Company: APO
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001858681-25-000049
Chunk: 204

Company: Apollo Global Management, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Item 8
Chunk 204
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 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 of Period$495,843 $72,823 $568,666 $422,036 $70,916 $492,952 Inflows239,956 5,221 45,177 29,448 1,510 30,958 Outflows2,3(19,656)(5,696)(25,352)(21,306)(1,005)(22,311)Net Flows20,300 (475)19,825 8,142 505 8,647 Realizations(848)(289)(1,137)(1,148)(518)(1,666)Market Activity47,549 255 7,804 6,258 (94)6,164 End of Period$522,844 $72,314 $595,158 $435,288 $70,809 $506,097 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 of realized proceeds. Market activity represents gains (losses), the impact of foreign exchange rate fluctuations and other income.2 Inflows and outflows reflected above include $2.0 billion for FGAUM related to a strategy realignment of certain funds from Credit to Equity as