Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 378

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 8
Chunk 378
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an $8.4 billion increase related to the funds we manage in our equity strategy, primarily due to $5.0 billion of subscriptions across the hybrid value and traditional private equity funds we manage. 

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•Market activity of $15.7 billion primarily attributable to:

•$14.1 billion related to the funds we manage in our credit strategy primarily consisting of $4.6 billion related to our retirement services clients, $3.0 billion related to clients of ISGI and $2.8 billion related to the direct origination funds; and

•$1.7 billion related to the funds we manage in our equity strategy.

•Realizations of $(5.4) billion primarily attributable to:

•$(3.9) billion related to the funds we manage in our equity strategy primarily consisting of distributions from the traditional private equity funds and hybrid value funds; and

•$(1.5) billion related to the funds we manage in our credit strategy, largely driven by distributions from the direct origination and asset-backed finance funds.

Six Months Ended June 30, 2025

Total AUM was $839.6 billion at June 30, 2025, an increase of $88.6 billion, or 11.8%, compared to $751.0 billion at December 31, 2024. The net increase was primarily driven by subscriptions across the platform, the growth of our retirement services client assets and market activity primarily in our credit strategy, partially offset by normal course outflows at Athene as well as distributions. More specifically, the net increase was due to:

•Net flows of $70.6 billion primarily attributable to:

•a $53.4 billion increase related to the funds we manage in our credit strategy primarily consisting of (i) $24.4 billion related to the growth of our retirement services clients; (ii) $19.5 billion of subscriptions mostly related to the direct origination, asset-backed finance, and multi-credit funds we manage; (iii) $9.3 billion in inflows relating to Redding Ridge’s acquisition of Irradiant Partners LP; and (iv) incremental leverage in the direct origination and asset-backed finance funds we manage, partially offset by $(2.4) billion of redemptions; and

•a $17.2 billion increase related to the funds we manage in our equity strategy, primarily due to $9.3 billion of subscriptions across the hybrid value, secondaries equity and traditional private equity funds we manage