Overview

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.

History

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.

2021
Leadership transition
[2]Apollo Global Management leadershipapollo.com
Marc Rowan becomes chief executive after Leon Black leaves the role.
2020
AP Alternative Assets is liquidated
[4]Apollo Global Managementen.wikipedia.org
Apollo's European publicly traded investment vehicle is liquidated after operating as a vehicle for private-equity and capital-markets investments.
2011
Apollo becomes publicly listed
[3]Apollo Global Management investor relationsapollo.com
Apollo Global Management lists on the New York Stock Exchange under ticker APO.
2004
Apollo Investment Corporation launches
[4]Apollo Global Managementen.wikipedia.org
Apollo raises capital for a publicly traded business development company focused on middle-market debt and equity investments.
2002
Ares separates from Apollo
[4]Apollo Global Managementen.wikipedia.org
Ares completes its corporate separation from Apollo and develops as an independent investment manager.
1997
Ares is formed
[4]Apollo Global Managementen.wikipedia.org
Apollo partners establish Ares Management, initially as a closely affiliated credit and special-situations business.
1993
Apollo enters real estate
[4]Apollo Global Managementen.wikipedia.org
Apollo Real Estate Advisers is founded with William Mack and launches its first real-estate opportunity fund.
1990
Apollo is founded
[1]Apollo Global Management official company informationapollo.com
Apollo Advisors is established after the collapse of Drexel Burnham Lambert, with an initial focus on distressed investments and private equity.
1990
Lion Advisors is established
[4]Apollo Global Managementen.wikipedia.org
A related investment business is created to manage high-yield assets for Credit Lyonnais and other institutional investors.

Products and positioning

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

Alternative investments · 1990
Private Equity
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.
Alternative investments
Credit
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-assets investing · 1993
Real Assets
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 and insurance-related solutions
Retirement Services
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.
Business development company · 2004
Apollo Investment Corporation
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.

Controversies

2026
Apollo Global Management confirms data breach after social engineering attack
Apollo Global Management confirmed a data breach in which attackers obtained sensitive personal information, including names, home addresses, dates of birth, and Social Security numbers. The company said unauthorized access occurred across certain cloud platforms between July 6 and July 10 following a social engineering attack, and it has not disclosed how many people were affected or whose information was exposed. Apollo began investigating after detecting the unauthorized activity, brought in outside cybersecurity and forensic specialists, and notified law enforcement.
Source 1 Source 2
2021
Leon Black and Jeffrey Epstein scrutiny
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.
Source
1991
Executive Life asset-purchase controversy
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.
Source

Brand decisions

2021
Move to new chief executive leadershipOther
Background
Leon Black stepped down amid scrutiny concerning his relationship with Jeffrey Epstein and payments to Epstein.
Action taken
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.
Source
2008
Terminate the proposed Huntsman acquisitionM&A
Background
Hexion Specialty Chemicals, an Apollo portfolio company, announced that it would not complete its proposed leveraged acquisition of Huntsman.
Action taken
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.
Source
2002
Separate Ares ManagementStrategy
Background
Ares had operated for several years as a closely affiliated credit and special-situations business.
Action taken
Ares completed a corporate spin-off and began operating independently from Apollo.
Aftermath
Ares developed into a separate global alternative investment manager.
Source
1990
Adopt a distressed-to-control investment modelStrategy
Background
Conventional financing for new leveraged buyouts was limited after the collapse of Drexel Burnham Lambert.
Action taken
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.
Source

Recent events

2021
Marc Rowan becomes Apollo chief executive[2]Apollo Global Management leadershipapollo.com
Leadership change
Marc Rowan succeeded Leon Black as chief executive, marking a change in the firm's top leadership.
2011
Apollo Global Management completes public listing[3]Apollo Global Management investor relationsapollo.com
Other
Apollo became a publicly traded alternative investment manager on the New York Stock Exchange under the symbol APO.
2008
Apollo and TPG acquire Harrah's Entertainment[4]Apollo Global Managementen.wikipedia.org
M&A
Apollo and TPG Capital completed the acquisition of Harrah's Entertainment, a major leveraged buyout in the gaming sector.
2008
Hexion-Huntsman transaction ends after litigation[4]Apollo Global Managementen.wikipedia.org
Lawsuit · M&A
Hexion Specialty Chemicals, an Apollo portfolio company, declined to complete its proposed acquisition of Huntsman. Litigation followed and the transaction ended in a settlement.