Apollo Global Management has established itself as a powerhouse in the private credit market, offering innovative financing solutions across corporate and asset-backed credit landscapes.
As one of the world’s largest alternative asset managers, Apollo’s credit business stands as their largest asset management strategy by AUM, spanning both private and public corporate credit markets as well as asset-backed finance[1].
The firm has built a robust ecosystem of origination platforms focusing on specialized lending, creating a competitive advantage in delivering excess risk-adjusted returns through direct origination strategies.
If you want to dive deeper into M&A, our Transaction Master File, Fund of Funds Model or WSO modelling courses could be particularly valuable.
| Detail | Information |
|---|---|
| Founded | 1990 |
| Headquarters | New York, NY |
| CEO | Marc Rowan |
| Ticker | APO (NYSE) |
| Category | Alternative Asset Management |
| Key Divisions | Credit (Primary), Retirement Services, Asset Management |
Apollo’s private credit operations have undergone significant expansion, with CEO Marc Rowan outlining ambitious plans to double the firm’s annual origination of private credit from approximately $100 billion to $200-250 billion within five years[6]. This strategic growth initiative comes after a record-breaking year in annual earnings, with the firm generating more net income in 2023 than it did over the previous decade[6].
Apollo has built an ecosystem of 16 origination platforms focused on asset-backed and specialty lending, with nearly 4,000 professionals working across these platforms. These businesses originate tens of billions in assets annually for Apollo clients and third parties, spanning aviation, equipment, trade finance, and warehouse facilities.
Apollo has pioneered expansion in the investment-grade private credit market, developing this growing asset class that has evolved significantly over the past 15 years. The firm believes this overlooked segment offers attractive risk-adjusted returns with higher spread premia and enhanced downside protection compared to public market alternatives[7].
Apollo has forged landmark partnerships with major financial institutions to expand its private credit reach. The $25 billion private credit direct lending program with Citigroup represents a first-of-its-kind scaled collaboration designed to enhance access for corporate and sponsor clients to private lending capital at significant scale[4].
The firm is at the forefront of democratizing private credit access, working with State Street Global Advisors to develop private credit ETFs and exploring opportunities to bring private credit investments to retirement accounts, including 401(k) plans.
Apollo’s Credit business, the firm’s largest division by AUM, provides financing solutions across the risk spectrum:
Direct Lending – Corporate and asset-based financing for mid to large-sized companies
Investment Grade Private Credit – Bespoke financing solutions for blue-chip companies
Structured Credit – Complex solutions across various assets and credit qualities
Asset-Backed Finance – Specialized lending across multiple sectors including real estate, transportation, and consumer
Focuses on alternative investments across credit, private equity, and real assets.
Through its subsidiary Athene, Apollo provides retirement savings products and solutions.
Apollo Commercial Real Estate Finance originates and invests in commercial real estate debt, with a portfolio valued at approximately $7.1 billion as of December 2024[5].
Value: $25 billion
Role: Apollo formed an exclusive agreement with Citigroup to create a landmark private credit, direct lending program that will finance approximately $25 billion of debt opportunities over several years.
Impact: This first-of-its-kind collaboration enhances access for corporate and sponsor clients to the private lending capital pool at scale, providing funding certainty in strategic transactions[4].
Value: $18 billion
Companies: Including Intel Corp. and Vonovia SE
Impact: Apollo privately lent $18 billion through its investment-grade unit to projects and entities tied to major corporations, demonstrating its ability to serve as a capital provider to blue-chip companies looking beyond traditional financing sources[3].
These transactions highlight Apollo’s leadership in scaling private credit solutions and their ability to execute complex, large-scale financing arrangements that bridge institutional capital with borrowers seeking flexible alternatives to traditional financing.
Marc Rowan – Chief Executive Officer
Jim Zelter – President (newly appointed January 2025)
John Zito – Co-President of Apollo Asset Management, Head of Credit
Scott Kleinman – Co-President of Apollo Asset Management
James Vanek – Partner, Co-Head of Global Performing Credit
Eric Needleman – Head of Capital Solutions
Viswas Raghavan – Head of Banking and Executive Vice Chair at Citi (key partner)
Apollo’s private credit division has evolved into a multifaceted operation that spans the entire credit spectrum. At its core, Apollo serves as a “financing partner of choice” for large corporates, sponsor-backed businesses, and specialty lending platforms, offering bespoke solutions, price certainty, and speed of execution.
The firm’s approach to private credit centers on strong credit fundamentals, deep company and sector knowledge, and rigorous underwriting. Apollo has built significant capabilities in private fixed income, including investment-grade solutions tailored to meet the needs of retirement services and other ratings-sensitive institutions.
What distinguishes Apollo in the market is their direct origination strategy. Rather than simply participating in deals sourced by others, Apollo has created an ecosystem of origination platforms that generate proprietary investment opportunities. This approach helps deliver excess risk-adjusted returns at scale on a recurring basis.
Apollo’s investment-grade private credit operations represent a particularly innovative focus area. The firm views this as a $40 trillion addressable market that has been overlooked because it doesn’t fit neatly into traditional asset allocation frameworks. Apollo argues that the conventional assumption that private investments inherently carry more risk than public investments is increasingly outmoded, pointing to major public investment grade bond issuers who are now diversifying their capital sources by tapping private credit markets.
The private credit division primarily serves institutional investors and Apollo’s own insurance subsidiary, Athene. However, the firm is actively working to expand access to private credit for retail investors through innovative ETF structures and retirement account solutions.
According to available industry insights, Apollo’s credit-focused culture is characterized by disciplined risk management, innovative structuring, and an opportunistic approach to market dislocations. The firm’s scale allows it to tackle complex transactions that smaller credit providers cannot address, creating a competitive advantage in securing attractive terms and structures.
Apollo Global Management appoints president as part of five-year plan
Apollo Starts Trading Blue-Chip Debt to Build Private-Credit ETF
Citi and Apollo Announce $25 Billion Private Credit, Direct Lending Program
Apollo’s CEO plans to double private credit origination business on the back of record year
Demystifying the Opportunity in Investment Grade Private Credit
