Global private investments firm Apollo Global Management has set its sights on doubling its assets under management to $1.5tn by 2029, positioning itself as a major player in global debt underwriting, according to a report by the Financial Times.
The report cites CEO Marc Rowan as unveiling the ambitious growth plan during the firm’s investor day presentation, signalling a strategic shift as companies increasingly turn to private capital for financing, rather than traditional bank loans.
According to Rowan, Apollo’s expansion marks the beginning of a new era in finance, although the firm regards itself as as a collaborator with, rather than a rival to, large banks. Apollo has already partnered with Citigroup and BNP Paribas and hinted at additional alliances in the near future.
“Apollo’s strategy is to provide the capital solutions that companies need in this evolving landscape,” Rowan said. “In every market, banks are being asked to do less, and investors are being asked to do more. We are just at the beginning of this trend.”
Having begun life as a private equity firm focused on leveraged buyouts, Apollo has grown into a major player in debt underwriting, with its growth having been fuelled by its insurance subsidiary, Athene, which provides a steady source of low-cost capital for its deals and is currently holding $33bn in capital reserves.
Apollo is now attracting large corporations such as Air France, Intel, and AB InBev, who are increasingly willing to turn to the firm for capital over established banks like JPMorgan Chase and Goldman Sachs. Apollo’s strategic focus includes making loans to sectors like utilities, data centres, and renewable infrastructure—industries that require specialised financing solutions.
The firm plans to originate $275bn in debt annually within five years, potentially making it one of the largest debt underwriters in the world. By comparison, JPMorgan was the top debt underwriter in 2023, handling $268b in corporate debt and securitisations, according to LSEG data.
Apollo’s shares climbed 5% following the announcement of its new targets, bringing its total return for the year to nearly 43%.
