Summary of Apollo Global Management Conference Call Company Overview - **Company**: Apollo Global Management (NYSE: APO) - **Date**: December 10, 2025 - **Context**: Discussion at Goldman Sachs Financial Services Conference Key Industry Insights Private Credit Market - **Current State**: The private credit market is experiencing uncertainty, but Apollo primarily operates in the investment-grade space, which is less affected by market jitters [2][3] - **Definition Issues**: There is confusion surrounding the term "private credit," which encompasses various asset classes. Apollo plans to clarify this with a definitive guide [3] - **Risk Assessment**: Private credit is viewed as a de-risking trade compared to equities, with lower default rates than high-yield bonds. Investors are reallocating funds from equities to private credit for better risk-adjusted returns [4][5] Origination as Growth Driver - **Origination Focus**: Apollo emphasizes origination as the core of its business model, differentiating itself from traditional asset managers who invest based on available capital [9][10] - **Current Performance**: The firm has achieved strong origination volumes, exceeding five-year targets within the first year, with stable spreads around 300 basis points over treasuries [7][10] - **Collaboration with Banks**: Apollo collaborates with banks to originate loans, focusing on long-dated, high-quality assets, which are in high demand due to a global industrial renaissance [12][13] Emerging Opportunities - **AI and Infrastructure**: The demand for capital in sectors like AI and infrastructure is unprecedented. Apollo is cautious about taking on renewal risks associated with these investments [14][15] - **Wealth Market Growth**: The wealth management sector is expected to grow significantly, with Apollo positioned to benefit from a flight to quality in credit products [24][25] Financial Performance and Strategy Fundraising and Client Base - **Diverse Client Demand**: Apollo's client base has expanded beyond traditional institutional investors to include retail and insurance companies, indicating a growing acceptance of private assets [18][19] - **Future Fundraising**: The firm anticipates that fundraising will be driven by its ability to originate quality assets rather than merely raising capital [20][22] Hybrid and Private Equity - **Hybrid Business Growth**: Apollo's hybrid business is expected to be its fastest-growing segment, offering attractive risk-reward profiles [41][42] - **Private Equity Outlook**: While private equity remains a strong asset class, it is not viewed as a growth business. Apollo plans to raise over $20 billion in its next vintage [40][43] Athene and Insurance Strategy - **Athene's Role**: Athene is seen as a strategic asset for Apollo, allowing the firm to earn higher fees on originated assets. The focus is on achieving mid-double-digit returns [46][48] - **Market Positioning**: Apollo aims to leverage Athene to support guaranteed income products for retirees while capitalizing on the demand for investment-grade assets [50] Conclusion - Apollo Global Management is well-positioned for growth in the evolving financial landscape, with a strong focus on origination, a diverse client base, and strategic investments in private credit and hybrid assets. The firm is navigating market challenges while capitalizing on emerging opportunities in sectors like AI and infrastructure.

Fundraising Activities - SoftBank is returning to the overseas bond market for the second time this year [1] - The fundraising push is aggressive and focused on AI [1]

Fundraising Initiative - Ripple Labs 正在牵头一项至少 10 亿美元（$1 billion）的融资计划 [1] - 资金将通过 SPAC（特殊目的收购公司）筹集 [1] - Ripple 将贡献一部分自己的 XRP 到资金池 [1] Digital Asset Treasury - 目标是建立一个新的数字资产资金池，用于积累 XRP [1]

Fundraising and Partnerships - OpenAI CEO Sam Altman is engaged in a global fundraising campaign [1] - The company is also seeking manufacturing partners to address its significant need for computing capacity [1] Computing Capacity Demand - OpenAI faces an insatiable demand for computing capacity [1]

Fundraising Data & Insights - The industry possesses leading fundraising data [1] - The company provides superior dashboards and insights for fundraising [1]

Fundraising Plan - World Liberty Financial (WLFI), backed by the Trump family, plans to establish a publicly listed company [1] - The fundraising target is approximately $15 billion [1] Investment & Structure - The deal structure is still being finalized [1] - The firm has approached major investors in the technology and crypto sectors [1]

Political Fundraising & Messaging - Progressive Democrats' strong fundraising presents a challenge to party leaders [1] - The challenge lies in nudging the party's message closer to the political center [1]