Apollo Hits Record $751B AUM As Credit Business Soars, Earnings Recap

What's happening: Apollo Global Management reported Q4 2024 earnings showing significant expansion across its platform, with assets under management reaching an all-time high of $751 billion, driven largely by its credit business which now represents $616 billion of total AUM.

Why it matters:

• Scale has accelerated as Apollo's credit-focused strategy attracted $152 billion in inflows during 2024

• Earnings hit new records with Fee Related Earnings of $2.1 billion for the year, up 16.7%

• Model validation as Apollo's shift toward credit and retirement services continues paying off

By the numbers:

• Growth: Total AUM increased 15% year-over-year from $651 billion to $751 billion

• Origination: $222 billion in deals originated in 2024, with over half from credit platforms

• Returns: Credit strategies delivered strong performance with direct origination up 12.8% for the year

Key trends to watch:

• Credit expansion: Firm's pivot to credit continues gaining momentum with $616 billion in credit AUM

• Retail push: Global wealth channel raised record $12 billion as alternatives democratization accelerates

• Dry powder: $61 billion available for deployment, with 75% allocated to credit strategies

The wrap: Apollo's Q4 results validate its strategic transformation from traditional private equity into a credit and retirement services powerhouse. With record earnings, strong inflows, and significant dry powder, the firm appears well-positioned to capitalize on market opportunities in 2025, particularly in credit markets where it has established a dominant position.