Apollo Global Management (APO) reported record-breaking financial performance for Q4 2024, achieving fee-related earnings (FRE) of $554 million ($0.90 per share), spread-related earnings (SRE) of $841 million ($1.37 per share), and adjusted net income (ANI) of $1.4 billion ($2.22 per share). These results represent the highest quarterly levels in the company's history.

The company also achieved record annual metrics for 2024, including FRE of $2.1 billion (up 17% year-over-year), SRE of $3.2 billion, and ANI of $4.6 billion. Apollo's assets under management (AUM) reached a record $751 billion, with total inflows of $150 billion and origination volume exceeding $220 billion for the year.

Apollo's inclusion in the S&P 500 in December 2024 was highlighted as a significant milestone, reflecting the firm's remarkable growth and institutionalization since its NYSE listing in 2011, when its market cap was approximately $2 billion. By 2024, the market cap had grown to over $100 billion.

The company emphasized its strategic focus on long-term growth rather than short-term gains. Apollo aims to grow FRE at an average annual rate of 20% and SRE at 10% over the next five years. The firm is investing heavily in its business to capitalize on opportunities in areas such as infrastructure, retirement solutions, and private markets.

Apollo identified four major drivers of its business: the global industrial renaissance, retirement solutions, the growth of individual investors in private markets, and the convergence of public and private assets. These drivers are expected to significantly expand demand for private assets and fuel the company's growth.

In retirement services, Apollo's subsidiary Athene generated over $70 billion in organic inflows for 2024, with January 2025 alone contributing $9 billion. The company is focused on developing next-generation retirement products, including guaranteed lifetime income solutions, to better serve retirees.

Apollo's origination engine achieved record momentum in 2024, originating $222 billion in assets across its ecosystem, nearly double the volume of 2023. This included $95 billion from its 16 origination platforms, $90 billion from traditional core credit, and $25 billion from high-grade corporate solutions.

The company highlighted its partnerships with banks as a key strategy for growth. Apollo collaborates with banks to provide flexible financing solutions, often taking on long-dated and complex assets that banks are less suited to hold due to their short-term funding structures.

Apollo's wealth management business saw strong fundraising momentum in 2024, with $12 billion raised, up 50% year-over-year. The company plans to expand its product offerings and geographic reach, particularly in Europe, Korea, Japan, and Australia, while continuing to innovate in areas like tokenization and interval funds.

The firm is pursuing small-scale, strategic M&A to enhance its origination capabilities, as exemplified by its acquisition of Argo, an infrastructure manager with $6 billion in AUM. This acquisition adds 20+ experienced originators to Apollo's team and expands its capacity to originate across various asset classes.