 | |
.jpg) Headquarters at theSolow Building in New York City | |
| Company type | Public |
|---|---|
| ISIN | US0376123065 US03768E1055  |
| Industry | Asset management |
| Founded | 1990; 35 years ago (1990) |
| Founders | |
| Headquarters | Solow Building,, U.S. |
Key people | Marc Rowan (Chairman and CEO) Jim Zelter (President) Scott Kleinman (Co-President) John Zito (Co-President) |
| Products | Private equity funds, credit funds,real estate funds,alternative investment,leveraged buyouts,growth capital,venture capital |
| Revenue |  US$26.11 billion (2024) |
 US$7.435 billion (2024) | |
| US$6.373 billion (2024) | |
| AUM | US$840 billion (2025) |
| Total assets | US$377.9 billion (2024) |
| Total equity | US$30.96 billion (2024) |
Number of employees | 5,108 (2024) |
| Website | apollo |
| Footnotes / references [1] | |
Apollo Global Management, Inc. is an Americanasset management firm that primarily invests inalternative assets.[2][3][1] As of 2025[update], the company had $840 billion of assets under management, including $392 billion invested in credit, includingmezzanine capital,hedge funds,non-performing loans, andcollateralized loan obligations, $99 billion invested inprivate equity, and $46.2 billion invested in real assets, which includesreal estate andinfrastructure. The company invests money on behalf ofpension funds,financial endowments, andsovereign wealth funds, as well as other institutional and individual investors.[1]
Apollo was founded in 1990 byLeon Black,Josh Harris, andMarc Rowan, former investment bankers at the defunctDrexel Burnham Lambert. The company is headquartered in theSolow Building inNew York City,[1] with offices across North America, Europe, and Asia.[4] Founder and CEO Leon Black resigned as CEO in 2021 in the wake of sexual misconduct allegations and revelations that he had paid $158 million toJeffrey Epstein.
In addition to its private funds, Apollo operates Apollo Investment Corporation (AIC), a US-domiciledpublicly traded, private-equity,closed-end fund andBusiness Development Company. AIC providesmezzanine debt, seniorsecured loans, and equity investments tomiddle-market companies, including public companies, although it historically has not invested in companies controlled by Apollo's private-equity funds.[5][6]
In June 2024, Apollo Global Management ranked 29th inPrivate Equity International's PEI 300 ranking among the world's largest private equity firms.[7]
| History of private equity and venture capital |
|---|
.jpg) |
| Early history |
| (origins of modernprivate equity) |
| The 1980s |
| (leveraged buyout boom) |
| The 1990s |
| (leveraged buyout and the venture capital bubble) |
| The 2000s |
| (dot-com bubble to thecredit crunch) |
| The 2010s |
| (expansion) |
| The 2020s |
| (COVID-19 recession) |
Apollo, originally referred to as Apollo Advisors, was founded after the collapse ofDrexel Burnham Lambert in 1990 byLeon Black, the former head of Drexel's mergers and acquisitions department, along withJosh Harris andMarc Rowan.[8]Tony Ressler, another former senior Drexel executive, was also among the firm's original members.[9][10][11][12]
Within six months after the collapse of Drexel, Apollo launched Apollo Investment Fund L.P., the first of its private-equity investment funds, formed to make investments in distressed companies. Apollo raised around $400 million of investor commitments based on Leon Black's reputation as a prominent lieutenant ofMichael Milken and a key player in thebuyout boom of the 1980s.[9]
Lion Advisors (or Lion Capital) was founded in 1990 to provide investment services to Credit Lyonnais and foreign institutions, seeking to profit from depressed prices in the high-yield market.[13] In 1992, Lion entered into a more formal arrangement to manage the $3 billion high-yield portfolio for Credit Lyonnais which together with a consortium of other international investors provided the capital for Lion's investment activities. Lion Advisors was replaced byAres Management.[citation needed]
At the time of Apollo's founding, little financing was available for newleveraged buyouts and Apollo turned, instead, to a strategy of distressed-to-control takeovers.[14][15] Apollo purchaseddistressed securities, which could be converted into a controlling interest in the equity of the company through a bankruptcy reorganization or other restructuring. Apollo used distressed debt as an entry point, enabling the firm to invest in such firms asVail Resorts,[16]Walter Industries,[17][18]Culligan, andSamsonite.[19]
Apollo acquired interests in companies that Drexel had helped finance by purchasinghigh-yield bonds from failedsavings and loans and insurance companies. Apollo acquired several large portfolios of assets from the U.S. government'sResolution Trust Corporation.[20] One of Apollo's earliest and most successful deals involved the acquisition of Executive Life Insurance Company's bond portfolio. Using this vehicle, Apollo purchased the Executive Life portfolio, profiting when the value of high-yield bonds recovered, but also resulting in a variety of state regulatory issues for Apollo and Credit Lyonnais over the purchase.[21]
In 1993, Apollo Real Estate Advisers was founded in collaboration with William Mack to seek opportunities in the U.S. property markets.[22]
In April 1993, Apollo Real Estate Investment Fund, L.P., the first in a family of real estate "opportunity funds", was closed with $500 million of investor commitments. In 2000, Apollo exited the partnership, which continued to operate as Apollo Real Estate Advisers until changing its name to AREA Property Partners effective January 15, 2009. That firm was then owned and controlled by its remaining principals, including William Mack, Lee Neibart, William Benjamin, John Jacobsson, Stuart Koenig, and Richard Mack.[23]
In 1995, Apollo raised its third private-equity fund, Apollo Investment Fund III, with $1.5 billion of investor commitments from investors that includedCalPERS and theGeneral Motors pension fund.[24] Fund III was only an average performer for private-equity funds of its vintage. Among the investments made in Fund III (invested through 1998) were: Alliance Imaging,Allied Waste Industries,Breuners Home Furnishings,Levitz Furniture,[25]Communications Corporation of America,Dominick's,Ralphs (acquired Apollo'sFood-4-Less),Move.com,NRT Incorporated,[26]Pillowtex Corporation,[27]Telemundo,[28] andWMC Mortgage Corporation.[29]
Also in 1995, Apollo's founding partner Craig Cogut left the firm to found Pegasus Capital Advisors. Since its inception, Pegasus has raised $1.8 billion in four private-equity funds focused on investments inmiddle-market companies in financial distress.
In 1997,Ares Management was founded by Antony Ressler and John H. Kissick, both partners at Apollo, as well as Bennett Rosenthal, who joined the group from the global leveraged finance group atMerrill Lynch, to manage a $1.2 billion market valuecollateralized debt obligation vehicle.[30] Ares I and II which were raised were structured asmarket value CLOs. Ares III-Ares X were structured ascash flow CLOs. In 2002, Ares completed acorporate spin-off from Apollo management. Although technically the founders of Ares had completed a spinout with the formation of the firm in 1997, they had maintained a close relationship with Apollo over its first five years and operated as the West Coast affiliate of Apollo. Shortly thereafter, Ares completed fundraising for Ares Corporate Opportunities Fund, a special-situations investment fund with $750 million of capital under management.[30][31]
In 1998, during thedot-com bubble, Apollo raised Apollo Investment Fund IV with $3.6 billion of investor commitments. As of April 8, 2008, the fund had generated a 10% IRR net of fees.[32] Among the investments made in Fund IV (invested through 2001) were:Allied Waste Industries,[33]AMC Entertainment,[34]Berlitz International,[35] Clark Retail Enterprises,[36]Corporate Express (Buhrmann), Encompass Services Corporation, National Financial Partners,[37]Pacer International,[38]Rent-A-Center,Resolution Performance Products,Resolution Specialty Materials,Sirius Satellite Radio,[39] SkyTerra Communications,United Rentals, andWyndham Worldwide.[40]
In April 2001, Apollo raised Apollo Investment Fund V with $3.7 billion of investor commitments. As of April 8, 2008, the fund had generated a 54% IRR net of fees.[32] Among the investments made in Fund V (invested through 2006) wereAffinion Group,AMC Entertainment,Berry Plastics,Cablecom,Compass Minerals,General Nutrition Centers (GNC), Goodman Global,Hexion Specialty Chemicals (Borden),Intelsat,Linens 'n Things, Metals USA,Nalco Investment Holdings, Sourcecorp,Spectrasite Communications, and Unity Media.
Although the founders of Ares had completed acorporate spin-off with the formation of the firm in 1997, they had initially maintained a close relationship with Apollo and operated as the West Coast affiliate of Apollo.[41][citation needed]. In 2002, when Ares raised its first corporate opportunities fund, the firm announced that it would separate from its former parent company. The timing of this separation also coincided with Apollo's legal difficulties with the State of California over its purchase ofExecutive Life Insurance Company in 1991.[42] The same year,Attorney General of CaliforniaBill Lockyer accused Leon and an investor group led by French bankCredit Lyonnais of violating California law by having a foreign government-owned bank acquire the assets and bond portfolio of Executive Life Insurance.[43]
In April 2004, Apollo raised $930 million through aninitial public offering for a listedbusiness development company, Apollo Investment Corporation.[44][5][6] In September 2004, investment funds managed by Apollo and Sterling Partners acquiredConnections Academy. It was sold in 2011 for $400 million.[45]
In 2005, Apollo formedHexion Specialty Chemicals through the merger ofBorden, Inc., Resolution Performance Products LLC, and Resolution Specialty Materials, LLC, and the acquisition of Bakelite AG. Hexion announced in July 2007 that it was acquiringHuntsman Corporation, a major specialty-chemicals company, in a $6.5 billion leveraged buyout. Hexion announced in June 2008 it would refuse to close the deal, prompting a series of legal actions. The transaction was terminated in December after a settlement between Hexion and Huntsman, wherein they were required to pay Huntsman $1 billion to drop fraud charges.[46][47]
Between 2005 and 2007, the private equity market was booming.[48] Among Apollo's most notable investments during this period wereHarrah's Entertainment,Norwegian Cruise Line,Claire's Stores, andRealogy.[49]
In 2006, Apollo acquiredRexnord Corporation for $1.825 billion,[50][51]Berry Plastics for $2.25 billion,[52]Momentive Performance Materials for approximately $3.8 billion,[53] andTNT N.V. for $1.9 billion.[54]
In August 2006, Apollo launched a $2 billion vehicle in Europe, AP Alternative Assets.[6] It was aGuernsey-domiciled publicly traded, private-equityclosed-end, limited partnership, managed by Apollo Alternative Assets, an affiliate of Apollo Management.[55] Apollo initially attempted to raise $2.5 billion for the public vehicle, but fell short when it offered the shares in June 2006, raising only $1.5 billion.[56] Apollo raised an additional $500 million via private placements in the weeks following that sale. AAA was formed to invest alongside Apollo's main private-equity funds and hedge funds.[5][6] AAA's investment portfolio was made up of a mix of private-equity and capital-markets investments. It was liquidated in 2020.[57]
In October 2006, Apollo announced a $990 million leveraged buyout ofJacuzzi Brands, a manufacturer of whirlpool baths.[58] In 2006, Apollo acquiredInternational Paper'scoated paper andsupercalendered paper business for $1.4 billion, renaming the business Verso Paper. Verso is the second-largest producer of the North American magazine publishing and catalog/commercial print markets. In May 2008, Verso became apublic company via an IPO.[59][60]
In February 2007, Apollo acquiredOceania Cruises for $850 million and provided additional capital to fund the expansion of the company with the purchase of two new cruise ships.![61]
In February 2007, Apollo announced the acquisition of theSmart & Final chain of warehouse-style food and supply stores. In June 2007, Smart & Final completed the acquisition of theHenry's Marketplace chain of "farmers market" style food retailers fromWild Oats Markets as part of that company's acquisition byWhole Foods Market. In 2011, the Henry's chain was merged withSprouts Farmers Market, which, like the Henry's markets, had been founded by Henry Boney.[62][63][64][65]
In March 2007, Apollo announced the $3.1 billion leveraged buyouts of costume jewelry retailer Claire's Stores. In 2008, Claire's experienced financial difficulty amid the slump in consumer spending.[66][67]
In April 2007, Apollo acquiredNoranda Aluminum, the US aluminum business ofXstrata for $1.15 billion. Noranda Aluminum includes a primary smelter and three rolling mills in Tennessee, North Carolina, and Arkansas along with other operations.[68]
In April 2007, Apollo acquiredRealogy, a franchisor that owns Coldwell Banker, Century 21, and Sotheby's International Realty, for $8.5 billion. As theUnited States housing market correction accelerated in 2008, Realogy faced financial pressures due to its debt load. In November 2008, Realogy launched anexchange offer for a portion of its debt to provide additional flexibility, prompting a lawsuit fromCarl Icahn.[69][70][71][72] In 2013, Apollo sold out of this investment, making a profit of $1.3 billion.[73]
In May 2007, Apollo acquiredCountrywide plc, a provider of residential property-related services in the UK, formerly known as Hambro Countrywide (1988) and Countrywide Assured Group (1998) for $1.05 billion (not related toCountrywide Financial).[74]
In November 2007, the company sold 9% of itself to theAbu Dhabi Investment Authority.[56][6][75]
In January 2008, Apollo andTPG Capital acquiredHarrah's Entertainment for $27.4 billion, including the assumption of existing debt.[76][77]
In January 2008, Apollo invested $1 billion inNorwegian Cruise Line to support a recapitalization of the company's balance sheet.[78] In December 2018, Apollo cashed out of this investment.[79]
In February 2008, Apollo acquiredRegent Seven Seas Cruises fromCarlson Companies for $1 billion. Following the purchase, Apollo ordered a new ship for Regent.[80]
In April 2008, Apollo,TPG Capital, andThe Blackstone Group acquired $12.5 billion of bank loans fromCitigroup. The portfolio comprised primarily senior secured loans that had been made to finance leveraged-buyout transactions at the peak of the market. Citigroup had been unable to syndicate the loans before the onset of the credit crunch. The loans were reported to have been sold in the "mid-80 cents on the dollar" relative to face value. In late 2008, Apollo receivedmargin calls associated with the financing of its purchase of certain loan portfolios as the values of the loans decreased.[81][82]
In April 2008, Apollo filed aForm S-1 with theU.S. Securities and Exchange Commission in preparation for an IPO on theNew York Stock Exchange.[32]
In May 2008, Apollo invested in Vantium, a company that buys residential mortgage assets as part of a strategy to profit from theUnited States housing market correction.[83]
In July 2008, the company closed a $758 million value-add fund.[84]
Also in 2008, Apollo opened an office inIndia, its first office in Asia.[85]
During the2008 financial crisis, several of Apollo's investments came under pressure. Apollo's 2005 investment in the struggling US retailerLinens 'n Things suffered from a significant debt burden and softening consumer demand. In May 2008, Linens filed for bankruptcy protection, costing Apollo all of its $365 million investment in the company.[86][87] In 2009, the company was sued by a noteholder claiming mismanagement.[88]
Apollo exercised its "PIK toggle" option at Claire's to shut off cash interest payments to its bondholders and instead issue more debt, to provide the company with additional financial flexibility.[89][90]
In December 2008, Apollo completed fundraising for its latest fund, Apollo Investment Fund VII, with roughly $14.7 billion of investor commitments.[91] Apollo had been targeting $15 billion, but had been in fundraising for more than 16 months, with the bulk of the capital raised in 2007.[92]
In November 2009, Liberty Global acquired Unity Media GMBH; funds managed by Apollo owned a 31% interest.[93]
In December 2009, Apollo announced the acquisition ofCedar Fair Entertainment Company for $635 million and assumed debt valuing the company at $2.4 billion.[94][95] In April 2010, the deal was terminated due to poor shareholder response.[96][97]
In January 2011, Apollo acquired 51% of Alcan Engineered Products fromRio Tinto Group.[98]
On March 29, 2011, Apollo became apublic company via an IPO.[99][100][101]
In June 2011, Apollo acquired CKx.[102]
In March 2012, Apollo acquired the unprofitableGreat Wolf Resorts for $703 million.[103][104][105]
In November 2012, Apollo acquiredMcGraw-Hill Education for $2.5 billion.[106][107]
In 2013, Apollo acquiredPitney Bowes Management Services (PBMS) for $400 million. From PBMS, Apollo formed Novitex Enterprise Solutions. Novitex is a document-outsourcing provider that manages business-critical services for over 500 companies across 10 industries.[108] In 2017, it was merged intoExela Technologies.[109]
On March 11, 2013, Apollo Global Management made the only bid for the snacks business ofHostess Brands, includingTwinkies, for $410 million.[110]
In December 2013, Apollo bought a portfolio of Irish home loans fromLloyds Bank for €307 million, less than half their face value. The shares were bought by an Apollo Global Management subsidiary, Tanager Limited.[111]
In January 2014, Apollo acquiredChuck E. Cheese's for about $1 billion.[112][113] Apollo owned the company until 2020, when it was purchased by Monarch Alternative Capital.
In October 2014, Apollo merged itsEndemol television studio with21st Century Fox's Shine Group. The merged company becameEndemol Shine Group, with AGM and Fox each owning half of the studio.[114]
In May 2015,Centerbridge Partners acquired Great Wolf Resorts from Apollo for $1.35 billion.[115][116]
In June 2015, Apollo agreed to acquireOM Group for $1.03 billion.[117]
Also in June 2015, Apollo won the bidding during an auction forSaint-Gobain's Verallia glass bottle-manufacturing unit for €2.95 billion.[118]
In February 2016, Apollo agreed to acquireThe ADT Corporation for $6.9 billion.[119]
In April 2016, Apollo executive Stephanie Drescher donated $1000 to the presidential campaign ofJohn Kasich, then Ohio governor. As governor, Kasich appointed a member to the Ohio state pension board. This donation violated an SEC pay-to-play pension rule. In 2019, the SEC chose not to enforce the rule.[12]
In June 2016, funds managed by Apollo Global Management acquiredDiamond Resorts International.[120] It was sold toHilton Worldwide in August 2021.[121][122]
In November 2016, investment funds managed by Apollo acquiredRackspace.[123][124]
In 2016, investment funds managed by Apollo acquiredConstellis for $1 billion. Constellis is a private military contractor that was created as a result of a merger between rival contractorsTriple Canopy andAcademi in 2014. Academi, founded byErik Prince and formerly known as Blackwater USA, is best known for its role in theNisour Square massacre, where Blackwater guards killed 17 Iraqi civilians and injured 20.[125][126][127][128]
In February 2017,Apollo Education Group, the parent company of theUniversity of Phoenix, was acquired by investment funds managed by Apollo and the Vistria Group, for $1.14 billion.[129][130][131][132]
In June 2017, investment funds managed by Apollo acquired 80.1% ofPhilipsLumileds division for $1.5 billion.[133][134]
In October 2017, Apollo acquired West Corp for about $2 billion.[135][136]
In November 2017, Apollo lent $184 million toKushner Companies to refinance the mortgage on a Chicago skyscraper.[137][138]
In March 2018, Apollo acquired the Mexican-style restaurant chainQdoba fromJack in the Box.[139][140]
In June 2018, funds managed by Apollo andVärde Partners acquired a majority ofOneMain Financial.[141] Also in June 2018, Apollo acquired healthcare providerLifePoint Health for $5.6 billion. Following the acquisition, LifePoint merged with Apollo's RCCH HealthCare Partners.[142][143]
In October 2018, funds managed by Apollo Global Management acquired a portfolio of $1 billion in energy investments from GE Capital's Energy Financial Services unit.[144][145]
In February 2019, AGM was in talks to buyNexstar Media Group for over $1 billion.[146] However, on February 14, 2019,Cox Media Group announced that it was selling its 14 television stations to Apollo.[147] In March 2019 filings with theFederal Communications Commission (FCC), Apollo disclosed that, through the newly formed Terrier Media, the Cox stations would be acquired for $3.1 billion (to be reduced by the value of a minority equity stake in Terrier that will be retained byCox Enterprises); Terrier will also concurrently acquireNorthwest Broadcasting, giving the company 25 television stations.[148] On June 26, 2019, Cox announced that its 60 radio stations, as well as its national advertising business CoxReps, and local OTT advertising agency Gamut, would also be acquired by the new company, which concurrently announced that it would retain the Cox Media Group name instead of Terrier Media.[149] On February 10, 2020, Cox Enterprises bought back the Ohio newspapers it sold to AGM. The FCC required Apollo to reduce the daily newspapers to three days or sell them.[150]
In February 2019, Apollo acquired Aspen Insurance for $2.6 billion.[151]
On April 16, 2019, Apollo announced that it would once again acquireSmart & Final for $1.1 billion.[152]
On June 10, 2019, Apollo announced that it would acquireShutterfly for $2.7 billion, as well as its competitorSnapfish in a separate transaction valued at around $300 million, withDistrict Photo as a minority stakeholder.[153]
In August 2019, Apollo agreed to provide around $1.8 billion of debt financing to support New Media Investment Group's acquisition ofGannett.[154] On October 23, 2019, AGM announced it signed agreements to take a 48.6% stake in Italian gambling group Gamenet SPA.[155][156]
In November 2019, investment funds managed by Apollo acquired Florida-basedTech Data Corp. for $5.4 billion fromWarren Buffett'sBerkshire Hathaway.[157][158]
In December 2019, investment funds managed by Apollo acquiredNorthwest Broadcasting andCox Media Group for $3 billion, acquiring Northwest's 12 television stations, Cox's 13 television stations, 54 radio stations, three newspapers, national television advertising business – CoxReps, and local OTT advertising business – Gamut. Smart Media.[159][160][161][162]
In February 2020, investment funds managed by Apollo acquired Covis fromCerberus Capital Management.[163] In April, AGM announced that it would invest $300 million inCimpress, an Irish-domiciled printing group that ownsVistaprint.[164]
In May 2020, Apollo purchased $1.75 billion of preferred stock inAlbertsons Companies.[165][166]
In July 2020, Apollo launched a $12 billion platform to make big loans.[167] The same month, Apollo andThe Walt Disney Company soldEndemol Shine Group to the French studioBanijay Group.[168][169]
In September 2020, Apollo entered into a $5.5 billion real-estate investment partnership with theAbu Dhabi National Oil Company (ADNOC).[170]
In March 2021, Apollo Investment Corporation closed a $110 million mezzanine credit facility betweenLendingPoint and MidCap Financial Trust.[171] In the same month, Leon Black resigned as CEO and chairman after revelations that he paidJeffrey Epstein $158 million for personal tax-related advice between 2012 and 2017; he was replaced as CEO by Marc Rowan.[172][173][174]
In April 2021, Apollo launched Apollo Origination Partnership, a $1.8 billion direct-lending fund seeking unleveraged returns of 8-10% and 12-14% leveraged returns.[175] The same month, funds managed by Apollo acquiredThe Michaels Companies, parent ofMichaels.[176][177]
In May 2021, Apollo's Gamenet acquired the Italian gaming businesses ofInternational Game Technology for €950 million.[178][179] In July, funds managed by Apollo acquired EmployBridge, a large industrial-staffing company that has been cited for dozens of safety violations and wage infractions.[180][181]
On July 22, 2021, it was announced thatLegendary Entertainment was looking for a merger instead of aSPAC.[182] On January 31, 2022, a minority stake in Legendary was sold to Apollo Global Management, withWanda Group still remaining the majority owner.[183]
In August 2021, Apollo announced the acquisition of theincumbent local exchange carrier operations in 20 states fromLumen Technologies for $7.5 billion, including $1.4 billion of assumed debt.[184][185] The same month, Apollo launched a $500 million fund to invest inSPACs.[186]
In September 2021, investment funds managed by Apollo acquired 90% ofYahoo!.[187][188]
In January 2022, Apollo acquired Athene, a retirement services business.[189][190][191][192][193] The same month, co-founderJosh Harris left the company to focus on other business ventures.[194]
In May 2022, Apollo acquired the US asset management business of Griffin Capital.[195][196] In July, investment funds managed by Apollo acquiredTenneco for $7.1 billion.[197]
In 2022, investment funds managed by Apollo acquired Chicago-based grocer Tony's Fresh Market,[198] California-based grocerCardenas,[199] andMiller Homes fromBridgepoint Group.[200] In 2023, Apollo announced it would acquire American industrial companyArconic.[201]
In October 2023, Apollo acquired London-based restaurant groupThe Restaurant Group for £506 million ($623 million).[202]
In June 2024, Apollo announced the acquisition of a 49% equity interest in a joint venture entity related toIntel Ireland's Fab 34 for €10.1 billion ($11 billion).[203] Apollo Global and Kyndryl Holdings are in talks to jointly bid for DXC Technology, considering an offer of $22 to $25 per share, which boosted DXC's stock by 11%. DXC, dealing with declining revenues, is also exploring selling its insurance software business but may stay independent under its new CEO Raul Fernandez.[204]
In November 2024, Apollo partnered with Shinhan Life, the life insurance arm ofShinhan Financial Group,[205] and opened an office inSeoul as part of its Asia-Pacific expansion.[206] In January 2025, Apollo acquiredBarnes Group.
In February, Apollo announced that a fund managed by Apollo affiliates acquired a majority stake in Bold Productions Services, a production-linked provider.[207] Also that month, Apollo agreed to acquire real-estate investment companyBridge Investment Group for $1.5 billion.[208]
In July, Apollo-backed insurance company Athora purchased Pension Insurance Corporation for $7.8 billion.[209] In September, Apollo announced plans to launch a £3.75bn investment vehicle focused on sport.[210]
In October 2025, Apollo came and talked withParamount Skydance about joining David Ellison's possible bid to buyWarner Bros. Discovery – a megadeal that could cost upwards of $60 billion.[211]
In November 2025, Apollo acquired 55% of the shares ofAtlético Madrid, becoming the majority shareholder of the club.[212]
Since its inception in 1990, Apollo has raised ten flagshipprivate equity funds, as follows:
| Fund | Vintage Year | Committed Capital ($m) |
|---|---|---|
| Apollo Investment Fund X[213] | 2023 | $19,877 |
| Apollo Investment Fund IX[214] | 2017 | $24,600 |
| Apollo Investment Fund VIII[214] | 2014 | $18,400 |
| Apollo Investment Fund VII[92] | 2008 | $14,700 |
| Apollo Investment Fund VI[32] | 2005 | $10,200 |
| Apollo Investment Fund V[32] | 2001 | $3,700 |
| Apollo Investment Fund IV[32] | 1998 | $3,600 |
| Apollo Investment Fund III[32] | 1995 | $1,500 |
| Apollo Investment Fund II[32] | 1992 | $500 |
| Apollo Investment Fund I[32] | 1990 | $400 |
In addition, the three companies approved for the most credits for employing people with felony records — Express, EmployBridge and TrueBlue — have each been cited for dozens of serious safety violations and wage infractions in the past two decades.
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