Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 381

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 381
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5 is $4.5 billion related to the expiration of Fund VIII's fee-paying period. 4 Includes foreign exchange impacts of $8.0 billion and $(1.8) billion during the six months ended June 30, 2025 and 2024, respectively. 

Three Months Ended June 30, 2025

Total Fee-Generating AUM was $638.3 billion at June 30, 2025, an increase of $43.2 billion, or 7.3%, compared to $595.2 billion at March 31, 2025. The net increase was primarily due to the growth of our retirement services client assets, market activity primarily in our credit strategy and subscriptions across the platform, partially offset by distributions. More specifically, the net increase was due to:

•Net flows of $33.9 billion primarily attributable to a $29.0 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $13.7 billion related to the growth of our retirement services clients; (ii) $10.6 billion of other net fee-generating movements; and (iii) $4.2 billion of subscriptions primarily related to the direct origination and multi-credit funds we manage, partially offset by $0.7 billion of redemptions.

•Market activity of $11.8 billion primarily attributable to the funds we manage in our credit strategy, consisting of $4.6 billion related to our retirement services clients, $2.9 billion related to clients of ISGI, $1.6 billion related to the direct origination funds we manage and $1.3 billion related to the multi-credit funds we manage.

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•Realizations of $(2.5) billion across the credit and equity strategies. 

Six Months Ended June 30, 2025

Total Fee-Generating AUM was $638.3 billion at June 30, 2025, an increase of $69.6 billion, or 12.2%, compared to $568.7 billion at December 31, 2024. The net increase was primarily driven by the growth of our retirement services client assets, market activity primarily in our credit strategy, and subscriptions across the platform, partially offset by distributions. More specifically, the net increase was due to:

•Net flows of $53.7 billion primarily attributable to a $49.3 billion increase related to the funds we manage in our credit strategy primarily consisting of (i)