(HedgeCo.Net) Apollo Global Management is leaning into its dual identity as both an alternative investment powerhouse and a retirement solutions platform—even as it confronts fresh scrutiny over its role in credit markets.
In early November, Apollo reported third-quarter 2025 results that highlighted steady fee growth and robust earnings. The firm declared a $0.51 per-share dividend for Q3, supported by management and performance fees from its private equity, credit and real-assets franchises.Apollo Apollo’s investor-relations schedule underscores the importance of its retirement services business, with a dedicated 2025 update emphasizing the scale of insurance and annuity capital now managed by the firm.Apollo Global Management, Inc.
Apollo’s strategy hinges on pairing permanent capital from insurance balance sheets with its origination and private credit platforms. That approach has enabled the firm to finance large, long-duration assets, from corporate lending to infrastructure. A recent example: Apollo agreed to provide about €3.2 billion in funding as part of a joint venture with German utility RWE to hold a 25.1% stake in Amprion, one of Germany’s major power grid operators—capital that will support upgrades crucial to the energy transition.Reuters
The firm is also active on the thought-leadership front. Through Apollo Academy and “The Daily Spark” notes from chief economist Torsten Slok, Apollo has been publishing daily insights on topics ranging from global trade realignment to capital-goods flows between Europe and China, reinforcing its brand as a macro-aware investor.Apollo Academy
Yet Apollo’s growing scale in credit has also attracted legal and regulatory attention. In late November, an antitrust lawsuit filed by Optimum Communications (formerly Altice USA) accused a group of large asset managers—including Apollo, Ares, BlackRock, PGIM and others—of forming an “illegal cartel” in the U.S. credit market, allegedly coordinating to restrict the company’s access to financing and debt repurchases.Wall Street Journal The defendants have not yet publicly detailed their responses, but the case taps into broader concerns about concentration in private credit and the bargaining power of large lender groups.
From a strategic lens, Apollo is betting that its model—retirement services plus alternatives—will benefit from policy changes that channel more savings toward private markets, including the recent executive order enabling more alternative assets in 401(k) plans.New York Post As more insurers and plan sponsors seek higher-yielding assets, Apollo’s origination and structuring capabilities could become even more central.
For investors and policymakers, the Apollo story illustrates the trade-offs of scale in alternatives. On one hand, large managers can mobilize billions for infrastructure, energy transition and corporate finance at a time when banks are retrenching. On the other, their influence raises questions about competition, transparency and systemic risk—questions that 2025’s lawsuits and regulatory debates are bringing into sharper focus.