Apollo Global Management Sets Ambitious Targets to Double Assets Under Management and Origination Volume by 2029

Apollo Global Management, a leading private equity firm, has set ambitious targets to significantly expand its assets under management and origination volume over the next five years. The company aims to more than double its assets under management to $1.5 trillion by 2029, up from $696 billion as of June 30, 2024. Additionally, Apollo is targeting an annual origination volume of $275 billion by 2029, which is comparable to the current origination volume of JPMorgan Chase, a leading financial institution[1].

CEO Marc Rowan emphasized the potential for private markets to outgrow traditional banking, stating, “They won’t replace banks, just grow faster.” Apollo’s strategy involves leveraging its low funding costs, which are about half the industry average, to attract clients such as Air France, AB InBev, Intel, and AT&T, who are seeking alternative financing options beyond traditional banks.

Apollo’s focus on origination, particularly structuring private credit investments to sell to its insurance arm, Athene, and other investors, is seen as a critical source of growth. Rowan highlighted the importance of retirement savings, wealth, and the shift to renewable energy as pivotal opportunities for the company. Athene currently has approximately $33 billion in capital reserves, providing a solid foundation for Apollo’s expansion plans.

To achieve its ambitious targets, Apollo has been actively acquiring and investing in specialized lenders and loan originators. Recent partnerships with Citi and BNP Paribas on lending ventures further underscore the company’s commitment to expanding its origination capabilities. However, Rowan cautioned that the interest rates that have fueled Apollo’s business are changing, and dealmakers must adapt to these new conditions.

Apollo’s investor presentation outlined several key financial projections, including generating $10 billion in annual earnings across its asset management and retirement businesses by 2029. Fee-related earnings are expected to increase by 20% annually on average over the next five years, while earnings at Athene are forecasted to climb 10%. The company also anticipates raising at least $150 billion for its global wealth business, targeting a $150 trillion market opportunity with individual investors, including family offices and high-net-worth clients.

In a separate development, Apollo Funds recently received approval from Everi Holdings Inc. stockholders for the acquisition of Everi and the Gaming & Digital business of International Game Technology PLC. The transaction, expected to close by the end of the third quarter of 2025, will see Everi stockholders receive $14.25 per share in cash[2].

Furthermore, Apollo is preparing to launch its largest ever private equity fund, aiming to gather $25 billion of capital. This fund, expected to launch early next year, would surpass the company’s previous fundraising efforts and further solidify its position as a leading private equity firm[4].

Apollo’s strategic moves and ambitious targets reflect its commitment to expanding its presence in the private equity and asset management sectors. With its focus on origination, specialized lending, and strategic partnerships, the company is well-positioned to achieve its goals and capitalize on emerging market opportunities.