Company: APO
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001858681-25-000117
Chunk: 65

Company: Apollo Global Management, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Item 2
Chunk 65
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 returns of funds we manage should not be considered indicative of the future results you should expect from such funds or from any future funds we may raise. There can be no assurance that any Apollo fund will continue to achieve the same results in the future.

Finally, our private equity IRRs have historically varied greatly from fund to fund. For example, Fund VI generated a 12% gross IRR and a 9% net IRR since its inception through June 30, 2025, while Fund V generated a 61% gross IRR and a 44% net IRR since its inception through its liquidation in 2023. Accordingly, the IRR going forward for any current or future fund may vary considerably from the historical IRR generated by any particular fund, or for our private equity funds as a whole. Future returns will also be affected by the applicable risks, including risks of the industries and businesses in which a particular fund invests. See “Item 1A. Risk Factors—Risks Relating to Our Asset Management Business—“Historical performance metrics are unreliable indicators of our current or future results of operations” in the 2024 Annual Report.

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Investment Record

The following table summarizes the investment record by strategy of Apollo’s significant commitment-based funds that have a defined maturity date in which investors make a commitment to provide capital at the formation of such funds and deliver capital when called as investment opportunities become available. All amounts are as of June 30, 2025, unless otherwise noted.

(In millions, except IRR)Vintage YearTotal AUMCommittedCapitalTotal Invested CapitalRealized ValueRemaining CostUnrealized ValueTotal ValueGrossIRRNetIRRCredit:Accord VI12024$1,891 $1,701 $609 $494 $461 $461 $955 17 %10 %Accord I, II, III, III B, IV & V1Various— 7,992 6,795 7,251 — — 7,251 18 13 Accord+ II20255,250 4,796 2,625 608 2,088 2,214 2,822 NM4NM4Accord+20213,074 2,370 7,009 5,735 2,027 2,169 7,904 15 12 ADIP II20246,856 6,016 2,729