo's insurance arm, Athene, affect its investment strategy?
Athene provides a permanent capital base from insurance premiums, allowing Apollo to take longer duration and higher-yielding credit positions than traditional fund structures. This model, developed under Leon Black and expanded under Rowan, now accounts for a significant portion of the firm's AUM (per the firm's investor materials, 2023).
Does Apollo invest in public equities or only private assets?
Apollo's platform includes hedge funds and public credit strategies, but the bulk of its AUM is in private credit and private equity. The firm also holds significant public equity positions through its insurance affiliates (per the firm's annual report, 2023).
What is Apollo's approach to distressed investing?
Apollo built its reputation on distressed debt and special situations. It continues to maintain a dedicated distressed-investing team and has a track record of acquiring debt from struggling companies and converting it into control positions (per The Wall Street Journal, 2020).
How large is Apollo's private equity business relative to its credit business?
As of 2023, credit represents roughly 60% of Apollo's total AUM, with private equity around 20%, and real assets and hedge funds making up the remainder. The credit business includes direct lending, structured credit, and opportunistic credit strategies (per the firm's 2023 annual report).
What is Apollo's succession history?
Leon Black co-founded the firm and led it until stepping down as CEO in 2021 amid scrutiny over his relationship with Jeffrey Epstein. Marc Rowan succeeded him. The transition was orderly, with Rowan having been a co-founder and long-time senior partner (per The New York Times, 2021).
Which sectors does Apollo typically avoid?
Apollo has no explicitly disclosed avoidance list, but its investments skew toward capital-intensive, cash-flow-generative businesses such as energy, transportation, and financial services, and away from early-stage technology or biotech (per public deal records).
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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