During its investor day, Apollo Global Management, a New York-based firm with $696 billion in AUM, laid out a new set of ambitious growth goals over the next five years, including growing its assets from the global wealth channel to $150 billion by 2029.
“Advisors and their clients now recognize that public markets alone will not allow them to achieve their long-term financial goals,” Stephanie Drescher, Apollo chief client and product development officer, said during her investor day presentation. “Private markets are a critical replacement to a portion of their public-facing income and equity allocations.”
Apollo began targeting the wealth channel in 2021. In the past three years, it has spent $1 billion to build its wealth business, including growing its internal wealth team to more than 100 staff members, increasing its annual pace of fundraising from the wealth channel globally to more than $10 billion, raising a cumulative $27 billion and developing 30 investment vehicles ranging from traditional drawdown structures to newer semi-liquid strategies.
By 2029, Apollo has set a goal of doubling the size of its internal wealth team, raising $30 billion annually from the wealth channel globally and achieving $150 billion in AUM for its wealth-centric products.
“We’ve spent the last three years building an incredibly strong foundation that we can now scale,” Drescher said. “We now have a global footprint of hundreds of firms that trust to partner with us as they build out their private markets exposure.”
During the presentation, Apollo did not shed any additional light on its recent proposal to jointly launch a private credit ETF with State Street, which is currently being reviewed by the SEC.
