- Products
- News
- Resources
- Company
- Marketplace Login
- Book A Demo
Apollo reported record second-quarter results, with fee-related earnings (FRE) rising 22% YoY to $627M and adjusted net income (ANI) climbing 17% to $1B ($1.92 per share). Combined fee and spread-related earnings reached an all-time high of $1B. The firm declared a $0.51 per share common dividend, underscoring its commitment to returning capital to shareholders. Total assets under management (AUM) reached $840B, up 21% year-over-year, driven by $61B of net inflows, $81B of gross origination, and favorable market appreciation. Perpetual capital now represents 59% of total AUM, reinforcing earnings durability and platform scalability.
“If I dissect the business and really talk about what's going on here, the power of what we do from origination was really on full display. $81 billion originated from our platforms and our business in the quarter.” - Marc Rowan, CEO
FRE Growth: Fee-related earnings rose 22% YoY, with margins expanding ~200bps to 57% on scalable base fees and disciplined expense management.
Perpetual Capital: Perpetual capital reached $498B, reinforcing Apollo’s recurring revenue base and reducing reliance on fundraising cycles.
Multi-Strategy Strength: All strategies delivered positive Q2 returns; Hybrid Value led with +17% LTM, while Direct Origination and ABF returned +12% LTM.
Retail Momentum: Global Wealth raised $4B and Athene $21B in inflows. Semi-liquid funds like ABF and AAA are scaling, with institutions increasingly adopting AAA as an equity alternative.
Capital Position: With $72B in dry powder and $81B of quarterly originations, Apollo is positioned to fund high-conviction secular themes, most notably AI infrastructure, where it sees up to $800B in private credit deployment opportunity.
Total AUM climbed to $840B, led by a 23% YoY increase in Credit AUM to $690B. Fee-earning AUM reached $638B. Notably, perpetual capital AUM hit $498B, reflecting Apollo’s push toward long-term capital commitments. The firm’s credit strategies contributed $128B of AUM growth over the last year.
*Per Apollo Second Quarter 2025 Results. Figures rounded to nearest billion.
Credit performance remained resilient with mid-single-digit to low-double-digit gross returns across key strategies. Direct Origination (+12% LTM) and Asset-Backed Finance (+12% LTM) led performance, aided by Apollo’s ability to source investment-grade origination at scale through proprietary channels, including bespoke financing for AI data centers, infrastructure, and European energy projects. Flagship private equity returned 6% over the last twelve months despite limited realization activity. Hybrid Value delivered a 17% LTM gross return.
*Per Apollo Second Quarter 2025 Results, Investment Performance is appreciation/gross returns
Consistent Platform Results: All six disclosed strategies posted positive Q2 returns, underscoring strong origination discipline and risk control across the platform.
Origination Outperformance: Direct Origination and ABF delivered 12% LTM returns, benefiting from floating-rate structures.
Hybrid Value Leadership: Hybrid Value generated a 17% LTM return, driven by flexible structuring and opportunistic realizations across market environments.
Steady Private Equity: Flagship PE posted a 6% LTM return, with operational improvements offsetting limited realization activity in a muted M&A and IPO environment.
Apollo generated $61B in inflows during Q2, the second-highest quarterly figure in firm history. Credit strategies and Athene accounted for the bulk of inflows. Deployment totaled $90B, while realizations rose to $5B.
*Per Apollo Second Quarter 2025 Results. Figures rounded to nearest billion.
1. For the twelve months ending 2Q ’25, inflows include $3.4 billion (Total AUM) and $2.0 billion (FGAUM) from a Jan 1, 2025 strategy realignment (Credit → Equity) with no net-flow impact, while outflows comprise $1.4 billion and $1.0 billion of redemptions in 2Q and $6.5 billion and $5.9 billion of redemptions over the full LTM for Total AUM and FGAUM, respectively.
2. As of 2Q ’25, Credit AUM consists of $47.4 billion of CLOs—$5.5 billion fee-earning on gross assets and $41.9 billion (Redding Ridge) fee-earning on net asset value.
Strong Quarterly Inflows: Inflows equaled 8% of beginning-period AUM, led by insurance and semi-liquid retail channels.
Deployment at Scale: Apollo deployed $90B during the quarter, leveraging its origination platforms to place capital into yield-generating assets.
Credit-Focused Fundraising: Credit strategies accounted for the majority of inflows, reflecting continued demand for Apollo’s private credit offerings and origination capabilities.
Disciplined Exit Cadence: Realizations remain selective and value-driven, focused on compounding carry and monetizing at strategic windows.
Defensive Capital Allocation: Deployment skewed toward senior secured and investment-grade assets, reflecting a conservative risk stance in a volatile macro backdrop.
Exit Pipeline: Monetization backlog is building across public and private markets, contingent on improved conditions.
Retail & Wealth Momentum: Semi-liquid and insurance-linked products continue to gain traction with retail investors.
Strategic Deployment: Capital is targeting climate infra, energy transition, and AI data centers, with $800B+ in private credit potential within a broader $3T CapEx wave.
Structural Tailwinds: Regulatory changes, rising insurance allocations, and 401(k) access are unlocking new channels for private credit and guaranteed income.
Liquidity Infrastructure: Apollo is investing in private asset trading infrastructure, including tokenization and pricing transparency, to broaden market access.
European Expansion: Apollo is scaling origination in Germany ($100B commitment) and the UK, where the PIC acquisition opens access to the pension ecosystem.
Apollo’s Q2 results highlight continued growth in fee-related earnings, perpetual capital, and origination activity. The firm’s scale across private credit and insurance channels, combined with stable investment performance, provides a foundation for long-term capital deployment. With meaningful dry powder and exposure to transformative themes such as AI infrastructure, UK retirement funding, and 401(k)-based income products, Apollo is positioning itself to be able to navigate evolving market conditions and pursue multi-decade growth opportunities.
Dakota is a financial, software, data and media company based in Philadelphia, PA. Dakota’s flagship product, Dakota Marketplace, is a database of LPs, GPs, Private Companies and Public Companies used by fundraising teams and deal sourcing teams to both raise money as well source investment opportunities. Over 1,300 global investment firms use Dakota daily.
For more information, book a demo of Dakota Marketplace!
