Apollo Global Management Inc at Goldman Sachs U.S. Financial Services Conference Transcript

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

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Perhaps not surprisingly, my first question is probably going to be around private credit. And while I think you and many of your peers have addressed this at length really over the last couple of months, the market still continues to be a little jittery on this topic. So first, and I guess acknowledging that Apollo's activity is actually an investment-grade space for the most part, I'd still love your perspective on current state of private credit markets broadly. How are these headlines impacting LP appetite? And as part of that, maybe we can talk a little bit about the BOE and what the regulators are trying to do in sort of stress testing and how helpful might that be to the marketplace?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : So let's talk a little bit about that. So when you think about the growth opportunities for Apollo, and you made that point a bunch of times, we talked about it on the way in as well, origination. That's really the source of growth for the firm. So when you think about your recent trends, you've delivered really strong origination volumes for two quarters in a row with pretty stable spreads, I think, over 300 basis points over treasuries. You've effectively achieved your five-year targets in the first year on that front. Maybe you're talking about.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : I've heard that. I think I've written that probably as well. Maybe I haven't used that term exactly. But let's talk about what's driving the strength so far? And I guess, looking ahead, when you look at areas that you're most excited about, what does that sort of look like? And what are some of the more emerging capabilities on the origination side that you think will be contributors over time?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Can we double click into one of these areas, really financing the AI boom. And as you -- the way you and your -- many of your peers had described like this global infrastructure renaissance and that the demand for capital effectively has never been greater. At the same time, there are building concerns around valuation levels and the fact that maybe perhaps too much capital is starting to chase some of these opportunities. How are you navigating these dynamics? And I guess when you think about some of the bigger risks in the AI ecosystem, how would you frame that?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Let's talk about fundraising for a little bit. You guys obviously have been doing incredibly well on the origination side. That's driving really strong momentum on the fundraising as well. Embedded in your five-year targets, I think really continuation of that particularly when it comes to credit management fees. Maybe talk a little bit about sort of sources of demand that are driving this growth, particularly from third-party institutional investors? And how perhaps you've seen the mix of clients and products that they're looking for evolving over the last few years?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Yeah. That makes a lot of sense. Why don't we spend a couple of minutes on the channels, the wealth market being obviously one of the more important growth drivers for you guys and the industry broadly. Apollo is making great progress here running at about $20 billion on annual -- in terms of annual flows. EDF, your direct lending fund has probably been one of the bigger drivers of that. A couple of questions there. How have the media kind of barrage of headlines around direct lending, impacting financial adviser appetite for your product and direct lending products broadly? And how do you think that the sort of $20 billion pace of wealth flows will evolve over the next couple of years?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : You spoke a little bit about that on the last earnings call as well. So maybe we can drill down into the opportunity you're seeing with traditional managers. On the one end of the spectrum, I totally get it, right? Like this could enhance returns for a lot of the traditional products. There are limitations, most 40th [punk] can only own up to 15% of liquids, most will probably not go quite that high. How do you, I guess, envision the commercial model for something like this working? And how do you, I guess, expect that part of the market to develop?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Let's play this out a little further. So as the end market evolves the way you sort of envision it, and obviously, we've seen that already with individual investors, insurance companies, maybe traditional asset managers, what are your expectations in terms of private markets becoming more of a tradable asset? And what role do you see Apollo and perhaps some of your peers playing in that ecosystem? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 1:00PM, APO.N - Apollo Global Management Inc at Goldman Sachs U.S. Financial Services Conference

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Right. It's fascinating. All right. Let's pivot a little bit. Let's talk about the rest of your business, so private equity and hybrid. You guys have a really strong track record in private equity. You're going to be in the market raising your next vintage next year. Maybe talk to us a little LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 1:00PM, APO.N - Apollo Global Management Inc at Goldman Sachs U.S. Financial Services Conference bit about the LP appetite you hear in the market. Obviously, private equity as and asset class has been more challenged over the last couple of years. It's starting to get a little better. So curious your thoughts there. And then secondly, on hybrid, I believe back at the Investor Day, you talked about that being one of your fastest-growing businesses. How do you expect that business to evolve over the next few years?

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Great. Looking forward to seeing that.

Question: Alexander Blostein - Goldman Sachs Group Inc - Analyst : Okay. Let's let's spend a couple of minutes on Athene. You guys recently held a bit of a teach-in and really kind of outlining the growth prospects for the business for the next couple of years. So I wanted to double click on a couple of things you talked about. When it comes to originations with $85 million plus in volume targets in '26, embedded within that, and you talked about some of the new products, new structures, and really opportunities to evolve that marketplace, talk to us a little bit about what that looks like? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 10, 2025 / 1:00PM, APO.N - Apollo Global Management Inc at Goldman Sachs U.S. Financial Services Conference