Apollo Global Management reported record origination activity of $222bn (£177.8bn) last year and inflows of $152bn.
The alternative asset manager attracted $33bn of inflows during the fourth quarter alone, boosted by particularly strong activity among its credit-focused strategies and wealth products.
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Total assets under management rose by 15 per cent year-on-year to $751bn.
Strong growth in fees boosted Apollo’s bottom line. The firm reported adjusted net income of $1.36bn in the fourth quarter, beating analysts’ expectations. Adjusted net income for the full year came in at $4.57bn.
“Our fourth quarter results punctuate a very strong year of performance for Apollo,” said chief executive Marc Rowan.
“2024 highlights include record origination activity exceeding $220bn, inflows of more than $150bn, and assets under management surpassing $750bn. Entering 2025, our growth strategy is clear, our team is focused on execution, and we are playing to win.”
Apollo is aiming to manage $1tn of assets by 2026 and $1.5tn by 2029.
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David Hamilton, managing director of Moody’s asset management team, said that Apollo’s results highlight the firm’s strategic emphasis on the convergence of public and private capital markets.
“The record inflows and strong origination activity reflect broader trends in the industry, where the integration of public and private capital is driving innovation and expanding investor opportunities,” he added. “While the performance of private credit has, so far, been resilient, we’re looking at a challenging credit risk outlook for medium-sized, loan-financed companies through the end of this year, making solid underwriting and management critical for the continued healthy growth of the asset class.
“Moody’s capital markets research estimates that the leveraged loan default rate – 7.6 per cent as of the end of 2024 – is likely to remain near its current level through the end of 2025.”
Read more: Apollo: Private and public markets will continue to converge
