Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 40

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 7
Chunk 40
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2) billion primarily attributable to:

•$(14.1) billion related to the funds we manage in our credit strategy, largely driven by distributions from the asset-backed finance, direct origination and opportunistic credit funds we manage, and the anticipated run-off related to the Atlas SP-Credit Suisse investment management agreement; and

•$(9.0) billion related to the funds we manage in our equity strategy primarily consisting of distributions across the traditional private equity funds.

•Market activity of $30.4 billion primarily attributable to:

•$24.6 billion related to the funds we manage in our credit strategy primarily consisting of $14.7 billion related to our retirement services clients, $3.2 billion related to ISGI, $2.4 billion related to the opportunistic credit funds, and $2.1 billion related to the direct origination funds; and 

•$5.8 billion related to the funds we manage in our equity strategy related to the traditional private equity funds and hybrid value funds we manage.

88

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

Years ended December 31, 20242023(In millions)CreditEquityTotalCreditEquityTotalChange in Fee-Generating AUM1:Beginning of Period$422,036 $70,916 $492,952 $346,598 $65,489 $412,087 Inflows118,318 10,574 128,892 112,272 12,106 124,378 Outflows2(60,556)(6,617)(67,173)(48,990)(5,104)(54,094)Net Flows57,762 3,957 61,719 63,282 7,002 70,284 Realizations(5,575)(2,130)(7,705)(3,700)(1,514)(5,214)Market Activity321,620 80 21,700 15,856 (61)15,795 End of Period$495,843 $72,823 $568,666 $422,036 $70,916 $492,952 1 At the individual strategy level, inflows include new subscriptions, commitments, capital raised, other increases in available capital, purchases, acquisitions and portfolio company appreciation. Outflows represent redemptions, other decreases in available capital and portfolio company depreciation. Realizations represent fund distributions