Apollo Global Management

Apollo Global Management, Inc. is a United States-based alternative investment manager headquartered in New York City. Founded in 1990 after the collapse of Drexel Burnham Lambert, the firm initially concentrated on distressed investments, leveraged buyouts and private equity. Its early strategy reflected the financing conditions of the period: rather than relying solely on conventional acquisition debt, Apollo often bought distressed bonds or other securities and sought to obtain control through restructurings, reorganizations or subsequent acquisitions. This approach helped establish the firm as a significant participant in private markets. Over time, Apollo expanded well beyond its original private-equity identity. Its principal investment areas now include private equity, private credit, structured credit, opportunistic credit, real estate, infrastructure and other real assets. The firm manages capital through private funds, publicly traded investment vehicles, separately managed accounts and other investment products. Its clients and capital providers include pension funds, endowments, sovereign wealth funds, insurance companies, family offices and other institutional or eligible investors, as well as selected individual investors through applicable products. Credit became a particularly important part of Apollo's platform. The business includes direct lending, mezzanine capital, senior secured loans, non-performing loans, collateralized loan obligations and other forms of private or specialty finance. Apollo has also developed investment activities connected with insurance assets, annuities and retirement services. These businesses give the company exposure to long-duration savings and retirement markets in addition to traditional private-market investment mandates. Apollo's history includes the creation, development or separation of related businesses. Lion Advisors was established in 1990 to manage high-yield investments for institutional clients and later evolved into a predecessor of Ares Management, which completed its corporate separation from Apollo in 2002. Apollo Real Estate Advisers was created in 1993 with William Mack; the real-estate business later separated and became AREA Property Partners. Apollo has also sponsored or managed publicly traded vehicles, including Apollo Investment Corporation, a business development company focused on middle-market lending and equity investments. The company became publicly listed on the New York Stock Exchange in 2011 under the symbol APO. Its leadership later shifted from a founder-centered structure to a broader professional management team. Marc Rowan became chief executive officer in 2021 and later also served as chair. Leon Black resigned as chief executive in 2021 after scrutiny concerning his relationship with Jeffrey Epstein and payments to Epstein. Apollo remains an active global alternative asset manager, with its modern positioning centered on combining private equity, credit, real assets and retirement-oriented capital solutions. Asset figures and other financial measures change by reporting period and are not stated here without a time-specific source.

Apollo Global Management originated in 1990 after Drexel Burnham Lambert entered bankruptcy. Leon Black, previously head of Drexel's mergers-and-acquisitions group, established Apollo Advisors with Josh Harris and Marc Rowan; Craig Cogut and Tony Ressler were also associated with the firm's early formation. The new business began during a difficult market for leveraged buyouts, when conventional acquisition financing was scarce. Apollo therefore developed a distressed-to-control model, purchasing high-yield bonds or other troubled securities and using restructurings, bankruptcy reorganizations or later transactions to obtain equity control. Apollo Investment Fund was its first major private-equity vehicle. Early investments included distressed or restructured businesses such as Vail Resorts, Walter Industries, Culligan and Samsonite. Apollo also acquired portfolios of assets from failed savings-and-loan institutions and insurers, including assets connected with Executive Life Insurance Company. The Executive Life transactions later generated regulatory and legal controversy, especially in California, concerning the role of Credit Lyonnais and the ownership structure used in acquiring the assets. In 1990, Lion Advisors was created to manage high-yield assets for Credit Lyonnais and other institutions. A more formal arrangement followed in 1992. The business ultimately became associated with Ares Management, which was founded by Apollo partners Antony Ressler and John Kissick with Bennett Rosenthal in 1997. Ares maintained a close relationship with Apollo during its early years but completed a corporate separation in 2002. Apollo broadened its investment activity during the 1990s. Apollo Real Estate Advisers was created with William Mack in 1993, and its first real-estate opportunity fund closed that year. The real-estate platform later separated from Apollo and became AREA Property Partners. Apollo raised successive private-equity funds, including funds III and IV, and invested across media, consumer products, industrial companies, financial services, communications and other sectors. During the 2000s, Apollo increased its activity in specialty chemicals, gaming, cruise lines, retail, real estate services, paper, aluminum and other industries. Transactions involving Hexion Specialty Chemicals, Harrah's Entertainment, Realogy, Claire's, Norwegian Cruise Line and other companies demonstrated the firm's willingness to pursue large, highly structured acquisitions. The proposed purchase of Huntsman by Hexion was terminated after litigation and settlement. Apollo also created AP Alternative Assets, a publicly traded European investment vehicle that was eventually liquidated in 2020. Apollo's credit business developed alongside its private-equity activities. The firm participated in direct lending, mezzanine finance, distressed debt, structured credit and purchases of loan portfolios. In 2004, Apollo Investment Corporation was launched as a publicly traded business development company providing mezzanine debt, senior secured loans and equity investments to middle-market companies. Apollo later expanded into real assets, infrastructure and insurance-linked investment activities, creating a more diversified alternative-asset platform. Apollo became a public company in 2011, with its shares listed on the New York Stock Exchange under APO. In the following decade, its business increasingly emphasized credit, insurance assets, retirement services and long-term capital in addition to traditional private equity. Leadership also changed. Leon Black resigned as chief executive in 2021 after scrutiny over his payments and relationship with Jeffrey Epstein, and Marc Rowan became chief executive. Rowan subsequently combined the chief executive role with the chairmanship. Apollo continues to operate globally across private equity, credit, real assets and retirement-oriented investment solutions.

1. 2021Leadership transition

   Marc Rowan becomes chief executive after Leon Black leaves the role.

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2. 2020AP Alternative Assets is liquidated

   Apollo's European publicly traded investment vehicle is liquidated after operating as a vehicle for private-equity and capital-markets investments.

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3. 2011Apollo becomes publicly listed

   Apollo Global Management lists on the New York Stock Exchange under ticker APO.

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4. 2004Apollo Investment Corporation launches

   Apollo raises capital for a publicly traded business development company focused on middle-market debt and equity investments.

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5. 2002Ares separates from Apollo

   Ares completes its corporate separation from Apollo and develops as an independent investment manager.

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6. 1997Ares is formed

   Apollo partners establish Ares Management, initially as a closely affiliated credit and special-situations business.

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7. 1993Apollo enters real estate

   Apollo Real Estate Advisers is founded with William Mack and launches its first real-estate opportunity fund.

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8. 1990Apollo is founded

   Apollo Advisors is established after the collapse of Drexel Burnham Lambert, with an initial focus on distressed investments and private equity.

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9. 1990Lion Advisors is established

   A related investment business is created to manage high-yield assets for Credit Lyonnais and other institutional investors.

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A large, diversified global alternative-investment platform serving institutional and other eligible investors through long-duration, private-market and multi-strategy solutions.

• Private EquityAlternative investments1990

  Apollo's traditional private-equity business invests in and acquires companies through private funds and related vehicles. Strategies may include control buyouts, corporate carve-outs, distressed-to-control transactions, recapitalizations and operational or strategic transformation. The business has invested across industrial, consumer, media, communications, travel, gaming, chemicals, financial services and other sectors.

• CreditAlternative investments

  Apollo's credit platform covers direct lending, mezzanine capital, senior secured loans, distressed debt, non-performing loans, structured credit, collateralized loan obligations and hedge-fund strategies. It provides financing to companies and other borrowers while giving investors access to private and opportunistic credit markets.

• Real AssetsReal-assets investing1993

  The real-assets business invests in infrastructure, real estate and other assets supported by physical resources or long-term contractual and operating cash flows. Investment activities may involve asset ownership, development, financing, restructuring and long-term portfolio management.

• Retirement ServicesRetirement and insurance-related solutions

  Apollo participates in retirement and long-duration savings markets through insurance-asset management, annuity-related activities and retirement-oriented investment solutions. These activities connect Apollo's alternative-investment capabilities with the liabilities and capital needs of insurers and retirement savers.

• Apollo Investment CorporationBusiness development company2004

  Apollo Investment Corporation is a publicly traded, United States-domiciled business development company associated with Apollo. It has provided mezzanine debt, senior secured loans and equity investments to middle-market companies, including public companies.

• 2021Move to new chief executive leadershipOther

  Leon Black stepped down amid scrutiny concerning his relationship with Jeffrey Epstein and payments to Epstein.

  What changed. Marc Rowan became Apollo's chief executive and later also served as chair.

  Aftermath. Apollo continued under a more broadly professionalized leadership structure while maintaining its multi-asset strategy.

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• 2008Terminate the proposed Huntsman acquisitionM&A

  Hexion Specialty Chemicals, an Apollo portfolio company, announced that it would not complete its proposed leveraged acquisition of Huntsman.

  What changed. The parties pursued litigation and later settled, ending the transaction.

  Aftermath. Hexion and related parties were required to pay Huntsman under the settlement, and the proposed combination did not proceed.

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• 2002Separate Ares ManagementStrategy

  Ares had operated for several years as a closely affiliated credit and special-situations business.

  What changed. Ares completed a corporate spin-off and began operating independently from Apollo.

  Aftermath. Ares developed into a separate global alternative investment manager.

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• 1990Adopt a distressed-to-control investment modelStrategy

  Conventional financing for new leveraged buyouts was limited after the collapse of Drexel Burnham Lambert.

  What changed. Apollo purchased distressed bonds and other securities and sought control through restructurings, reorganizations and related transactions.

  Aftermath. The model became an important foundation of Apollo's early private-equity identity and helped it invest in companies during stressed market conditions.

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• 2021Leon Black and Jeffrey Epstein scrutinyControversy

  Apollo co-founder Leon Black faced scrutiny over his relationship with Jeffrey Epstein and payments made to Epstein. An external review examined the relationship; Black denied knowledge of Epstein's criminal conduct. Black resigned as Apollo's chief executive in 2021.

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• 1991Executive Life asset-purchase controversyControversy

  Apollo and Credit Lyonnais became involved in legal and regulatory scrutiny surrounding the acquisition of Executive Life Insurance Company's bond portfolio and related assets. California authorities alleged that the transaction structure violated state law because of the participation of a foreign-government-owned bank. The matter contributed to legal difficulties for Apollo and related parties in the following decade.

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• 2021Marc Rowan becomes Apollo chief executive

  Marc Rowan succeeded Leon Black as chief executive, marking a change in the firm's top leadership.

  Leadership change
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• 2011Apollo Global Management completes public listing

  Apollo became a publicly traded alternative investment manager on the New York Stock Exchange under the symbol APO.

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• 2008Apollo and TPG acquire Harrah's Entertainment

  Apollo and TPG Capital completed the acquisition of Harrah's Entertainment, a major leveraged buyout in the gaming sector.

  M&A
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• 2008Hexion-Huntsman transaction ends after litigation

  Hexion Specialty Chemicals, an Apollo portfolio company, declined to complete its proposed acquisition of Huntsman. Litigation followed and the transaction ended in a settlement.

  LawsuitM&A
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