Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 34

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 2
Chunk 34
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 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 redemptions. More specifically, the net increase was due to:

•Net flows of $19.8 billion primarily attributable to a $20.3 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) a $10.8 billion increase related to the growth of our retirement services client assets; (ii) $6.2 billion of other net fee-generating movements; and (iii) $4.4 billion of subscriptions primarily related to the direct origination and multi-credit funds we manage, partially offset by $(1.2) billion of redemptions.

•Market activity of $7.8 billion primarily attributable to the funds we manage in our credit strategy, consisting of $4.6 billion related to our retirement services clients, $1.0 billion related to the direct origination funds we manage and $0.9 billion related to ISGI.

•Realizations of $(1.1) billion across the credit and equity strategies. 

Origination, Gross Capital Deployment and Uncalled Commitments

Origination represents (i) capital that has been invested in new equity, debt or debt-like investments by Apollo's equity and credit strategies (whether purchased by funds and accounts managed by Apollo, or syndicated to third parties) where Apollo or one of Apollo's origination platforms has sourced, negotiated, or significantly affected the commercial terms of the investment; (ii) new capital pools formed by debt issuances, including CLOs; and (iii) net purchases of certain assets by the funds and accounts we manage that we consider to be private, illiquid, and hard to access assets and which the funds and accounts otherwise may not be able to meaningfully access. Origination generally excludes any issuance of debt or debt-like investments by the portfolio companies of the funds we manage.

Gross capital deployment represents the gross capital that has been invested by the funds and accounts we manage during the relevant period, but excludes certain investment activities primarily related to hedging and cash management functions at the Company. Gross capital deployment is not reduced or netted down by sales or refinancings, and takes into account leverage used by the funds and accounts we manage in gaining exposure to the various investments that they have made.

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Uncalled commitments, by contrast, represent unfunded capital commitments that certain of the funds we manage have