Apollo Global Management
| Company type | Public |
|---|---|
| Industry | Asset management |
| Founded | 1990 |
| Founder | Leon Black, Josh Harris, Marc Rowan |
| Headquarters | New York City , United States |
Area served | Worldwide |
Key people | Marc Rowan (CEO) |
| Products | Alternative asset classes including credit, private equity, real estate, infrastructure investments |
| Website | www |
Apollo Global Management, Inc. stands as a prominent American asset management company with a focus on alternative asset classes. By 2024, the firm oversees $751 billion in assets under management, which encompasses $392 billion in credit instruments such as mezzanine financing, hedge funds, non-performing loans, and collateralized loan obligations (CLOs). Additionally, it manages $99 billion in private equity and $46.2 billion in tangible assets including real estate and infrastructure investments. Apollo caters to a diverse clientele comprising pension funds, financial endowments, sovereign wealth funds, along with other institutional and individual investors.
Established in 1990 by ex-bankers from Drexel Burnham Lambert—Leon Black, Josh Harris, and Marc Rowan—Apollo’s headquarters are located in New York City’s Solow Building. The firm maintains a global presence with offices throughout North America, Europe, and Asia. Following Leon Black's resignation as CEO in 2021 amid controversy, Marc Rowan assumed the role of chief executive officer.
Apollo’s investment portfolio features stakes in well-known companies such as ADT Inc., CareerBuilder, Cox Media Group, Intrado, Legendary Entertainment, Rackspace Technology, Redbox, Shutterfly, Sirius Satellite Radio, Qdoba, Smart & Final, The Restaurant Group, University of Phoenix, and Yahoo Inc. The company also operates Apollo Investment Corporation (AIC), a publicly listed business development entity that provides mezzanine debt, senior secured loans, and equity capital to middle-market enterprises.
In June 2024, Private Equity International ranked Apollo 29th on its PEI 300 list of the world’s largest private equity firms.
History
Originally named Apollo Advisors, the firm was launched in 1990 following the demise of Drexel Burnham Lambert by Leon Black, who previously led Drexel’s mergers and acquisitions division, together with Josh Harris and Marc Rowan. Another senior Drexel executive, Tony Ressler, was also among the founding team.
Within half a year of its inception, Apollo raised approximately $400 million for its inaugural private equity fund—Apollo Investment Fund L.P.—which concentrated on distressed businesses. This fundraising success was partly attributed to Leon Black’s prominence during the 1980s buyout surge.
Separately established in 1990 was Lion Advisors (later Lion Capital), created to manage investments for Credit Lyonnais and other institutions with an emphasis on high-yield opportunities. By 1992, Lion managed a $3 billion high-yield portfolio for Credit Lyonnais and global investors. Lion Advisors eventually transformed into what is now known as Ares Management.
1990s
At its outset, Apollo encountered limited access to financing for leveraged buyouts and therefore adopted an approach centered on acquiring distressed assets that could be converted into controlling stakes through bankruptcy or restructuring processes. Early investments included companies such as Vail Resorts, Walter Industries, Culligan, and Samsonite.
The firm also acquired portfolios originally financed by Drexel through high-yield bonds issued by failed savings and loan associations and insurance companies. This included large asset pools from the U.S. government's Resolution Trust Corporation. A significant early transaction involved purchasing bond portfolios from Executive Life Insurance Company. This deal generated profits as the high-yield sector recovered but also presented regulatory complexities.
In 1993, Apollo Real Estate Advisers was formed with William Mack to explore opportunities within the U.S. real estate market. Its first real estate opportunity fund secured $500 million in commitments. Apollo exited this joint venture in 2000; the entity continued operating under the name AREA Property Partners led by Mack and other principals.
Apollo’s third private equity fund closed in 1995 with $1.5 billion raised from investors including CalPERS and General Motors’ pension fund. Investments from Fund III encompassed Alliance Imaging, Allied Waste Industries, Breuners Home Furnishings, Levitz Furniture, Communications Corporation of America, Dominick's, Ralphs (which acquired Food-4-Less from Apollo), Move.com, NRT Incorporated, Pillowtex Corporation, Telemundo, and WMC Mortgage Corporation.
That same year saw founding partner Craig Cogut depart to establish Pegasus Capital Advisors—a firm that has since raised $1.8 billion across four funds targeting distressed middle-market companies.
In 1997, Apollo partners Antony Ressler and John H. Kissick joined with Bennett Rosenthal to launch Ares Management focused on managing a $1.2 billion collateralized debt obligation vehicle. Ares functioned as Apollo’s West Coast affiliate until it spun off independently in 2002 shortly after raising a $750 million special situations fund.
During the dot-com boom of 1998, Apollo completed fundraising for its fourth investment fund with commitments totaling $3.6 billion. Fund IV included holdings such as Allied Waste Industries, AMC Entertainment, Berlitz International, Clark Retail Enterprises, Corporate Express (Buhrmann), Encompass Services Corporation, National Financial Partners, Pacer International, Rent-A-Center, Resolution Performance Products and Resolution Specialty Materials, Sirius Satellite Radio, SkyTerra Communications, United Rentals, and Wyndham Worldwide. As of 2008 data indicated that Fund IV had achieved a net internal rate of return (IRR) of approximately 10%.
2000–2005
In April 2001, Apollo successfully secured $3.7 billion in investor commitments for Apollo Investment Fund V. By April 2008, this fund had achieved a net internal rate of return (IRR) of 54%, after fees. Noteworthy portfolio companies included Affinion Group, AMC Entertainment, Berry Plastics, Compass Minerals, General Nutrition Centers (GNC), Goodman Global, Hexion Specialty Chemicals, Intelsat, Linens 'n Things, Metals USA, and Unity Media.
Although Ares Management was originally established as Apollo’s West Coast affiliate following its spin-off in 1997, it raised its inaugural corporate opportunities fund in 2002 and formally separated from Apollo amid legal controversies linked to Apollo’s 1991 acquisition of Executive Life Insurance Company. That same year, California Attorney General Bill Lockyer accused Apollo founder Leon and a consortium led by the French bank Credit Lyonnais of breaching state laws in connection with the Executive Life deal.
In April 2004, Apollo Investment Corporation went public through an initial public offering (IPO), raising $930 million as a listed business development company. Later that year, Apollo-managed funds together with Sterling Partners acquired Connections Academy, which was subsequently sold in 2011 for $400 million.
2005–2010
Apollo established Hexion Specialty Chemicals in 2005 by merging Borden, Inc., Resolution Performance Products LLC, and Resolution Specialty Materials LLC, alongside acquiring Bakelite AG. In 2007, Hexion pursued a $6.5 billion leveraged buyout of Huntsman Corporation but abandoned the transaction in 2008 after legal disputes ensued; Hexion compensated Huntsman with $1 billion to resolve fraud allegations.
Between 2005 and 2007, Apollo leveraged a thriving private equity environment with significant investments in Harrah's Entertainment, Norwegian Cruise Line, Claire's Stores, and Realogy. Major acquisitions during this period included Rexnord Corporation for $1.825 billion, Berry Plastics at $2.25 billion, Momentive Performance Materials for approximately $3.8 billion, and TNT N.V. for $1.9 billion.
In 2006, Apollo launched AP Alternative Assets (AAA), a $2 billion publicly traded private equity vehicle based in Europe designed to co-invest alongside its primary funds; AAA was eventually liquidated in 2020.
That same year saw Apollo’s $990 million leveraged buyout of Jacuzzi Brands. Additionally, Apollo acquired International Paper’s coated and supercalendered paper division for $1.4 billion, rebranding it as Verso Paper; this entity went public in 2008.
In 2007, the firm purchased Oceania Cruises for $850 million and Smart & Final warehouse stores; the latter later merged Henry’s Marketplace with Sprouts Farmers Market. Apollo completed a $3.1 billion leveraged buyout of Claire’s Stores; however, Claire’s encountered financial difficulties during the consumer downturn in 2008.
Other key acquisitions included Noranda Aluminum for $1.15 billion, Realogy at $8.5 billion—later sold in 2013 yielding a $1.3 billion profit—and Countrywide plc for $1.05 billion. In November 2007, Abu Dhabi Investment Authority acquired a 9% stake in Apollo.
At the start of 2008, Apollo joined forces with TPG Capital to acquire Harrah’s Entertainment for $27.4 billion including assumed debt and invested $1 billion into Norwegian Cruise Line before exiting that position in 2018. The firm also purchased Regent Seven Seas Cruises for $1 billion and participated in a $12.5 billion acquisition of Citigroup bank loans amid the credit crisis.
Apollo filed for an IPO in April 2008 and invested in Vantium to capitalize on corrections within the U.S. housing market. That year it also closed a $758 million value-add fund and established its first office in Asia located in India.
The financial crisis of 2008 adversely affected Apollo’s holdings; notably, Linens 'n Things declared bankruptcy in May 2008 resulting in the loss of Apollo’s $365 million investment and subsequent litigation from noteholders. To improve financial flexibility at Claire’s Stores during this period, Apollo exercised PIK toggle options.
In December 2008, after an extended fundraising effort beginning in 2007, Apollo finalized Fund VII with total commitments amounting to $14.7 billion.
Towards the end of 2009, Liberty Global acquired Unity Media GMBH where Apollo held a 31% interest. In December that year, Apollo announced plans to acquire Cedar Fair Entertainment Company for $635 million plus debt; however, the transaction was called off in April 2010 due to opposition from shareholders.
2011–2017
In January 2011, Apollo secured a majority 51% interest in Alcan Engineered Products from the Rio Tinto Group.
Apollo launched its initial public offering on March 29, 2011, generating $565.4 million in capital.
By June 2011, Apollo had acquired CKx.
In March 2012, Apollo purchased the struggling Great Wolf Resorts for $703 million.
November 2012 marked Apollo’s acquisition of McGraw-Hill Education for $2.5 billion.
During 2013, Apollo acquired Pitney Bowes Management Services (PBMS) for $400 million, establishing Novitex Enterprise Solutions, a document outsourcing firm serving over 500 clients across ten industries. Novitex was integrated into Exela Technologies in 2017.
On March 11, 2013, Apollo bought Hostess Brands' snack division, including Twinkies, for $410 million.
In December 2013, Apollo’s affiliate Tanager Limited acquired a portfolio of Irish residential loans from Lloyds Bank valued at €307 million.
Apollo took ownership of Chuck E. Cheese's in January 2014 for approximately $1 billion and retained it until its sale to Monarch Alternative Capital in 2020.
October 2014 saw Apollo combine its Endemol television studio with 21st Century Fox's Shine Group to create Endemol Shine Group, co-owned by AGM and Fox.
Centerbridge Partners purchased Great Wolf Resorts from Apollo in May 2015 for $1.35 billion.
In June 2015, Apollo agreed to acquire OM Group for $1.03 billion and won an auction for Saint-Gobain’s Verallia glass container business at €2.95 billion.
Apollo completed the acquisition of The ADT Corporation in February 2016 for $6.9 billion.
Apollo-managed funds acquired Diamond Resorts International in June 2016; this asset was later sold to Hilton Worldwide in August 2021.
In November 2016, Apollo purchased Rackspace for $4.3 billion and also acquired Constellis—a private security firm formed from Triple Canopy and Academi (formerly Blackwater USA)—for $1 billion.
Apollo Education Group, owner of the University of Phoenix, was privatized by funds managed by Apollo and Vistria Group in February 2017 for $1.14 billion.
In June 2017, Apollo bought an 80.1% controlling interest in Philips Lumileds division for $1.5 billion.
Apollo acquired West Corp for roughly $2 billion in October 2017.
In November 2017, Apollo extended a $184 million loan to Kushner Companies to refinance a mortgage on a Chicago high-rise property.
2018–2019
In March 2018, Apollo purchased the Mexican-style restaurant chain Qdoba from Jack in the Box. By June that year, Apollo and Värde Partners obtained a controlling stake in OneMain Financial. During the same month, Apollo acquired healthcare provider LifePoint Health for $5.6 billion and merged it with RCCH HealthCare Partners to broaden its healthcare holdings.
October 2018 involved Apollo acquiring nearly $1 billion worth of energy assets from GE Capital's Energy Financial Services division, enhancing its presence in the energy sector.
Early in 2019, Apollo engaged in negotiations to acquire Nexstar Media Group but instead bought Cox Media Group’s portfolio of 14 television stations for $3.1 billion through its subsidiary Terrier Media, which also acquired Northwest Broadcasting to operate a total of 25 TV stations. By June 2019, this media expansion included Cox’s 60 radio stations along with advertising firms CoxReps and Gamut while maintaining the Cox Media Group brand. However, due to FCC regulations, Cox Enterprises repurchased Ohio newspapers previously sold to Apollo in February 2020.
In February 2019, Apollo strengthened its insurance sector footprint by acquiring Aspen Insurance for $2.6 billion. In April, it announced plans to acquire grocery retailer Smart & Final for $1.1 billion. June saw Apollo expand its consumer services by purchasing digital photo company Shutterfly for $2.7 billion as well as its rival Snapfish for about $300 million.
Apollo provided around $1.8 billion in debt financing to facilitate New Media Investment Group's acquisition of Gannett in August 2019. In October, it secured a near half ownership (48.6%) stake in Italian gambling operator Gamenet SPA as part of a strategic move into the gaming industry.
November 2019 featured Apollo-managed funds acquiring technology distributor Tech Data Corp. from Berkshire Hathaway for $5.4 billion, reinforcing its investments within the technology sector.
By December 2019, Apollo finalized the purchase of Northwest Broadcasting and Cox Media Group for $3 billion, consolidating control over numerous television and radio stations, newspapers, and advertising businesses under its media subsidiary Smart Media.
2020–present
In February 2020, Apollo-managed investment funds finalized the acquisition of Covis from Cerberus Capital Management.
By April 2020, Apollo committed $300 million in funding to Cimpress, the parent company of Vistaprint.
In May 2020, Apollo invested $1.75 billion by acquiring preferred shares in Albertsons Companies.
July 2020 saw Apollo initiate a $12 billion lending platform and collaborate with The Walt Disney Company to divest Endemol Shine Group to Banijay Group.
In September 2020, Apollo partnered with Abu Dhabi National Oil Company (ADNOC) to establish a $5.5 billion real estate investment venture.
March 2021 marked the closure of a $110 million mezzanine credit facility by Apollo Investment Corporation, involving LendingPoint and MidCap Financial Trust.
That same month, CEO and chairman Leon Black stepped down amid scrutiny regarding payments to Jeffrey Epstein; Marc Rowan was appointed as his successor.
April 2021 featured the launch of the $1.8 billion Apollo Origination Partnership direct-lending fund alongside the acquisition of The Michaels Companies.
In May 2021, Apollo's Gamenet division acquired Italian gaming operations from International Game Technology for €950 million.
July 2021 brought Apollo’s acquisition of EmployBridge, a prominent industrial staffing firm previously cited for safety and wage infractions.
During that month, Legendary Entertainment opted for a merger rather than a SPAC transaction; by January 2022, Apollo secured a minority stake in Legendary while Wanda Group retained majority ownership.
August 2021 included Apollo’s purchase of incumbent local exchange carrier assets from Lumen Technologies for $7.5 billion and the establishment of a $500 million SPAC investment fund.
In September 2021, Apollo-controlled funds acquired a 90% interest in Yahoo!.
January 2022 saw the completion of an $11 billion merger between Apollo and retirement services provider Athene; co-founder Josh Harris exited to pursue other ventures.
By May 2022, Apollo expanded its footprint through acquiring Griffin Capital's US asset management operations.
In July 2022, Apollo completed the $7.1 billion acquisition of Tenneco.
Throughout 2022, Apollo also took ownership of grocery chains Tony's Fresh Market and Cardenas Markets, as well as homebuilder Miller Homes from Bridgepoint Group.
In 2023, plans were announced by Apollo to acquire industrial manufacturer Arconic.
October 2023 marked Apollo’s purchase of London-based restaurant operator The Restaurant Group for £506 million ($623 million).
June 2024 featured Apollo’s announcement of a €10.1 billion ($11 billion) joint venture investment in Intel Ireland’s Fab 34 facility. Additionally, it partnered with Kyndryl Holdings in negotiations to bid between $22 and $25 per share for DXC Technology amid DXC’s revenue difficulties and potential asset sales.
November 2024 saw Apollo form a partnership with Shinhan Life (part of Shinhan Financial Group) and inaugurate an office in Seoul to broaden its Asia-Pacific presence.
In January 2025, Apollo completed the acquisition of Barnes Group.
February 2025 involved funds under Apollo’s management acquiring a controlling interest in Bold Production Services and agreeing to buy real estate investment firm Bridge Investment Group for $1.5 billion.
By July 2025, Athora, an insurer supported by Apollo, purchased Pension Insurance Corporation for $7.8 billion.
Private-equity funds
Since its inception in 1990, Apollo has successfully launched ten primary private equity funds, underscoring its significant presence and expansion within the industry:
| Fund | Vintage Year |
Committed Capital ($m) |
|---|---|---|
| Apollo Investment Fund X | 2023 | $19,877 |
| Apollo Investment Fund IX | 2017 | $24,600 |
| Apollo Investment Fund VIII | 2014 | $18,400 |
| Apollo Investment Fund VII | 2008 | $14,700 |
| Apollo Investment Fund VI | 2005 | $10,200 |
| Apollo Investment Fund V | 2001 | $3,700 |
| Apollo Investment Fund IV | 1998 | $3,600 |
| Apollo Investment Fund III | 1995 | $1,500 |
| Apollo Investment Fund II | 1992 | $500 |
| Apollo Investment Fund I | 1990 | $400 |
The steady growth in committed capital over time reflects Apollo's increasing financial capabilities and its strengthening position within the private equity sector.