Apollo Global Management Investment Analysis: The Athene Flywheel

Описание: The source provides an extensive investment analysis of Apollo Global Management, LLC (APO), detailing its unique structure and growth strategy as a global alternative asset manager. The core of the firm's model is the "Athene Flywheel," which refers to the powerful, symbiotic relationship between its asset management business and its retirement services segment, Athene, which provides a massive, permanent pool of capital for Apollo to deploy. The analysis highlights Apollo's dominance in credit (Yield Strategy), which accounts for over 80% of its Assets Under Management (AUM), and documents its strategic expansion through numerous M&A deals to acquire proprietary origination platforms. Financially, the firm is transitioning from reliance on volatile performance fees to a stable dual-earnings engine powered by Fee-Related Earnings (FRE) and Spread-Related Earnings (SRE), though it faces risks related to market sensitivity and concentration in credit.