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Apollo posts record $114bn quarter of origination

Private credit assets reached $870bn and direct origination returned 6.9% gross over 12 months.

$114BRecord third-quarter origination reported by Apollo

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At a glance

  1. Group assets under management reached $1.07 trillion at the end of September, up 18% year on year, after $53 billion of inflows in the quarter and $270 billion over 12 months.
  2. Advisors comparing Apollo's credit sleeves will see a 1.5-point gross return spread: direct origination returned 6.9% over the 12 months to Sept. 30, opportunistic credit 5.7% and asset-backed finance 5.4%.
  3. Apollo's release put hybrid value, an equity strategy, at 18% over the same 12 months, ahead of every credit sleeve.

Apollo Global Management originated a record $114 billion in the three months to Sept. 30, taking 12-month origination to $356 billion, the firm said in its third-quarter earnings release.

Group assets under management reached $1.07 trillion at the end of September, up 18% year on year, after $53 billion of inflows in the quarter and $270 billion over 12 months. Of the quarterly total, $35 billion came from asset management and about $19 billion from retirement services. Private credit assets grew to $870 billion from $723 billion a year earlier, the firm said. Alternative Credit Investor reported the figures.

Advisors comparing Apollo's credit sleeves will see a 1.5-point gross return spread: direct origination returned 6.9% over the 12 months to Sept. 30, opportunistic credit 5.7% and asset-backed finance 5.4%. The returns are gross of fees. State Street's private capital index put private debt at 7.07% over 12 months.

Apollo's release put hybrid value, an equity strategy, at 18% over the same 12 months, ahead of every credit sleeve. Rowan said record pipelines and momentum left the firm well placed for a strong close to 2026 and setup for 2027.

The origination figures came alongside a GAAP net loss of $1.1 billion, or $1.78 a share, which Apollo attributed to unrealised mark-to-market losses on investments at Athene as interest rates stayed elevated. Adjusted net income was $1.3 billion, or $2.07 a share.

Apollo started European Credit Company with €10 billion of lending capacity, as Private Wealth Daily previously reported.

The private debt index out-earned every Apollo credit sleeve

Gross return over 12 months to Sept. 30, %, before fees

  • State Street private debt index7.07%
  • Direct origination6.9%
  • Opportunistic credit5.7%
  • Asset-backed finance5.4%
Source: Apollo Q3 release; State Street private capital index
Show as table
ItemValue (%)
State Street private debt index7.07%
Direct origination6.9%
Opportunistic credit5.7%
Asset-backed finance5.4%

Reported by the Direct Lending desk from Alternative Credit Investor. Published . Corrections

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