Apollo Global Management Inc. set a record in its lending business, a crucial pillar in the firm’s ambition to become one of Wall Street’s largest underwriters.
The New York firm generated a record figure of US$97 billion in the fourth quarter, totaling US$309 billion for the year, almost US$100 billion more than the previous year. The growth of this business also drove spread and commission income to record numbers for the year.
“We are at the forefront of building the next generation of financial services,” CEO Marc Rowan said in a statement announcing the firm’s fourth-quarter earnings on Monday.
Fee-related earnings rose 25% to $690 million in the fourth quarterbeating the average of analyst estimates compiled by Bloomberg.
Another beneficiary was the Capital Solutions division of Apollowhich provides loans through direct lending, asset-backed financing and opportunistic credit arrangements. Commissions generated by this division skyrocketed to a record $808 million in 2025, a 21% increase over the previous year.
The results also highlighted the broader challenges facing the private equity industry. The firm remains behind in returning capital to investors in its flagship private equity and hybrid funds, Apollo said in the statement, attributing this to the “dynamic exit environment.”
Even so, fees for performance increased to US$588 million, an increase of 30% compared to 2024.
Apollo raised $4 billion from its wealth management channels in the fourth quarter, amid the continued push by alternative asset managers to capture the untapped capital of high net worth and retail investors. This brings its assets under management for wealth management globally to around US$50 billion, moving closer to its target of US$150 billion by 2029.
date: 2026-02-09 12:54:00
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