Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 32

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 32
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 during the three months ended March 31, 2025 and 2024, respectively.

Three Months Ended March 31, 2025

Total AUM was $785.2 billion at March 31, 2025, an increase of $34.1 billion, or 4.5%, compared to $751.0 billion at December 31, 2024. The net increase was primarily driven by subscriptions across the platform, market activity primarily in our credit strategy and the growth of our retirement services client assets, partially offset by normal course outflows at Athene as well as distributions. More specifically, the net increase was due to:

•Net flows of $26.4 billion primarily attributable to:

•a $17.6 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $10.8 billion related to the growth of our retirement services clients; (ii) $6.8 billion of subscriptions mostly related to the direct origination, multi-credit and opportunistic credit funds we manage, partially offset by $(1.3) billion of redemptions, and

•an $8.8 billion increase related to the funds we manage in our equity strategy, primarily due to $4.3 billion of subscriptions across secondaries equity and hybrid value funds we manage, and $3.5 billion of net transfer activity. 

•Market activity of $11.1 billion primarily attributable to:

•$8.7 billion related to the funds we manage in our credit strategy primarily consisting of $4.6 billion related to our retirement services clients, $1.5 billion related to the direct origination funds; and $0.7 billion related to ISGI, and 

•$2.5 billion related to the funds we manage in our equity strategy primarily driven by our traditional private equity funds.

•Realizations of $(3.5) billion primarily attributable to:

•$(2.1) billion related to the funds we manage in our equity strategy primarily consisting of distributions from the hybrid value funds and traditional private equity funds.

•$(1.4) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct origination and asset-backed finance funds.

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The following tables summarize changes in Fee-Generating AUM for Apollo’s investing strategies within the Asset Management segment:

Three months ended March 31, 20252024(In millions)CreditEquityTotalCreditEquityTotalChange in Fee-Generating AUM1:Beginning