Key Takeaways
- • Apollo Global Management reported $53 billion of inflows in the third quarter, lifting assets under management to $1.07 trillion, according to Reuters.
- • Fee-related earnings grew 23% in the third quarter to a record, driven by record quarterly fee-related revenue and margin expansion; AUM rose 18% year over year.
- • Adjusted net income excluding notable items was $2.15 per share for the three months ended September 30, versus $2.14 a year earlier.
- • Gross capital deployment rose about 18% in the quarter, with origination reaching $114 billion, up 52% from the year-ago period.
- • Apollo posted a GAAP loss of $1.06 billion, driven by unrealized mark-to-market losses as interest rates remained elevated; shares are down 17.5% in 2026.
Summary
Apollo Global Management (APO.N) reported $53 billion of inflows in the third quarter, lifting its assets under management to $1.07 trillion, while fee-related earnings reached a record, according to Reuters. The inflows underscore continued investor appetite for alternative investments as allocators seek diversification and access to private markets for higher returns despite market volatility, economic uncertainty and concerns over valuations.
Fee-related earnings grew 23% in the third quarter, driven by record quarterly fee-related revenue and margin expansion. AUM rose 18% from a year earlier. The New York-based firm posted adjusted net income excluding notable items of $2.15 per share for the three months ended September 30, compared with $2.14 per share a year earlier. Gross capital deployment climbed about 18% in the quarter, and origination, which is driven by the availability of attractive investment and lending opportunities, came in at $114 billion, up 52% from the year-ago period.
On a GAAP basis, Apollo reported a loss of $1.06 billion in the third quarter, driven by unrealized mark-to-market losses as interest rates remained elevated. The firm, founded as a private equity firm in 1990, has since expanded substantially into credit and insurance.
The capital flows come amid scrutiny of valuations for typically illiquid assets and persistent questions over liquidity and the pace of dealmaking. Apollo CEO Marc Rowan has pledged to increase transparency and liquidity for private assets. Apollo shares are down 17.5% in 2026, part of a broader selloff in alternative asset manager stocks earlier this year as the private credit sector faced investor withdrawals from funds.
Fee-related earnings grew 23% in the third quarter, driven by record quarterly fee-related revenue and margin expansion. AUM rose 18% from a year earlier. The New York-based firm posted adjusted net income excluding notable items of $2.15 per share for the three months ended September 30, compared with $2.14 per share a year earlier. Gross capital deployment climbed about 18% in the quarter, and origination, which is driven by the availability of attractive investment and lending opportunities, came in at $114 billion, up 52% from the year-ago period.
On a GAAP basis, Apollo reported a loss of $1.06 billion in the third quarter, driven by unrealized mark-to-market losses as interest rates remained elevated. The firm, founded as a private equity firm in 1990, has since expanded substantially into credit and insurance.
The capital flows come amid scrutiny of valuations for typically illiquid assets and persistent questions over liquidity and the pace of dealmaking. Apollo CEO Marc Rowan has pledged to increase transparency and liquidity for private assets. Apollo shares are down 17.5% in 2026, part of a broader selloff in alternative asset manager stocks earlier this year as the private credit sector faced investor withdrawals from funds.
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