Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 205

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 205
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 of January 1, 2025 with no impact to net flows presented for the three months ended March 31, 2025. Outflows for Fee-Generating AUM include redemptions of $1.5 billion and $1.3 billion during the three months ended March 31, 2025 and 2024, respectively.3 Included in the Equity outflows for FGAUM for the three months ended March 31, 2025 is $4.5 billion related to the expiration of Fund VIII's fee-paying period. 4 Includes foreign exchange impacts of $2.6 billion and $(1.3) billion during the three months ended March 31, 2025 and 2024, respectively. 

Three Months Ended March 31, 2025

Total Fee-Generating AUM was $595.2 billion at March 31, 2025, an increase of $26.5 billion, or 4.7%, 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 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