Apollo Global Management Inc at Barclays Global Financial Services Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Benjamin Budish - Barclays Services Corp - Analyst : <_ALACRA_META_ABSTRACT>Exactly. Well, maybe just to kick it off at a high level, can you share your latest thoughts on the macro environment? How are you feeling about credit quality, origination, transacting activity going into the back half of the year?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Great. Let me dig into the business a little bit. So one of the big themes we've been hearing from you has been replacement, fixed income and equity, creating this tailwind for private markets to replace a portion of public assets within portfolio allocations. What are the signposts you're seeing? How are those opportunities being prioritized strategically?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Now we have a good story about that.

Question: Benjamin Budish - Barclays Services Corp - Analyst : Maybe talking about fixed income replacement specifically as well as ABF and hybrid capital solutions. Apollo has talked about these many times as sort of major opportunities. Maybe give us an update on these addressable markets? What are you hearing from traditional LPs? Regarding allocation shifts from fixed income to private IG?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Interesting. Maybe let's talk about origination a little bit. So with this replacement happening, origination of private assets has become an extremely important focus for Apollo. It's been trending very strong in the second quarter and generally run rating ahead of your 2029 target. Maybe just talk about what drove the outperformance this quarter, maybe despite the massive pickup in volatility. And how do you see the forward pipeline? You kind of alluded to this earlier, but how do you see the back half of the year shaking out.

Question: Benjamin Budish - Barclays Services Corp - Analyst : Got it. And maybe switching gears, talk about capital formation. Maybe starting off with respect to demand across your various different capital information pools, where are you seeing the most growth? Where are you investing the most time and resources?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Okay. Great. Maybe on the wealth side, as we think about replacement and capital formation we've seen a lot of these new public-private partnerships get announced. Apollo among others. How do you see this kind of convergence reshaping investor expectations around returns, liquidity? You have a couple of different products out there, the ETF, the public private fund with Lord Abbett. But how do you see expectations changing from that investor base?

Question: Benjamin Budish - Barclays Services Corp - Analyst : You mentioned distribution in terms of the public private. Maybe just for Apollo specifically, how would you describe the current distribution footprint. And in terms of priorities, is there more focus on distribution expansion or product creation to demand? And are there any kind of new initiatives here you think are worth highlighting?

Question: Benjamin Budish - Barclays Services Corp - Analyst : You mentioned retirement a few times. That's a good maybe segue into the DC 401(k) market, which is clearly opening -- in the process of opening up to alternatives. How do you see this playing out? And maybe talk about how you see Apollo is positioned to take advantage of this opportunity?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Maybe pivoting into your insurance business. Athene has built an impressive track record over the course of its 16-year history across many different environments. More recently, what we're hearing is a pickup in competition. No doubt, everyone wants to replicate your successful model. How do you think about competitive forces in the marketplace? Is this something we've heard about from you guys earlier in the year? What's the latest? How sustainable do you think this trend is? How intense is this competition?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Got it. Maybe in terms of volumes and flows, so your multiyear target at Athene calls for $85 billion on average through 2029. What are the levers to get there? It sounds like you're maybe cautiously optimistic that the PRT market could start to come back? How much are newer products like [Viola] and stable value expected to contribute?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Maybe switching gears a little bit just on the M&A side. So you recently closed your acquisition of Bridge Investment Group. Can you talk a little bit about this acquisition? What does it do for Apollo?

Question: Benjamin Budish - Barclays Services Corp - Analyst : You kind of answered what I was going to follow up on, which is to say that you've used M&A sparingly. It's not a huge portion of, I think, your capital allocation expectations for the next several years. But how do you think about opportunities to do more sort of tuck-ins like this? Does it kind of make sense to do more or kind of the opportunity?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Maybe moving to the traditional private equity side. You alluded to this earlier. Fund XI will be coming back to the market -- back to market soon. Maybe just sort of expected timing. I think you mentioned next year, how would you describe early indications of LP interest?

Question: Benjamin Budish - Barclays Services Corp - Analyst : Interesting. So how would you describe the interplay between Fund X, a lot of confidence there and the Fund XI raise. How do you feel that portfolio is positioned to realize in advance of the Fund XI raise? How important is that? And how do you feel the portfolio is positioned, given I know the state of today's IPO markets, which at least so far seems to favor fintech, crypto but maybe seems to be broadening more recently.

Question: Benjamin Budish - Barclays Services Corp - Analyst : Maybe just one final question on the asset management business. I remember your longer-term targets, I think the years where you have a major flagship, you're kind of expected to be above your medium-term FRE growth range, but you're sort of trending to the high end of that range right now. Maybe just unpack what's been going well. I expect you to update guidance for the year, but what sort of pushes things -- keeps it there maybe a little higher, a little lower as we go.

Question: Benjamin Budish - Barclays Services Corp - Analyst : So I'd love to ask you about the SRE outlook, but you do have an Athene investor update coming later at some point in the fall, I don't know if the date has been announced, but any preview you can share what to expect? I'm sure you're going to save any major news for that event, but how should we be thinking about what you're getting ready to talk about? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 09, 2025 / 1:45PM, APO.N - Apollo Global Management Inc at Barclays Global Financial Services Conference

Question: Benjamin Budish - Barclays Services Corp - Analyst : Great. We're nearly out of time. We'll leave it there. But Jim, thanks so much for being here. What a pleasure to have you.