Contractual recurring fee revenues due to a significant portion of assets under management (AUM) being locked in for multiyear periods Experienced investment and management teams who have significant side-by-side fund investments Long-term track record with good investment performance Significant ($104.6 billion as of March 31, 2018) amount of AUM in permanent capital vehicles Somewhat limited diversification outside of credit and private equity businesses compared to peers Low leverage with weighted debt to EBITDA below 1.5x (approximately 1.0x); however, higher compared to similarly rated peers The rating outlook on Apollo Global Management LLC (Apollo) is stable. S&P Global Ratings expects the company's fee-paying AUM (FPAUM) to grow significantly by 20% in 2018 and moderately by 8% in 2019 primarily driven by
