Apollo Global Management is sharpening its focus on Asia’s high-net-worth-individuals and retail investor base as it targets the region for long-term asset growth, according to a report by Bloomberg citing senior leadership.
Speaking at the Bloomberg Invest Asia conference in Hong Kong, Matthew Michelini, Head of Asia-Pacific at Apollo, highlighted structural opportunities in markets such as Australia and Japan, noting that the firm is working to deepen engagement with end investors across the region.
The New York-based alternative asset manager, which oversees $785bn in assets, is scaling up its presence in Asia. It plans a significant buildout in Japan over the next 12 months, on the back of its strong high-net-worth distribution platforms in Hong Kong and Singapore.
Key to Apollo’s regional strategy is tapping into Australia’s rapidly growing superannuation pool – projected to become the world’s second-largest pension system by 2030 – as well as unlocking Japan’s $7.4tn in household cash deposits.
From 2022 to 2024, Apollo raised $35bn across Asia, with Japan accounting for a sizable share. Much of that capital was sourced through its reinsurance business, where it partners with insurers to manage liabilities tied to life and annuity policies. These arrangements often involve shifting risk to insurance affiliates such as Athene, Apollo’s Bermuda-based platform.
Apollo is also leaning heavily into private credit, a strategy that has gained momentum amid global volatility and shifting capital flows. Michelini told Bloomberg TV that investor uncertainty around trade policy – particularly tariffs – has redirected allocations from the US to markets such as India and Australia.
“Before the tariffs they were going to invest a hundred dollars in the US. They are now doing $70 in the US, $30 somewhere else, most of that somewhere else is in Southeast Asia. It’s India, it’s Australia,” said Michelini, referencing recent conversations with institutions in Japan, South Korea, and Australia.
Apollo sees a 150 to 200 basis point premium for private credit in Asia compared to public debt markets, making the region an attractive destination for yield-seeking strategies. The firm is actively deploying capital in Australia and Southeast Asia at spreads comparable to those in the US and Europe.
Michelini also pointed to emerging opportunities to finance supply chain realignment and infrastructure development, noting that private credit can play a pivotal role in bridging long-duration funding gaps in jurisdictions like Australia and Japan.
