Apollo Global Management is a global alternative asset manager with a tightly integrated retirement services business. Apollo operates two core businesses: asset management and retirement services (via its wholly owned subsidiary Athene). The asset management business manages roughly $938B in total AUM, with about 80% in credit strategies—including direct origination of investment-grade and below-investment-grade assets, asset-backed finance, and opportunistic credit—and the remainder in private equity, real estate, infrastructure, and hybrid strategies. Apollo argues its core differentiator is direct asset origination rather than buying in public markets, which it claims generates 200–250 bps of excess spread over comparable public benchmarks. Athene is one of the largest U.S. annuity issuers, collecting premiums through fixed rate annuities, fixed indexed annuities, pension group annuities, and funding agreements, then investing the proceeds in Apollo-originated assets. The two businesses are interdependent: Athene provides a large, long-duration capital base that Apollo deploys through its origination platform, while Apollo's origination gives Athene access to higher-yielding assets unavailable in public markets. Apollo earns fee-related earnings from management and capital solutions fees on its asset management AUM, and spread-related earnings from Athene's net investment spread. Apollo's growth strategy focuses on expanding beyond institutional investors into the wealth channel, third-party insurance mandates, traditional asset managers, and defined contribution plans.