Apollo Global Management (NYSE:APO) hit $1 trillion in assets under management (AUM) at the end of the first quarter. CEO Marc Rowan noted that business trends remain highly favorable, but the business is dependent on the macro environment.
“The macro environment, notwithstanding the noise of what’s happening geopolitically, continues to be consistent with how we viewed the business over the past few years,” he said.
Fee-related earnings (FRE) hit a record $728 million, up 30% year-over-year, driven by quarterly fee related revenue and margin expansion.
Total AUM surpassed the trillion-dollar milestone, reaching $1.03 trillion, benefitting from record total inflows of $115 billion in the first quarter and $300 billion over the last twelve months, driving a 31% increase year-over-year.
Apollo is currently sitting with $74 billion in dry powder as of quarter end, including $55 billion of dry powder with future management fee potential, of which approximately 70% is in credit, the firm noted.
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