Michael Burry is warning about a market collision: rising oil prices, an artificial intelligence debt binge and mounting pressure in long-duration Treasuries.
"Watch the long bonds," Burry wrote on X Thursday. He cited AI’s "debt explosion," rising inflation volatility, a shaky Treasury basis trade and oil returning near $100. He concluded: "Not sure how much longer PE and PC can hold their breath," apparently referring to private equity and private credit markets.
Private equity and private credit, sectors that flourished when borrowing costs were low, could be particularly vulnerable to a sharp increase in inflation and interest rates. Higher bond-market yields could expose weak underwriting and debt structured for cheaper money.
Stubbornly High Yields Echo 2007The chart shared by Burry shows the 30-year Treasury yield has traded above 5% for 27 days in 2026. That compares with six days in 2025 and seven in 2023. The last comparable stretch came in 2007, in the run-up to the global financial crisis, when the yield spent 50 days above that threshold.
The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) offers a liquid proxy for long-duration government bonds and generally falls when long-term yields rise.
AI spending adds another strain. Technology companies are tapping debt markets to finance data centers, chips, power and cooling. That issuance competes with heavy Treasury supply.
Oracle Corp. (NYSE:ORCL), a cloud and data-center spender, offers an equity-market gauge of the debt-funded AI buildout. Its financing shows the AI race is spilling into credit markets.
Bloomberg columnist Simon White argued that debt-fueled AI investment has driven long-term borrowing costs toward levels unseen since the financial crisis. A 5% risk-free rate could challenge projects dependent on distant, uncertain cash flows.
The Dangers of $100 OilBurry also flagged the Treasury basis trade, a leveraged strategy exploiting small pricing gaps between cash Treasuries and futures. Sudden volatility or tighter financing can force rapid deleveraging, amplifying moves in the Treasury market.
His message is less a precise crash call than a map of interconnected stress. Elevated oil and rising long yields could squeeze private-market borrowers as AI financing absorbs more capital.
For investors, the 30-year yield may rival the next AI earnings beat. Burry suggests bonds could determine how long the rally lasts.
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Apollo Global Management's (APO +1.58%) stock price is down about 15% in recent weeks. The decline is mainly tied to the annual reconstitution of the Russell indexes. Apollo, an alternative asset manager, was removed from the Russell 1000 Growth Index following the latest reconstitution, which took effect on June 26.
In the algorithms that Russell uses to reconstitute its various indexes, Apollo no longer exhibited the traits of a growth stock. Instead, it was deemed a value stock and was moved into the Russell 1000 Value Index.
Right after the rebalancing took effect, Apolloʻs stock price dropped sharply and is now trading at roughly $120 per share, off 18% year to date. But is this an opportunity to buy low on this growth-turned-value stock?
Image source: Getty Images.
Growth to value A big reason Apollo stock dropped is that it got kicked out of two massive growth exchange-traded funds (ETFs) -- the $127 billion iShares Russell 1000 Growth ETF (IWF +0.28%) and the $44 billion Vanguard Russell 1000 Growth ETF (VONG +0.26%). Losing invested capital from these sizeable funds, literally overnight, can leave a big dent in the stock price.
It did get added to two value ETFs -- the $81 billion iShares Russell 1000 Value ETF (IWD +0.37%) and the $20 billion Vanguard Russell 1000 Value ETF (VONV +0.47%). But combined, these two ETFs have almost $75 billion less in assets to invest than the two growth ETFs.
That aside, Apollo Global still has strong fundamentals, and this rebalancing could present an excellent buying opportunity.
Showtime for Apollo? Apollo stock looks like a good buy right now, with some momentum following a strong first quarter. As an alternative asset manager, it invests in private equity, private debt, and other alternative investments. These assets tend to have a low correlation to stocks, often performing well when stocks don't -- like they did in the first quarter.
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In Q1, Apollo had record fee-related income of $728 million, up 30% year over year, while adjusted net income rose 8% to $1.2 billion. Wall Street analysts project 21% revenue growth in 2026 and 14% growth in 2027. Earnings are expected to rise 6% this year and another 20% in 2027.
One concern that contributed to the sell-off was a June 22 Securities and Exchange Commission (SEC) filing that said Apollo was capping redemptions at 5%. This was most likely due to high redemption requests to its flagship fund, Apollo Debt Solutions, totalling 16.8% of the fund. This was sparked by heightened concerns among investors about problems in the private credit market. It's the second quarter in a row that they've put redemption caps in place. While private credit has been resilient, it is something to watch.
Apollo is a good value on a forward earnings basis Apollo's price-to-earnings (P/E) ratio is high, but that's because it took GAAP (generally accepted accounting principles) losses last quarter due to a high one-time offshore tax-related expense. But on a forward earnings basis, it is relatively cheap, trading at 13 times forward earnings.
Some 73% of Wall Street analysts rate it as a buy, with a median price target of $150 per share. That would suggest 25% upside.
I think reconstitution will benefit investors, as they can now get this value stock at a discount.
Announces Additional Executive Leadership Team Appointments
NEW YORK, July 14, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have completed the acquisitions of Emerald Holding, Inc. (NYSE: EEX) (“Emerald”) and Questex, LLC (“Questex”). The transaction brings together two highly complementary businesses to create a leading B2B experiential events and media platform with enhanced scale, expanded capabilities, and a strong foundation for growth.
As previously announced, Paul Miller has assumed the role of Chief Executive Officer of the combined company, and Hervé Sedky has transitioned to the role of senior advisor to the combined company. In addition, the combined company has made the following appointments to the executive leadership team:
Vince DiMaggio, named as Chief Financial Officer;Issa Jouaneh, named as Chief Operating Officer;Kate Spellman, named as Chief Commercial Officer;Kurt Nelson, named as Chief Talent Officer; andSara Altschul, named as Chief Legal Officer and Company Secretary.
The two companies will be fully integrated over the coming months.
“This transaction combines two market leaders with iconic brands, deep customer relationships, and differentiated capabilities, to create a scaled platform positioned to accelerate organic growth, invest in innovation, and deliver even greater value for customers, employees and other stakeholders,” said Shahid Bosan, Managing Director at Apollo. “We look forward to supporting and working closely with the leadership team as they build a leading B2B events and media business.”
“Today marks an exciting milestone as we embark on a new chapter as one company,” said Mr. Miller. “By bringing together the best of Emerald and Questex, we are creating a stronger, differentiated platform with the scale, offerings, and talent to better serve our customers and partners. With Apollo’s support and a strong leadership team in place, we are well-positioned to execute against our strategy, expand our portfolio, and capitalize on the significant opportunities ahead.”
With the completion of the acquisition, Emerald’s common stock has ceased trading and will no longer be listed on the New York Stock Exchange. Emerald stockholders are receiving $5.03 per share in cash.
Advisors
Goldman Sachs & Co. LLC acted as the exclusive financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Emerald. Gibson, Dunn & Crutcher LLP acted as legal counsel to Questex. RBC Capital Markets and RAN Advisory acted as lead financial advisors and PJT Partners acted as financial advisor to the Apollo Funds. Akin Gump Strauss Hauer & Feld LLP acted as legal counsel to the Apollo Funds.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
About Emerald
Emerald Holding, Inc. is a leading U.S.-based B2B event organizer, empowering businesses year-round by expanding meaningful connections, developing influential content, and delivering powerful commerce-driven solutions. As the owner and operator of a curated portfolio of B2B events spanning trade shows, conferences, B2C showcases and a scaled Executive Peer Network platform. Emerald also delivers dynamic solutions across leading industries through its robust content and e-commerce marketplace. Emerald is a trusted partner for its thousands of customers, predominantly small and medium-sized businesses, playing a pivotal role in driving ongoing commerce through streamlined buying, selling, and networking opportunities. Powered by an experienced, talented and deeply engaged team, Emerald is fostering impactful engagement and delivering unparalleled market access with a commitment to driving business growth 365 days a year. For more: http://www.emeraldx.com.
About Questex
Questex fuels exceptional business connections—where every buyer and seller interaction matters. Through live events enriched with data insights and active year-round digital communities, we deliver measurable results. It happens here.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking information may be identified by such terms as “believes”, “expects”, “will”, “may”, and other similar expressions. These statements are based on the current expectations as of the date hereof, and although they are believed to be reasonable, they are inherently uncertain and not guaranteed. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and other factors outside of Emerald’s control that may cause its business, industry, strategy, and financing activities to differ materially. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Emerald’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings for a discussion of factors that may affect Emerald’s business performance. Emerald undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise
European budget aviation has spent the better part of the year navigating heavy turbulence. Rising jet fuel costs and geopolitical route disruptions have battered public valuations, pushing market sentiment toward distress levels.
Alternative asset managers see a severe dislocation between public equity pricing and actual free cash flow generation. The recent £5.7 billion (approx. $7.7 billion) cash offer from Apollo Global Management NYSE: APO for easyJet OTCMKTS: EJTTF highlights the rapid deployment of dry powder into hard-transport assets.
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Catching Falling Knives at 30,000 FeetWhen public markets apply steep discounts across entire sectors amid macroeconomic fears, private equity often steps in to fill the valuation gap.
Apollo Global Management Today
APO
Apollo Global Management
$120.58 +1.75 (+1.47%)
As of 10:48 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$99.56▼
$157.28Dividend Yield1.87%
P/E Ratio76.61
Price Target$149.50
The Apollo Global Management bid fundamentally shifts how investors should view the current pricing of European low-cost carriers.
This acquisition attempt proves that strategic buyers are perfectly willing to catch falling knives when the underlying business model remains sound.
Prior to this buyout premium, public markets heavily discounted easyJet. The airline traded at remarkably low price-to-sales and price-to-book ratios of 0.51 and 1.46, respectively.
Investors assessed the geopolitical challenges affecting European airspace and saw systemic risk, while private equity examined the same balance sheet and identified highly resilient, deeply discounted cash flows.
Altitude Adjustment: The 46% easyJet RallyWhen Apollo Global Management superseded a competing bid from Castlelake, the move forced an immediate repricing event. Shares of easyJet rallied aggressively from a $6 base, gaining over 46% in 30 days to reach $8.81. This bidding war confirms that institutional capital views current aviation headwinds as cyclical pricing inefficiencies rather than terminal business declines. Apollo Global Management deploying billions in cash proves that the underlying demand for budget travel remains intact even when operating margins face temporary compression.
Upgrading the Itinerary: Expanding Profit MarginsAcquiring an airline in a high-fuel-cost environment requires a specific operational roadmap. Apollo Global Management is not stepping in to execute standard cost-cutting measures. The management team intends to scale the package holiday division of easyJet, which offers higher profit margins and better revenue predictability than standalone flight bookings.
Apollo Global Management plans to expand ancillary revenues. Services such as seat selection, checked baggage, and in-flight catering have completely transformed the fundamental economics of low-cost carriers over the past decade.
By upgauging the easyJet Airbus fleet and maximizing aircraft utilization on popular routes, private equity operators can extract significant margin expansion. This multi-layered approach to revenue generation acts as a natural hedge against volatile energy markets, ensuring the operations generate cash regardless of broader economic friction.
Ground Stop: The August 7 Compliance DeadlineA hard valuation floor sounds robust on paper, but executing a transnational buyout carries substantial friction. Under European Union acquisition protocols, Apollo Global Management has until August 7, 2026, to execute a legally binding offer or walk away from the table. Currently, the £7.15 (approx. $9.68) per share proposal remains an agreement in principle.
Non-EU entities acquiring controlling stakes in EU-based airlines historically face severe regulatory scrutiny. Strict foreign ownership and control limits dictate that EU airlines must be majority-owned and effectively controlled by EU nationals to retain operating licenses. Apollo Global Management will likely have to navigate heavy compliance restructuring to finalize the deal without compromising the established route network.
To mitigate the risk of forced divestment upon delisting, the prospective buyers plan to preserve the existing brand license agreement. The proposed deal structure would allow easyJet founder Stelios Haji-Ioannou, who holds a stake exceeding 15%, to remain invested. This strategic structuring demonstrates how carefully Apollo Global Management must tread to satisfy both shareholders and international regulators.
Cleared for Expansion: Apollo's Upside PotentialInvestors monitoring the acquiring side of this transaction should weigh the internal mechanics of Apollo Global Management. Shares of the company have declined roughly 18% year to date, currently trading near $118. A capital outlay of this magnitude introduces near-term execution risk, prompting noticeable insider selling among key executives leading up to the bid.
Apollo Global Management Inc. (APO) Price Chart for Tuesday, July, 14, 2026
Analysts maintain a moderate buy consensus on Apollo Global Management, with a $149.50 price target that implies over 25% upside. The investment manager sports a trailing price-to-earnings ratio near 75, but a forward price-to-earnings ratio of 14 suggests that Wall Street anticipates significant earnings growth. The market will closely evaluate how this specific airline acquisition might impact near-term liquidity and dividend strength before those operational improvements materialize.
Final Call: Will Private Capital Save Budget Travel?When a company gets acquired at a premium, it establishes a comparative baseline for its entire industry. Regional ultra-low-cost carriers and low-cost carriers are now trading in the shadow of this new multiple. Institutional models will leverage this transaction print to adjust enterprise value-to-EBITDA ratios across the board.
Ryanair Today
$64.30 +0.39 (+0.61%)
As of 10:48 AM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$53.14▼
$74.24Dividend Yield1.10%
P/E Ratio13.67
Price Target$78.33
Competitors like Ryanair NASDAQ: RYAAY and Wizz Air OTCMKTS: WZZZY operate with distinct balance sheets but share the same geopolitical airspace and fuel constraints. Ryanair maintains a structurally superior margin profile, while Wizz Air has navigated similar routing disruptions. Because the easyJet premium re-anchors sector multiples, these non-dividend-paying peers reliant strictly on capital appreciation become prime candidates for institutional re-rating.
Competitors facing similar macroeconomic pressures are underpriced relative to the newly established private-market valuation. Retail and institutional traders often scan the remaining independent carriers for deep-value entry points, creating sympathetic pricing action. The $7.7 billion buyout figure acts as a hard valuation floor, signaling that private capital is ready to step in if public equity markets continue to undervalue transport networks.
Investors may want to add European budget carriers to their watchlists to monitor for multiple expansions as the August 7 deadline approaches. Cautious traders might prefer to wait for clear regulatory approval on the easyJet acquisition before increasing exposure to the broader regional airline space.
Should You Invest $1,000 in Apollo Global Management Right Now?Before you consider Apollo Global Management, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Apollo Global Management wasn't on the list.
While Apollo Global Management currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
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Private credit sounds fancy, but it really isn't. Essentially, private credit businesses invest in the equity and debt of non-traded businesses. It's roughly similar to what happens in the public stock and bond markets, just without the liquidity that public markets offer. That said, there are material risks for investors to consider before making a private credit investment.
That's going to be increasingly important because private credit investments are likely heading to a 401(k) near you. Here's what to think about before investing in private credit, and a way to profit from the increased availability that doesn't require you to buy a private credit fund. (Hint: Blackstone (BX +0.68%), Apollo Global Management (APO +0.42%), and KKR (KKR +0.70%) all manage private equity investments.)
Image source: Getty Images.
Are higher potential returns worth the very real increase in risk? Private credit invests in businesses that, for whatever reason, are not seeking funding in the public market. Often, the reason is that the company is too small or not profitable enough to tap the capital markets. Investing in early stage companies can offer higher long-term returns. But not every early stage company becomes a winner, and many fall by the wayside.
One particularly troubling issue to consider is the lack of liquidity in private credit markets. When a business is troubled, there may be nobody willing to buy its securities. Those who have invested in it simply end up with nothing. Moreover, during recessions and periods of rising interest rates, some private credit investments can struggle to cover interest payments.
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Those are just some of the reasons why private credit has long been the purview of high-net-worth investors and institutions. Small investors who can't afford to risk their capital should think twice before making private credit investments, even if they are available in a 401(k). But many investors are likely to do so, anyway, noting that the 401(k) market is home to $14 trillion in assets, by some estimates. That will have a huge impact on companies that manage private credit funds.
Three options to consider in private credit Three ways to invest in the private credit space without actually investing in a private credit fund are Blackstone, Apollo Global Management, and KKR. Each of these companies manages money on behalf of others, generating investment fees, with a material portion of their businesses devoted to private credit.
Blackstone is particularly well-positioned because of its long and successful history in private credit. The company's non-investment-grade strategies have returned 9.4% on an annualized basis through multiple credit cycles over the past 20 years. As of the first quarter of 2026, institutional investors and insurance companies accounted for 75% of Blackstone's private credit business, providing a strong foundation for growth as it opens up the platform to other investors. The company boasts over 90 investment strategies, ranging from non-investment-grade to investment-grade, enabling it to offer products that will appeal to a broad range of customers. At the end of the first quarter, the company had $1.3 trillion in assets under management.
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Apollo is another well-respected company in the private credit space. The company's asset management operation is complemented by its retirement services business (Athene), which sells products such as annuities. The company's retirement services business typically focuses on investment-grade assets. That provides a strong foundation for the business as it looks to expand into the 401(k) market, with annuity products potentially helping build trust in the more aggressive investment options it offers. At the end of the first quarter, Apollo had just over $1 trillion in assets under management. Notably, Apollo has been working to increase the transparency of the private credit sector. That, too, should help build trust not just for Apollo, but for the entire industry as it enters a potential new growth phase.
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KKR is smaller than Blackstone and Apollo, with roughly $760 billion in assets under management at the end of the first quarter. Like Apollo, KKR has an insurance and retirement business (Global Atlantic), which provides a solid foundation and an opportunity to build customer relationships. The company's investments are roughly evenly split between private equity, real estate, and private credit, diversification that could help smooth out its financial results over time. Notably, while the media has been filled with concerns around private credit, KKR's inflows doubled quarter over quarter in the first quarter. That suggests that investors are, indeed, looking to well-respected companies with long histories in the private capital markets as they invest in the space.
An alternative to a private credit investment in your 401(k) For many, adding private credit to a 401(k) account may be a step beyond the comfort zone. That's not unreasonable. However, that doesn't mean you can't invest in the private credit sector's growth opportunity within the 401(k) market. Companies like Blackstone, Apollo, and KKR are strong options. Given their already large businesses and stature in the private credit market, now, before the 401(k) market cracks open, could be the time for a deep dive.
SummaryApollo Global Management is analyzed alongside peers KKR, ARES, and BX, focusing on their Q1 2024 10-Q filings.Key topics include fee-related earnings, fundraising momentum, and the impact of market conditions on alternative asset managers’ performance.APO demonstrates strong capital deployment and resilient fee streams, supporting a constructive outlook for the stock.Valuation, balance sheet strength, and forward fundraising visibility are highlighted as critical drivers for investment decisions in the sector. FabrikaCr/iStock via Getty Images
Investment Thesis Apollo Global Management, Inc. (APO) is undervalued when considering fundamental valuation metrics based on adjusted earnings and spread-related earnings (SRE) relative to peers. Due to market fears of private credit's software exposure amid AI disruption, private equity and credit stocks have
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Analyst’s Disclosure: I/we have a beneficial long position in the shares of APO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
I have held a long position in Apollo Global Management common stock throughout 2025 and 2026. I have not actively traded Apollo securities during 2026, nor have I traded the securities of competitors discussed in this article during that period. All opinions expressed are my own and are based solely on publicly available information, including the sources cited in the article. I have not relied on any material non-public information in preparing this analysis. I have no business relationship with Apollo Global Management or any company mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Britský nízkonákladový letecký dopravce EasyJet obdržel novou nabídku na převzetí od investiční skupiny Apollo Global Management ve výši 715 pencí za akcii. Tato nabídka překonává konkurenční návrh společnosti Castlelake, což podle agentury Bloomberg přináší nečekaný zvrat v celém akvizičním procesu a otevírá prostor pro možnou akviziční bitvu mezi těmito dvěma americkými investičními fondy.
Vzhledem k tomu, že nabídka fondu Apollo v hodnotě 5,7 mld. GBP (7,6 mld. USD) je výhodnější než návrh Castlelake ve výši 5,5 mld. GBP, EasyJet již nemá v úmyslu doporučit původní návrh Castlelake, uvádí aerolinka v pátečním prohlášení. Finanční podmínky navrhované hotovostní nabídky od Apolla jsou naopak na úrovni, kterou by představenstvo akcionářům EasyJetu doporučilo.
Náhlý vstup společnosti Apollo do vyjednávání následuje po několika kolech rozhovorů z uplynulého měsíce mezi EasyJetem a fondem Castlelake, který svou nabídku neustále navyšoval, aby udržel jednání v chodu. Castlelake potřeboval pět pokusů a nabídku 690 pencí za akcii, aby přesvědčil EasyJet ke zpřístupnění účetních knih. Castlelake tak nyní podle Bloombergu musí zvážit, zda dokáže přijít s ještě vyšší částkou a Apollo přeplatit.
Společnosti Castlelake a EasyJet prodloužily formální lhůtu pro předložení závazné nabídky (tzv. „put up or shut up“ deadline) do 3. srpna.
Akcie EasyJet Akcie EasyJet (EZJ) dnes na londýnské burze rostou o 14,60 % na 674,05 GBX. Akcie se obchodují rovněž na frankfurtské burze pod tickerem EJT1, kde posilují o 13,15 % na 7,88 EUR.
Direct lending by U.S. private credit firms fell sharply in the second quarter even as fund-raising by such firms rebounded, underscoring the deviation between capital raised for the asset class and the deal flow to absorb it.
Former Apollo Global Management CEO Leon Black in prepared testimony for a House committee on Friday said notorious sex offender Jeffrey Epstein duped him out of more than $60 million in financial management fees.
Black also said that he was misled by Epstein's Jekyll-and-Hyde personality in a prepared opening statement, which was shared with CNBC.
Black is set to be interviewed later Friday morning by the House Oversight and Government Reform Committee, which has been investigating Epstein's ties to many wealthy and influential individuals.
"I come here today voluntarily to set the record straight about my relationship with Jeffrey Epstein and, in particular, why I paid him the money I did," Black says in his prepared statement.
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Private credit was supposed to be the safe, sleepy corner of finance where pension money quietly clipped coupons. That story is fraying. Morgan Stanley (NYSE:MS | MS Price Prediction) just capped investor withdrawals at 5% from its $7 billion private credit fund, and Apollo Global Management (NYSE:APO) is again limiting redemptions from its largest non-traded retail private credit fund.
Withdrawal requests across the $1.8 trillion private credit market have spiked this quarter, and on Bloomberg Businessweek, Len Tannenbaum, the founder of Tannenbaum Capital Group who built Fifth Street Capital to roughly $5 billion before selling it to Oaktree in 2017, says the redemption gates are just the beginning.
Why Tannenbaum thinks the stress is structural Tannenbaum’s argument is that the cracks showing up at Morgan Stanley and Apollo are the predictable result of how the asset class scaled. A wave of direct loans was originated in the 2021 and 2022 zero-rate era, underwritten without accounting for the rate hikes that followed. Those borrowers now have to refinance into a very different curve. As of June 24, 2026, the five-year Treasury yields 4.15% and the 10-year sits at 4.38%, with the 30-year at 4.85%. Layer a private credit spread on top of that, and a software company that borrowed at maybe 7% all-in now faces a refinancing closer to double digits.
What happens when the math no longer works? According to Tannenbaum, the loan gets quietly restructured. Troubled software loans are being converted into PIK securities, meaning the borrower pays interest with more debt rather than cash.
Non-accruals are creeping up. The headline NAV barely budges because the manager remarks the loan at a small discount and keeps moving. The redemption queue at the retail vehicles is what forces the issue out into daylight.
The marks problem Tannenbaum is blunt about the marks. BDC and non-traded fund managers are carrying private loans at marks between 70 and 90 cents on the dollar, and he doubts those marks would survive a real bid. He borrowed a line from Goldman Sachs to make the point. “If you really want to find a price, sell 10% and I’ll tell you what the price is.” The scale of the disclosure gap is visible in BDC quarterly filings such as Apollo’s 10-Q filings with the SEC, where Level 3 fair-value inputs dominate the loan book.
The industry’s own outlooks tiptoe around the same anxiety. Goldman frames recent blowups at First Brands, Tricolor, and Cantor Group as “isolated, idiosyncratic occurrences, not indicators of rising systemic credit risk”, while still flagging that US banks carry roughly $360 billion of private equity and private credit loans, about 11% of their total loans.
JPMorgan’s 2026 view echoes that the September defaults “appear to be isolated to issuer-specific concerns and the auto sector rather than signaling broader systemic risks” while quietly conceding that “pockets of risk may exist” as spreads have compressed. Tannenbaum’s read is that the pockets are bigger than the brochures suggest, and a canary in the coal mine is coming.
The contrarian trade he’s actually making The warning has a twist. Tannenbaum is leaning further in. He is launching a new BDC focused on lower-middle-market deals with $5 to $25 million of EBITDA, the slice of the market the mega-funds find too small to bother with. His pitch is that the next two years are “a great vintage” precisely because the legacy book is impaired. Spreads widen when capital gets scared. Covenants tighten when borrowers run out of lenders. New money written today, on tougher terms, against companies that have already survived the rate reset, looks structurally different from a 2021 unitranche.
That is the trade hidden inside the warning. The same conditions choking off redemptions at Morgan Stanley and Apollo, the refinancing wall, the suspect marks, the PIK creep, are what make new capital powerful. The Goldman 2026 outlook makes a similar point in softer language, calling for “rigorous underwriting and surveillance in private credit” as the price of staying in the game. For investors watching the gated funds and wondering what to do, the question is whether you trust the marks on what you already own. Tannenbaum’s answer, expensive as it sounds, is to find out by trying to sell some.
LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay Wolke & Rotter LLP, a leading national shareholder rights law firm, today announced that it is investigating potential claims against the board of directors of Apollo Global Management, Inc. ("Apollo" or the "Company") (NYSE: APO) concerning whether the board breached its fiduciary duties to shareholders.
IF YOU ARE AN APOLLO GLOBAL MANAGEMENT, INC. (APO) SHAREHOLDER, CLICK HERE TO PARTICIPATE.
What Is The Investigation About?
On February 1, 2026, The Financial Times published an article titled “Apollo chief Marc Rowan consulted Epstein on firm’s tax affairs.” The article stated that files released by the U.S. Department of Justice showed that “Epstein requested and received internal Apollo financial documents and emailed, met and called some of the firm’s most senior decision makers on sensitive matters.”
On this news, Apollo’s stock price fell $7.89, or 5.7%, over two consecutive trading days, to close at $126.85 per share on February 3, 2026.
Then, on February 17, 2026, The Financial Times published an article titled, “SEC urged to investigate Apollo over Epstein ties.” The article reported that the American Federation of Teachers and the American Association of University Professors “told the SEC’s enforcement director Margaret Ryan in a letter on Tuesday that they believed Apollo’s communications to investors ‘give an inaccurate and incomplete picture of the firm and its partners’ connections to Epstein.’”
On this news, Apollo’s stock price fell $6.81, or 5.4%, over two consecutive trading days, to close at $118.34 per share on February 19, 2026.
Finally, on February 21, 2026, CNN published an article titled, “How Wall Street’s Apollo got tangled up again in the Epstein files.” The article contained new information and included reporting on Apollo Global’s response to the letter sent by the teacher’s union. The article further quoted Eleanor Bloxham, founder and CEO of The Value Alliance Company, which advises boards and executives, who said the unions have a “strong case” for pushing for an SEC investigation.
On this news, Apollo’s stock price fell $5.99, or 5%, to close at $113.73 per share on February 23, 2026.
Contact Us To Participate or Learn More:
If you still hold Apollo shares purchased before 2020 and wish to discuss this matter with us, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us.
Charles Linehan, Esq.
Glancy Prongay Wolke & Rotter LLP
1925 Century Park East, Suite 2100
Los Angeles California 90067
Email: [email protected]
Telephone: 310-201-9150 (Toll-Free: 888-773-9224)
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.
Whistleblower Notice
Persons with non-public information regarding Apollo should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
About Glancy Prongay Wolke & Rotter LLP
GPWR is a premier law firm with decades of experience representing investors and consumers in securities litigation and other complex class action litigation. Recognizing the firm’s recent successes, GPWR was named one of Law360’s Securities Groups of the Year and ranked second-highest in total investor recoveries by Institutional Shareholder Services Securities Class Action Services in 2025. GPWR’s lawyers have handled cases covering a wide spectrum of corporate misconduct and relating to nearly all industries and sectors. GPWR’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money. Prior results do not guarantee a similar outcome.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
June 25, 2026 08:00 ET | Source: Apollo Global Management, Inc.
NEW YORK, June 25, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) plans to release financial results for the second quarter 2026 on Tuesday, August 4, 2026, before the opening of trading on the New York Stock Exchange. Management will review Apollo’s financial results at 8:30 am ET via public webcast available on Apollo’s Investor Relations website at ir.apollo.com. A replay will be available one hour after the event.
Apollo distributes its earnings releases via its website and email lists. Those interested in receiving firm updates by email can sign up for them here.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491 [email protected]
Law Offices of Howard G. Smith announces it is investigating potential claims against the board of directors of Apollo Global Management, Inc. ("Apollo" or the
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces it is investigating potential claims against the board of directors of Apollo Global Management, Inc. ("Apollo" or the "Company") (NYSE: APO) concerning whether the board breached its fiduciary duties to shareholders.
IF YOU ARE AN APOLLO GLOBAL MANAGEMENT, INC. (APO) SHAREHOLDER, CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE.
What Is The Investigation About?
On February 1, 2026, The Financial Times published an article titled “Apollo chief Marc Rowan consulted Epstein on firm’s tax affairs.” The article stated that files released by the U.S. Department of Justice showed that “Epstein requested and received internal Apollo financial documents and emailed, met and called some of the firm’s most senior decision makers on sensitive matters.”
On this news, Apollo’s stock price fell $7.89, or 5.7%, over two consecutive trading days, to close at $126.85 per share on February 3, 2026.
Then, on February 17, 2026, The Financial Times published an article titled, “SEC urged to investigate Apollo over Epstein ties.” The article reported that the American Federation of Teachers and the American Association of University Professors “told the SEC’s enforcement director Margaret Ryan in a letter on Tuesday that they believed Apollo’s communications to investors ‘give an inaccurate and incomplete picture of the firm and its partners’ connections to Epstein.’”
On this news, Apollo’s stock price fell $6.81, or 5.4%, over two consecutive trading days, to close at $118.34 per share on February 19, 2026.
Finally, on February 21, 2026, CNN published an article titled, “How Wall Street’s Apollo got tangled up again in the Epstein files.” The article contained new information and included reporting on Apollo Global’s response to the letter sent by the teacher’s union. The article further quoted Eleanor Bloxham, founder and CEO of The Value Alliance Company, which advises boards and executives, who said the unions have a “strong case” for pushing for an SEC investigation.
On this news, Apollo’s stock price fell $5.99, or 5%, to close at $113.73 per share on February 23, 2026.
Contact Us To Participate or Learn More:
If you still hold Apollo shares purchased before 2020 and wish to discuss this matter with us, or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Law Offices of Howard G. Smith
3070 Bristol Pike, Suite 112
Bensalem, Pennsylvania 19020
Telephone: (215) 638-4847
Email: [email protected]
Visit our website at: www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Fully Stabilized Class A Acquisition Reinforces BLP’s Investment Strategy to Acquire Highly Functional Real Estate in Consumption-Centric Markets
HOUSTON--(BUSINESS WIRE)--Bridge Logistics Properties (BLP) acquired Twinwood Distribution Center III (Twinwood III), a 767,520-square-foot Class A distribution facility at 2193 Discovery Hills Parkway, in Brookshire, Texas, in the West Houston submarket.
Bridge Logistics Properties acquired Twinwood Distribution Center III, a 767,520-square-foot Class A distribution facility, in Brookshire, Texas, in the West Houston submarket.
Share Built in 2024, the asset is well positioned to capitalize on Houston’s nation-leading economic and population growth. The property, located just south of Interstate 10, offers exceptional regional connectivity to the Port of Houston and Interstate 35, making it ideal for inbound freight from both overseas and inter-border trade partners. The asset’s strategic location also allows it to service more than 22 million consumers in the Texas Triangle (an urban megaregion including Dallas-Fort Worth, Houston, San Antonio and Austin) within a four-hour drive.
The facility offers modern, institutional-grade specifications, including:
40-foot clear height 179 dock-high doors Truck court depths up to 185-feet Approximately 2,600 square feet of office space 8-inch slab thickness 3,000 amps of power Twinwood III is fully leased through spring 2028, providing durable cash flow and a clear path to growing the property’s net operating income (NOI) as Houston’s logistics fundamentals remain robust.
"The addition of Twinwood III to our portfolio reflects our continued conviction in acquiring premier bulk distribution facilities in top-tier logistics markets supported by durable long-term fundamentals," said Connor Tamlyn, Managing Director of BLP. "Twinwood III is strategically positioned to serve Houston's expanding role in the supply chain and delivers best-in-class features sought after by modern distribution users,”
“Houston is an important target market for BLP with its world-class port and highway infrastructure, strong economic and population trajectory and growing significance as a hub for advanced manufacturing and the data center supply chain. The strategic acquisition of this high-quality asset to our Houston portfolio demonstrates our ongoing commitment to deepening our presence in the market."
Trent Agnew, Charlie Strauss, Lance Young, and Brooke Petzold of Jones Lang LaSalle facilitated the acquisition.
About BLP
BLP is a vertically-integrated logistics real estate investment manager led by tenured, multi-disciplinary real estate professionals with experience navigating several economic environments over the past three decades. Its founding members and leadership team employ a disciplined investment strategy that is both cycle-tested and innovative. Founded in 2021, BLP is comprised of industrial real estate veterans with prior tenure at Brookfield, Prologis, IDI Logistics, Duke Realty, Hines and KTR Partners.
BLP is highly collaborative with its institutional capital partners. Leveraging its deep local relationships and its global operating experience, BLP uncovers and executes on investment opportunities in targeted coastal and gateway markets in the U.S. BLP executes its acquisition and development strategy in a vertically integrated regional structure across five offices located in New Jersey, Atlanta, Miami, Dallas and Los Angeles. Its steadfast focus on innovation and sustainable development promotes solutions that are both profitable and socially responsible. For more information, visit BridgeBLP.com.
About Bridge Investment Group
Bridge Investment Group is an affiliate of Apollo Global Management, Inc. (NYSE: APO) and a leading alternative investment manager, diversified across specialized asset classes. Powered by Apollo, Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select real estate verticals.
Forward-Looking Statements:
This press release has been prepared solely for informational purposes and is not to be construed as investment advice or an offer or a solicitation for the purchase or sale of any financial instrument, property, or investment. It is not intended to provide, and should not be relied upon for, tax, legal, or accounting advice. The opinions, estimates, forecasts, and statements of financial market trends are subject to change without notice due to changes in the market or economic conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness.
Apollo is limiting investor redemptions in its main retail-focused private credit fund after withdrawal requests rose to 17% during the second quarter.
The private markets giant said it will cap withdrawals at 5% of shares in the Apollo Debt Solutions vehicle, after investors rushed to pull out about $2.4 billion, or 16.8%, during the three-month period.
Why Apollo capped withdrawals"Taken together, we expect net outflows from ADS will be approximately $400 million for the second quarter of 2026 and year-to-date, representing 3% of NAV," Apollo said in a filing with the Securities and Exchange Commission published on Monday.
It highlighted a "notable regional split" in second-quarter withdrawal requests, with U.S. onshore clients looking to pull out about 4.3%, while redemptions from offshore investors jumped to 12.5%.
Apollo Global Management.
The move comes after the $26 billion fund — a non-traded business development company which offers wealthy retail investors exposure to higher-yielding private credit assets — said withdrawal requests in the previous quarter rose to more than 11%.
Why private credit funds are under pressureThe redemption spike once again spotlights the liquidity pressures that have engulfed global private markets this year.
So-called 'semi-liquid' private debt vehicles have been subject to a wave of redemption pressure this year, as investors look to pull their money amid growing anxieties over asset quality, and as funds struggle to reconcile the less-liquid nature of private assets and the retail wealth channel.
watch now
Earlier this month, Blackstone said it had restricted investor withdrawals from its flagship $79 billion Blackstone Private Credit Fund, or BCRED, to 5%, after they surged to 10% during the second quarter.
Across the Atlantic, Switzerland's Partners Group recently warned it may curb redemptions in several of its private asset vehicles following a surge in exit requests.
"We're discovering in real time that you can't offer near‑daily liquidity on genuinely illiquid assets without eventually testing the plumbing, and 2026 is the year those structures get rewritten," said Sunaina Sinha Haldea, global head of private capital advisory at Raymond James.
"Redemption pressure in evergreen private credit isn't just a credit story, it's a structural one," Haldea told CNBC via email.
She warned that the 'wrap-it-for-retail-and-the-money-will-come' phase in private credit markets is over, adding that weaker evergreen private credit funds risk facing gates, outflows and lost shelf space, as fundraising consolidates around private markets managers with strong governance, liquidity controls and client education.
Danielle Poli, managing director, co-portfolio manager at Oaktree Capital, said institutional capital was reaffirming its commitment to private credit, in contrast to jitters within the retail wealth channel.
Poli said institutional investors were considering increasing their allocations to the space to take advantage of scarcer capital in the market, adding that the retail wealth component makes up less than a quarter of the private credit market.
"These are longer-term private instruments that give you an attractive yield if you hold them. That's the trade-off," she told CNBC's "Squawk Box Europe" on Tuesday.
Poli said she expected the market to see a degree of differentiation between private asset managers based on their lending discipline, loan terms and how they considered the impact of a different rate environment. "That's very healthy and natural," she added.
Correction: This article was updated to reflect that redemption requests had spiked to 17%. It was also reworded to clarify Apollo is not halting all redemption requests.
Apollo Global Management APO has once again capped withdrawals from Apollo Debt Solutions, its roughly $25 billion non-traded private credit fund for retail investors, as concerns around the asset class continue to linger. The fund limited redemptions to 5% of outstanding shares on Monday after investors asked to pull 16.8%, up from 11.2% in the prior period.
The pressure comes even as Apollo Debt Solutions has reported an 8.1% total net return since launch. Apollo said most of the latest redemption demand came from offshore investors, with requests rising to 12.5% of all shares, while US customer requests slowed to 4.3%.
Apollo is not alone. Cliffwater faced requests to redeem 17% of shares from its flagship fund, while BlackRock BLK received about 13% earlier this month, with both funds also enforcing a 5% cap. The broader concern is that private credit's exposure to software companies, and possible AI disruption, could keep redemptions elevated after Apollo President Jim Zelter said BDC outflows may continue over the next two quarters and could possibly increase.
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz is investigating potential claims against the board of directors of Apollo Global Management, Inc. ("Apollo" or the "Company") (NYSE: APO) concerning whether the board breached its fiduciary duties to shareholders.
IF YOU ARE AN APOLLO GLOBAL MANAGEMENT, INC. (APO) SHAREHOLDER, CLICK HERE TO PARTICIPATE.
What Is The Investigation About?
On February 1, 2026, The Financial Times published an article titled “Apollo chief Marc Rowan consulted Epstein on firm’s tax affairs.” The article stated that files released by the U.S. Department of Justice showed that “Epstein requested and received internal Apollo financial documents and emailed, met and called some of the firm’s most senior decision makers on sensitive matters.”
On this news, Apollo’s stock price fell $7.89, or 5.7%, over two consecutive trading days, to close at $126.85 per share on February 3, 2026.
Then, on February 17, 2026, The Financial Times published an article titled, “SEC urged to investigate Apollo over Epstein ties.” The article reported that the American Federation of Teachers and the American Association of University Professors “told the SEC’s enforcement director Margaret Ryan in a letter on Tuesday that they believed Apollo’s communications to investors ‘give an inaccurate and incomplete picture of the firm and its partners’ connections to Epstein.’”
On this news, Apollo’s stock price fell $6.81, or 5.4%, over two consecutive trading days, to close at $118.34 per share on February 19, 2026.
Finally, on February 21, 2026, CNN published an article titled, “How Wall Street’s Apollo got tangled up again in the Epstein files.” The article contained new information and included reporting on Apollo Global’s response to the letter sent by the teacher’s union. The article further quoted Eleanor Bloxham, founder and CEO of The Value Alliance Company, which advises boards and executives, who said the unions have a “strong case” for pushing for an SEC investigation.
On this news, Apollo’s stock price fell $5.99, or 5%, to close at $113.73 per share on February 23, 2026.
If you still hold Apollo shares purchased before 2020 and wish to discuss this matter with us, or have any questions concerning your rights and interests with regards to this matter, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
SummaryCompaniesKSL bought Invited Clubs for roughly $3 billion, confirming a previous Reuters reportReuters data shows golf and private club deal value hit a decade high this yearInvited's annual EBITDA more than doubled during Apollo ownership, source saysNEW YORK, June 16 (Reuters) - A post-COVID surge in U.S. golf-club memberships is leading to big deals for private-club operators that cater to the affluent, evidenced in Apollo Global Management's (APO.N), opens new tab sale last week of the largest private country-club operator in North America.
Known for running marquee golf clubs like Firestone Country Club in Akron, Ohio, and TPC Craig Ranch in McKinney, Texas, Invited Clubs announced its sale to KSL Capital Partners, confirming a previous Reuters report about the roughly $3 billion deal, including debt.
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"Post-COVID, there is obviously just a lot more focus on this FOMO or YOLO mentality, the shift of spending money on experiences more than things is never more prevalent than your country club membership for your entire family," said Daniel Cohen, a partner at Apollo, referring to the "fear of missing out" and "you only live once" mentality. Apollo bought Invited nearly a decade ago.
M&A volume, as measured by the size of the deals, for golf and private membership clubs hit its highest level in at least a decade this year, according to data compiled by Reuters.
PRIVACY DRIVES PREMIUM PRICINGPrivate-club memberships can run into the tens of thousands of dollars a year, with some charging initiation fees of $100,000 or more. Members are not paying those fees for the amenities alone; the privacy and exclusivity are often worth just as much to the ultra-wealthy. The average net worth of Invited's roughly 140,000 memberships is around $3 million, according to a source familiar with the company.
Soho House, for instance, went private this year in a $2.7 billion deal by a group including MCR Hotels and Apollo, after struggling to turn a profit and losing an air of exclusivity as a public company that increased memberships significantly and reported quarterly results.
Concert Golf, which operates 39 clubs across the U.S., was bought by Bain Capital for more than $1.3 billion, including debt, last year. KKR (KKR.N), opens new tab is exploring a sale of The Bay Club Company, a chain of West Coast membership clubs with amenities from spa services to golf courses, Reuters reported in May.
EXPERIENCE SPENDING FUELS GOLF BOOMGolf was on the decline before the pandemic due to an aging demographic, but it gained new players who saw it as the perfect socially distanced sport — and those new enthusiasts have stuck with it. Entertainment chain Topgolf, which was valued at $1.1 billion after Leonard Green & Partners bought a majority stake this year, also helped introduce younger players to the sport.
Players spent 37% more at golf courses last year than they did on average before the pandemic, trailing only the cruise industry and ahead of other leisure activities such as theme parks and boating, according to Bank of America aggregated debit and credit card data.
"The experience economy is alive and well, and we see golf as a key beneficiary of this trend," said the bank's report, issued in March.
Apollo's sale of Invited Clubs, which has over 150 properties, to KSL is the biggest private-club deal so far this year.
KSL previously owned the company, formerly known as ClubCorp, from 2006 to 2013, buying it for $1.8 billion before taking it public seven years later. Apollo took Invited private in 2017 for an enterprise value of $2.2 billion, including debt. Then, the pandemic hit and it had to cancel all weddings and other large events.
MEMBERSHIPS PROVE RESILIENTGolf club membership revenue tends to be sticky, Cohen said, meaning it provides reliable, recurring income streams that customers rarely cancel.
"A lot of people who belong to country clubs, this is your entire social life," he added. Even Invited's Texas club memberships did not falter when the oil market collapsed in the mid-2010s, as some had feared in light of the state's poor economic health, he said.
This phenomenon also held true during the pandemic. Invited's golf memberships grew from 2019 to 2021. The company also turned some of its tennis courts into pickleball courts and bought hundreds of outdoor heaters in March 2020.
"By the time the fall came, when the virus was obviously still everywhere, the clubs were able to reopen and have a lot of outdoor activity," Cohen said.
Apollo prepared Invited Clubs for another public listing, Reuters reported in December, but still shopped the asset around. Invited's annual operating earnings had more than doubled to over $350 million, not including divested clubs and businesses, under Apollo's ownership, the source familiar with the company said.
And in a rare move, Invited's previous owner, KSL, came back to buy it.
KSL declined to comment for this article.
An Invited Clubs spokesperson said: "As we move forward with KSL Capital Partners, we remain focused on executing our growth strategy, investing in our clubs and member experience, and creating long-term value for our members, employees, and communities."
Reporting by Abigail Summerville in New York; Editing by Dawn Kopecki and Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Abigail is on the M&A team and writes about consumer and retail deals. She joined Reuters in 2022 from Debtwire where she covered leveraged finance and the primary debt market for three years. Previously, her work has appeared in the Wall Street Journal, CNBC and the Boston Business Journal. She majored in business journalism at Washington and Lee University.
People walk around the Financial District near the New York Stock Exchange (NYSE) in New York, U.S., December 29, 2023. REUTERS/Eduardo Munoz Purchase Licensing Rights, opens new tab
CompaniesJune 17 (Reuters) - The wealth division of Morningstar (MORN.O), opens new tab has teamed up with Apollo Global Management (APO.N), opens new tab, Franklin Templeton (BEN.N), opens new tab and J.P. Morgan Asset Management to launch a suite of portfolios that will give retail investors exposure to both private and public markets.
Here are some details:
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Initial models will include exposure to private credit and real estate through interval funds, with those funds representing roughly 12% to 20% of the models' allocation, Morningstar said on Wednesday.
The portfolios, set to launch later this year, will be designed with exchange-traded funds and interval funds to make private markets accessible for individual investor portfolios.
The move comes as Wall Street firms increasingly focus on broadening access to private markets, which historically have been limited to institutional investors and ultra high-net-worth individuals.
"When I think about why private markets matter now more than ever, it’s not just access but also focus on the long-term in a short-term world. We are living in an environment of persistent inflation and structural uncertainty," Franklin Templeton CEO Jenny Johnson said.
Morningstar's public/private select series will include six risk-based portfolios, ranging from capital preservation to aggressive growth.
Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Analyst’s Disclosure: I/we have a beneficial long position in the shares of APO either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Apollo Global presents a unique asset management and insurance model, blending traditional and innovative approaches for diversified growth. I see valuation as attractive given the company's differentiated business structure and potential for scalable returns. Key risks include execution challenges and insurance-specific headwinds that could impact Apollo's growth trajectory.
Apollo Global Management has reportedly picked Austin, Texas, as the city that will host its second US headquarters, as Wall Street firms look to escape Mayor Zohran Mamdani’s tax-and-spend, left-wing policies.
After narrowing down the choices to Texas and Florida, the Marc Rowan-led powerhouse chose Austin over apparent concerns about the lack of private schools in the Sunshine State, the Financial Times reported Friday.
Apollo manages money for pension funds, insurers and wealthy investors — and controls more than $800 billion in assets. The firm runs its empire from a Midtown tower at 9 W. 57th St., with views over Central Park.
Apollo chose Austin over apparent concerns about the lack of private schools in Florida. Photocreo Bednarek – stock.adobe.com Now it wants a major base far from Manhattan.
The firm says the move is about talent, according to the FT. Apollo wants to recruit workers who don’t want to live in New York — or pay New York prices.
Choosing a new HQ outside the Big Apple marks a significant blow to city coffers.
Apollo paid a whopping $1.276 billion in income taxes in 2025, up from $1.062 billion the year before. While filings don’t break down how much of that went to New York City, it stands to lose a hefty revenue stream as the firm looks to expand elsewhere.
Citadel — whose CEO Ken Griffin was targeted by Mamdani in a bizarre tax-the-rich video — also doubled down on expanding outside New York.
The Apollo and Citadel moves are part of “a troubling pattern taking shape” in the city, Steve Fulop, president and CEO of the Partnership for New York City, previously told The Post.
“The solution is that the administration needs to have a real pro business agenda that has support of the broader business corporate community,” he added. “We haven’t seen this yet and there is a sense of urgency to getting this going. It is a competitive landscape and without a strategy companies will look to more friendly places.”
The Post has approached an Apollo spokesperson for comment.
Southern states have been proving attractive to big business. Low taxes and lighter regulation have already drawn Vanguard and Fidelity to Texas. Goldman Sachs is building a $500 million office tower in Dallas. Wells Fargo just opened a massive 850,000-square-foot campus outside the city.
Apollo’s Marc Rowan is a staunch critic of Mayor Zohran Mamdani, not only over his economic policies, but also his hardline anti-Israel views. REUTERS Texas keeps rolling out the welcome mat. The state passed laws to lure companies to reincorporate there and opened special courts just for business disputes.
The Texas Stock Exchange plans to start trading this summer — and the New York Stock Exchange and Nasdaq have both opened Texas outposts to compete.
Elon Musk, who moved his companies to the state, has urged other bosses to follow.
Austin offers Apollo the boon of no state income tax.
The capital city hosts deep-pocketed investors, including the fund that manages the University of Texas system’s $80 billion-plus endowment and the Teacher Retirement System of Texas — exactly the kind of clients Apollo courts.
The city boomed through the pandemic as a tech hub, with Meta, Google and Oracle all expanding there.
Item 1 of 2 Jim Zelter of Apollo Asset Managemen, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China November 3, 2022. REUTERS/Tyrone Siu/File Photo
[1/2]Jim Zelter of Apollo Asset Managemen, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China November 3, 2022. REUTERS/Tyrone Siu/File Photo Purchase Licensing Rights, opens new tab
CompaniesNEW YORK, May 28 (Reuters) - Apollo Global Management (APO.N), opens new tab President Jim Zelter said on Thursday he expects wealthy individuals to keep trying to withdraw their money from some private credit funds after several months of outflows from the vehicles.
Investors pulled out more money than they put in early this year from a type of fund that is mainly aimed at the retail market and lends to midsized companies. This came as doubts arose over private credit broadly, linked to loan valuations, and how borrowers would manage disruption from artificial intelligence.
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"I don't think it was a one-shot," Zelter said at the Bernstein Strategic Decisions Conference in New York, referring to the redemptions.
While the funds' underlying performance was "solid" in March, April and May, he said he would not expect a "dramatic decrease" in the rate of people trying to exit, as managers of those funds typically offer to buy back up to 5% per quarter.
He said there "may be even a little bit of an increase if people want to game the system," and added, "we are not through the turbulence yet."
Zelter said investors in certain parts of the world, who access the funds through different channels, were proving "stickier" than others.
"We're learning ... who are our longer-term friends and who are the shorter-term tourists," he said.
Reporting by Isla Binnie in New York; Editing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Isla Binnie reports on how company directors and executives manage stakeholder and shareholder interests, with a focus on compensation, corporate crises, dealmaking and succession. She also covers how politics, regulation, environmental issues and the broader economy affect boardroom discussions. Isla previously covered business, politics and general news in Spain and Italy. She trained with Reuters in London and covered emerging markets debt for the International Financing Review (IFR).
Investors have watched Nvidia (NASDAQ:NVDA | NVDA Price Prediction) ride the AI wave to extraordinary heights, with data center revenue exploding in recent years. Yet amid the hype, one of Wall Street’s sharpest skeptics keeps raising red flags about its financing arrangements.
Michael Burry, the investor who foresaw the 2008 housing crisis, took to his Cassandra Unchained Substack and X to label a major Nvidia chip transaction with xAI “fugazi” — his term for something fake or contrived.
But is it as much of a concern as Burry contends, or much ado about nothing?
The Deal That Sparked the Critique In January 2026, Valor Equity Partners — a longtime backer of Elon Musk’s ventures — raised $5.4 billion through a new entity called Valor Compute Infrastructure (VCI). The money funded the purchase of thousands of Nvidia’s powerful GB200 GPUs plus supporting data center equipment. These chips were then leased, under a triple-net lease structure, to a subsidiary of Elon Musk’s xAI for training its Grok AI models at one of the world’s most powerful compute clusters.
Apollo Global Management (NYSE: APO) funds led $3.5 billion of the financing, providing debt capital in a deal designed to be downside-protected. Nvidia itself stepped in as an anchor limited partner, investing roughly $1.9 billion in equity alongside other institutional investors.
This setup let xAI gain immediate access to cutting-edge hardware without booking the full multi-billion-dollar purchase on its own balance sheet. Instead, VCI owns the assets legally, and xAI pays ongoing lease and operating expenses over time. Nvidia, meanwhile, recorded the full $5.4 billion as revenue right away.
Let’s be clear: structures like this are legal and increasingly common in big AI infrastructure builds. But they add layers that smart investors should understand. They also invite comparisons to troubling circular financing arrangements.
Here’s how it works: Nvidia sells the GPUs to Valor and books the revenue right away while xAI gets to use the powerful chips without adding billions in debt or assets to its own books. Apollo provides the debt financing, but packages those loans into securities, and routes much of the credit risk to its insurance affiliate, Athene, that goes on to sell annuities to small investors retirees. They think they’ve bought a “safe” investment, but it’s been loaded with substantial risk.
This is what caught Burry’s eye. Athene holds $74.2 billion in U.S. reserves, yet it has shifted $217 billion in assets into a Bermuda-based captive insurer, outside standard U.S. regulatory oversight. Of its total portfolio, 34.7% — some $103 billion — sits in Level 3 assets, which don’t have observable market prices, instead relying on internal models for valuation. Basically, the assets are worth whatever the company says they’re worth. On top of those hard-to-price holdings sits roughly 16x leverage.
In short, the GPUs effectively “disappear” from the main balance sheets of both Nvidia and xAI through 8 to 12 carefully engineered steps. Demand looks strong and organic on paper. But part of the capital circles back because Nvidia itself put in about $1.9 billion as an anchor equity investor in the SPV.
Nvidia is Not Alone Burry has flagged Nvidia’s aggressive revenue booking in deals like this for months. He doesn’t call it Enron — there’s no outright fraud here. Instead, he compares Nvidia more to Cisco Systems (NASDAQ:CSCO) in the late 1990s dot-com boom: a legitimate pick-and-shovel provider whose gear fueled massive hype, only for valuations to detach from sustainable fundamentals. Cisco’s stock later fell more than 80% from its peak and took 20 years to recover.
Granted, sale-leaseback structures and SPVs aren’t new or illegal. Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT), and other hyperscalers use similar approaches to scale infrastructure faster. But their proliferation doesn’t make them risk-less. In fact, quite the opposite, Burry questions the long-term transparency and sustainability when these layered deals multiply across tens of billions in AI buildout.
The setup gives Nvidia a clean revenue pop today, Apollo earns structuring fees, and xAI gains compute power without ballooning its capex. But the credit risk quietly lands with annuity holders — often retirees — who thought they were buying safe, fixed-income-like retirement products.
Cassandra or Boy Who Cried Wolf? Burry has critiqued Nvidia’s circular deals before, yet the company delivered massive growth. While AI demand is real today, if utilization dips or newer chips make these GB200s quickly obsolete, the leverage in these structures could amplify pain — especially for retail investors indirectly exposed via pensions or annuities.
Still, Burry’s warning should not be a panic signal. Nvidia’s tech moat is formidable, and the numbers aren’t necessarily fake — but they may not tell the whole story. He’s questioning whether the financial plumbing behind the AI boom is becoming too complex for investors — and that’s a warning you shouldn’t ignore.
June 02, 2026 08:00 ET | Source: Apollo Global Management, Inc.
NEW YORK, June 02, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that John Zito, Co-President, Apollo Asset Management, will participate in a fireside chat at the Morgan Stanley 2026 US Financials Conference on Wednesday, June 10, 2026 at 9:00 am EDT.
A live webcast of the event will be available on Apollo’s Investor Relations website at ir.apollo.com. For those unable to join live, a replay will be available shortly after the event.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491 [email protected]
SALT LAKE CITY, June 02, 2026 (GLOBE NEWSWIRE) -- Bridge Investment Group (“Bridge”) today announced that it has completed fundraising for the Bridge Logistics Value Fund II (“BLV II” or the “Fund”), raising nearly $1.4 billion in equity commitments for the Fund and parallel vehicles, exceeding their $1 billion target.
The Bridge Logistics Value strategy is focused on acquiring and repositioning high-quality logistics real estate assets in supply-constrained U.S. infill and global gateway markets. The strategy emphasizes disciplined basis, off-market and selectively marketed opportunities, and operational value creation through leasing, asset management, and targeted capital improvements. BLV II is designed to capitalize on long-term demand drivers within the industrial sector, including supply chain modernization, e-commerce growth, and increasing tenant preference for modern, well-located distribution facilities.
“We are incredibly proud to announce the successful close of BLV II and deeply grateful for the trust and partnership of our investors,” said Jay Cornforth, Chief Executive Officer of BLP. “This milestone reflects the strength of our team, the durability of the logistics sector, and our conviction that disciplined investing in high-quality industrial real estate continues to present compelling long-term opportunities.”
“BLV II was built around a highly-selective investment approach focused on acquiring well-located assets at an attractive basis in markets with strong long-term demand fundamentals,” said Brian Gagne, Chief Investment Officer of BLP. “We believe the current market environment continues to create compelling opportunities for experienced operators with local market expertise, deep sourcing relationships, and the ability to execute operationally through multiple market cycles.”
About Bridge Investment Group
Bridge Investment Group is an affiliate of Apollo (NYSE: APO) and a leading alternative investment manager, diversified across specialized asset classes. Powered by Apollo, Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select real estate verticals.
Media:
Charlotte Morse
Bridge Investment Group Holdings Inc.
(877) 866-4540 [email protected]
June 02, 2026 19:00 ET | Source: Apollo Global Management, Inc.
TOKYO and NEW YORK, June 03, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) announced that Apollo-managed funds (the “Apollo Funds”) completed the sale of their interest in ALTEMIRA Holdings Co., Ltd. (“ALTEMIRA” or the “Company”), a leading pan-Asian aluminum packaging company, to funds managed by MBK Partners.
ALTEMIRA was established in April 2022, through the combination of the aluminum can and foil business formerly operated by Showa Denko K.K. (now named Resonac Holdings Corporation) and the aluminum can and rolled and extruded products business of Mitsubishi Materials Corporation. ALTEMIRA is one of the first successful examples of sponsor-led industry consolidation in the Japanese industrials sector, demonstrating Apollo’s ability to execute a complex carve-out and support the subsequent transition to a fully independent, standalone enterprise and drive broader transformation and industry consolidation through M&A.
As a result, ALTEMIRA has emerged as a differentiated platform with scale, operating one of the world’s only vertically integrated, closed-loop aluminum recycling ecosystems—spanning used beverage can collection, processing, slab casting, rolling into coils and fabrication into beverage cans. Apollo Fund’s investment in ALTEMIRA also highlights its role as a trusted partner to Japan’s leading corporations, offering differentiated solutions to help businesses execute their strategic priorities in sectors that have historically been difficult for outside capital to access.
The transaction follows Apollo Funds’ successful exit of MAFTEC announced in June 2025. Apollo Funds’ private equity investments in Japan include Panasonic Automotive Systems and Nippon Sheet Glass (pending closing).
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
Noah Gunn
Global Head of Investor Relations
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491 [email protected]
Apollo Global remains a 'buy' despite sector pressures, with a fair value estimate of $154, nearly 25% above current levels. APO is largely insulated from private credit and software sector risks, with only 2% credit exposure to software and no private equity software exposure. Q1 results showed $1.94 EPS (beat by $0.06), $1.03T AUM (+$90B sequentially), 30% FRE growth, and $74B in dry powder supporting future fee growth.
It has been about a month since the last earnings report for Apollo Global Management Inc. (APO - Free Report) . Shares have added about 0.5% in that time frame, underperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Apollo Global Management due for a pullback? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent catalysts for Apollo Global Management Inc. before we dive into how investors and analysts have reacted as of late.
Apollo Global Q1 Earnings Miss Estimates, AUM Surpasses $1TApollo Global first-quarter 2026 adjusted net income (ANI) per share of $1.94 missed the Zacks Consensus Estimate of $1.98. The metric increased from the year-ago adjusted net income of $1.82.
Results were adversely affected by rising expenses. However, record fee-related earnings and an increased assets under management balance were positive.
The results include certain items. After considering those, the net loss attributable to Apollo Global (GAAP basis) was $1.93 billion against net income of $418 million in the prior-year quarter.
Quarterly Revenues & Expenses RiseTotal segment revenues were $1.26 billion, surpassing the Zacks Consensus Estimate by 3.39%. The metric rose from $978 million in the year-ago quarter.
Total expenses for combined segments rose 27.4% year over year to $534 million in the reported quarter.
AUM Balance RisesFee-generating AUM increased 40% on a year-over-year basis to $836 billion. The rise was driven by strong capital formation across institutional and global wealth channels, $65 billion from Athora’s acquisition of Pension Insurance Corporation and $42 billion from a fee basis adjustment related to Redding Ridge, partially offset by outflows and realization activity.
As of March 31, 2026, total AUM was $1.03 trillion, up 31% on a year-over-year basis. Total AUM benefited from $222 billion of inflows from Asset Management and $78 billion of gross inflows from Retirement Services, as well as mark-to-market appreciation. This was partially offset by $64 billion of outflows, primarily driven by normal course run-off at Athene, and $26 billion of realization activity.
Capital & Liquidity PositionAs of March 31, 2026, Apollo Global had cash and cash equivalents of $3.56 billion, and debt of $6.26 billion.
Capital Distribution UpdateThe company announced a quarterly cash dividend of 56.25 cents per share with its earnings release. This dividend will be paid out on May 29, 2026, to shareholders of record as of May 19.
Apollo Global repurchased $866 million of shares in the first quarter, including shares bought to substantially offset dilution from seasonally elevated share issuances under equity incentive plans and opportunistic share repurchases. Over the last 12 months, the company repurchased $1.5 billion of common stock and distributed more than $1 billion of common stock dividends.
How Have Estimates Been Moving Since Then?It turns out, estimates revision have trended downward during the past month.
VGM ScoresCurrently, Apollo Global Management has a subpar Growth Score of D, a score with the same score on the momentum front. Charting a somewhat similar path, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Apollo Global Management has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
Performance of an Industry PlayerApollo Global Management is part of the Zacks Financial - Investment Management industry. Over the past month, T. Rowe Price (TROW - Free Report) , a stock from the same industry, has gained 3.3%. The company reported its results for the quarter ended March 2026 more than a month ago.
T. Rowe reported revenues of $1.86 billion in the last reported quarter, representing a year-over-year change of +5.3%. EPS of $2.52 for the same period compares with $2.23 a year ago.
T. Rowe is expected to post earnings of $2.31 per share for the current quarter, representing a year-over-year change of +3.1%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.2%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for T. Rowe. Also, the stock has a VGM Score of B.
Platform Launches with $35 Billion Transaction for More Than 1 Gigawatt Led by Apollo in Partnership with Blackstone
, /PRNewswire/ -- Broadcom Inc. (NASDAQ: AVGO), a global technology leader that designs, develops, and supplies semiconductor and infrastructure software solutions, today announced the establishment of the AI XPV Platform with Apollo (NYSE: APO) and Blackstone's (NYSE: BX) Credit & Insurance Business as initial anchor investors. The Platform is designed to enable more than 20 gigawatts in compute capacity using Broadcom's XPUs and networking solutions customized for leading frontier AI labs, including Anthropic and OpenAI, through 2028.
The Platform launches today with an initial tranche of $35 billion led by Apollo, in partnership with Blackstone, to facilitate Anthropic's previously-announced capacity expansion of more than 1 gigawatt of compute infrastructure expected to deploy in Fluidstack-based sites starting in mid-2026. This builds upon the deep strategic relationship between Broadcom and Anthropic and illustrates the immediate size and capabilities of the Platform.
It also establishes a scalable framework for future deployments of XPU-based compute capacity and networking to enable frontier model training and inference at the lowest cost and lowest power, significantly lowering per-token delivery costs.
"We are at a historic inflection point where the demand for AI compute is fundamentally reshaping the global economic landscape," said Hock Tan, President and CEO, Broadcom Inc. "This strategic Platform with Apollo and Blackstone synchronizes the world's most sophisticated capital with Broadcom's advanced technological roadmap to meet this once-in-a-lifetime opportunity by enabling our rapidly scaling customers, starting with Anthropic, to realize their most ambitious AI visions with speed and certainty."
"The sheer scale of the global AI opportunity requires a bold, collaborative model," said Jim Zelter, President, Apollo. "Our investment in this Platform reflects our conviction in Broadcom's technology leadership and Anthropic's frontier roadmap. We are proud to deliver the capital foundation that allows this ecosystem to scale efficiently."
Jon Gray, President, Blackstone, added: "The demand for compute has created an unprecedented opportunity to invest at scale across the AI infrastructure ecosystem, including providing financing through our credit and insurance business. We are proud to support this powerful combination of Broadcom's exceptional technology and Anthropic's pioneering models."
About Broadcom
Broadcom Inc. (NASDAQ: AVGO) is a technology leader that designs, develops, and supplies semiconductors and infrastructure software for global organizations' complex, mission-critical needs. Broadcom combines long-term R&D investment with superb execution to deliver the best technology, at scale. Broadcom is a Delaware corporation headquartered in Palo Alto, CA. For more information, visit www.broadcom.com.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
About Blackstone
Blackstone is the world's largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone's over $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com.
Contacts
For Broadcom:
[email protected]
Ji Yoo
Investor Relations
650-427-6000
[email protected]
For Apollo:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
[email protected]
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
[email protected]
This announcement contains forward-looking statements (including within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements regarding Broadcom's establishment of the AI XPV Platform with Apollo and Blackstone to enable gigawatts in compute capacity using Broadcom's XPUs and networking solutions customized for leading frontier AI labs and the timing of the enablement. These forward-looking statements are based on current expectations and beliefs of Broadcom's management, current information available to Broadcom's management, and current market trends and market conditions, and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Accordingly, undue reliance should not be placed on such statements.
Particular uncertainties that could materially affect future results include risks associated with: global political and economic conditions and uncertainty; government regulations, trade restrictions and trade tensions; fluctuations in the timing and volume of significant customer demand; ability to make successful investments in research and development and successfully expand Broadcom's business strategy or adopt Broadcom's new business models; ability to continue winning business and the timing of such wins; dependence on contract manufacturing and outsourced supply chain; dependency on a limited number of suppliers; dependence on senior management and the ability to attract and retain qualified personnel; ability to protect against cybersecurity threats and a breach of security systems; ability to accurately estimate customers' demand and adjust the manufacturing and supply chain accordingly; ability to improve manufacturing capacity and quality; involvement in legal proceedings; quarterly and annual fluctuations in operating results; Broadcom's competitive performance; ability to maintain or improve gross margin; ability to protect Broadcom's intellectual property and the unpredictability of any associated litigation expenses; significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; and other events and trends on a national, regional, industry-specific and global scale, including those of a political, economic, business, competitive and regulatory nature.
Broadcom's filings with the Securities and Exchange Commission (SEC) are available without charge at the SEC's website at https://www.sec.gov and include some important risk factors that may affect future results. Broadcom undertakes no intent or obligation to publicly update or revise the forward-looking statements made in this announcement, except as required by law.
Initial Investment to Accelerate Anthropic’s Compute Capacity as Part of Broader Global AI Infrastructure Platform June 09, 2026 09:00 ET | Source: Apollo Global Management, Inc.
NEW YORK, June 09, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Apollo-managed funds and affiliates are leading an initial $35 billion capital solution as part of Broadcom’s new AI XPV Platform (the “Platform”), in partnership with Blackstone (NYSE: BX) and leading global banks. The Platform is designed to enable over 20GW in compute capacity for leading frontier AI labs through 2028. The initial transaction is the product of a deeply collaborative relationship between Apollo and Broadcom, designed to deliver committed, certain capital across a multi-year draw schedule. It will facilitate Anthropic's previously announced capacity expansion of more than 1GW of compute infrastructure for training and inference starting in mid-2026.
The Platform represents a new model for mobilizing institutional capital at the scale required to meet the infrastructure demands of AI innovation, pairing some of the world's most advanced silicon and networking solutions with long-term, flexible capital to accelerate compute deployment across the frontier AI ecosystem. Apollo and Blackstone's participation as primary capital partners reflects the growing role that private capital is playing in financing the digital infrastructure buildout underpinning the broader Global Industrial Renaissance.
Apollo Partner Jamshid Ehsani said, “Broadcom and Anthropic are world-class companies operating at the frontier of technological innovation, and we are proud to have led the largest private financing ever executed. Committing significant investment grade capital as a principal investor alongside our partners, this transaction reflects the scale and flexibility of Apollo's balance sheet and the power of our integrated platform across High-Grade Capital Solutions, Apollo Capital Solutions and ATLAS SP Partners to structure a solution that met the needs of every party involved. AI compute is rapidly emerging as one of the most compelling new asset classes in finance, characterized by contracted cash flows, mission-critical utility and a supply-demand dynamic that continues to intensify. As hyperscalers and frontier AI labs work to secure the computing power necessary to train and deploy next-generation models, the demand for flexible, large-scale financing requires new capital solutions. We look forward to building on this model as companies advancing AI infrastructure come to market with their most ambitious capital needs."
Won Kim, Head of Corporate Development and AI Infrastructure Partnerships at Broadcom, said, “The demand for AI compute is growing faster than traditional capital markets can accommodate, and this initial transaction, led by Apollo, demonstrates what becomes possible when world-class technology is paired with a partner of that caliber.
“Built on a deeply collaborative relationship, this transaction serves as the first pillar of the XPV Platform. We look forward to scaling it alongside Apollo, Blackstone and our broader partner group as the AI infrastructure buildout accelerates.”
Advisors
Apollo was advised by Goldman Sachs, Wells Fargo and Citi on the transaction. With respect to the A1 tranche, Wells Fargo is serving as Global Coordinator, Joint Bookrunner and Joint Lead Arranger and BNP Paribas, Citi and UBS are serving as Joint Bookrunners and Joint Lead Arrangers. Goldman Sachs, Bank of America and Morgan Stanley are serving as Joint Placement Agents on the A2 tranche. Latham & Watkins LLP is serving as lead legal counsel to Apollo, with Paul, Weiss, Rifkind, Wharton & Garrison LLP as special counsel to Apollo, and PwC providing accounting advisory to Apollo. Milbank LLP is serving as investors’ counsel for the transaction.
Morgan Stanley is serving as lead advisor to Broadcom; JPMorgan Chase is serving as co-advisor. Sullivan & Cromwell LLP is serving as legal counsel to Broadcom.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
For Apollo:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540 [email protected]
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491 [email protected]
Item 1 of 2 A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo
[1/2]A logo of Blackstone is pictured in Manhattan, New York City, U.S. July 29, 2025. REUTERS/Mike Segar/File Photo Purchase Licensing Rights, opens new tab
June 9 (Reuters) - Apollo (APO.N), opens new tab and Blackstone (BX.N), opens new tab are financing a $35 billion expansion of AI computing capacity for Anthropic using Broadcom's (AVGO.O), opens new tab custom chips and networking solutions as part of a tie-up between the asset managers and the chipmaker.
The initial commitment will expand the Claude Code creator's AI computing capacity by one gigawatt, the companies said on Tuesday. One gigawatt is enough to power about 750,000 homes.
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The capacity is expected to be deployed at Fluidstack-operated sites beginning mid-2026, with the cloud computing company providing the physical data-center infrastructure that will run Anthropic's AI systems.
Overall, the partnership plans to enable more than 20 GW in computing capacity for leading AI labs, including OpenAI, through 2028.
Private-equity firms have emerged as a crucial source of funding for AI companies strained by a shortage of costly and supply-constrained AI infrastructure needed to meet rising demand.
Meta (META.O), opens new tab in October struck a $27 billion financing deal with Blue Owl Capital (OWL.N), opens new tab to fund its biggest data-center project.
Tuesday's deal also bodes well for Broadcom's push to grow its AI business, which has drawn demand from tech companies looking to reduce their reliance on Nvidia (NVDA.O), opens new tab with in-house chips.
The partnership aims to scale the deployment of custom AI chips and computing systems while cutting the cost and power needed to train AI models, Broadcom said.
Apollo is leading the initial investment tranche for the platform, alongside Blackstone's Credit & Insurance business.
In April, Broadcom signed a long-term agreement with Alphabet's (GOOGL.O), opens new tab Google to develop and supply future generations of custom AI chips for the company's AI racks through 2031.
It also signed a deal to give Anthropic access to about 3.5 GW of AI computing capacity drawing on Google's processors, starting next year.
Reporting by Anhata Rooprai in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Broadcom AVGO , Apollo APO , and Blackstone BX have joined forces on the AI XPV Platform, putting $35 billion to work in a first tranche to fund Anthropic's 1 GW compute expansion at Fluidstack sites, with a broader target of more than 20 gigawatts through 2028. Blackstone rose 5.34% intraday, Apollo gained 1.49%, Broadcom slipped 0.43%.
Anthropic and OpenAI are named as the initial customers. The $35 billion goes toward Anthropic's buildout first, at Fluidstack-based sites starting mid-2026, with the platform designed to keep funding rounds coming as demand scales. Broadcom will supply the XPUs and networking, while Apollo and Blackstone supply the capital, and together they aim at lowering per-token delivery costs for frontier model training and inference.
Broadcom CEO Hock Tan called it a once-in-a-generation opportunity. Apollo President Jim Zelter cited conviction in both Broadcom's technology leadership and Anthropic's frontier roadmap, while Blackstone President Jon Gray said compute demand is too big to ignore.
June 10, 2026 01:00 ET | Source: Apollo Global Management, Inc.
Huw van Steenis to Join as European Economic & Policy Strategist
Sarah Jenkins to Join as Head of Government Affairs, Europe
LONDON and NEW YORK, June 10, 2026 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) today announced that Huw van Steenis will join the firm as a Partner and European Economic & Policy Strategist, and that Sarah Jenkins will join the firm as a Managing Director and Head of Government Affairs for Europe. Both newly created positions start in August and are based in London, Apollo’s European headquarters.
Van Steenis has spent more than 25 years in leadership and senior advisory roles for global financial institutions, with a focus on strategy, policy and economic research. He was most recently the Vice Chair of Oliver Wyman, and before that served as a senior advisor to the CEO of UBS as well as to the Bank of England’s then-Governor Mark Carney.
Jenkins has more than two decades of experience in public affairs, most recently at CPP Investments where she successfully led public affairs across Europe. Jenkins also worked in the UK government, including HM Treasury and the Department for Business, as well as in the European Parliament.
“Huw and Sarah bring differentiated expertise and significant European experience to Apollo, and I am confident will be valuable additions to our growing franchise,” said David Krone, Apollo Partner and Global Head of Policy. “Huw is one of the industry’s most authoritative voices on financial markets, economics and policy, while Sarah has an impressive record of building and managing highly effective government affairs programs across Europe.”
Apollo Partner and CIO, EMEA, Tristram Leach added: “With nearly $240 billion of regional AUM and as we continue to scale our investment activity, we’re highly focused on deepening our enterprise leadership in tandem. We’re thrilled to soon welcome Huw and Sarah to Apollo.”
Apollo has been an active investor in Europe for decades with significant growth in the last few years. Its Funds have committed to more than $60 billion of high-grade investments for large corporates and assets in EMEA, including AB InBev, Air France, BP, EDF, Intel’s Irish Fab 34, Orsted, SOCAR, Vonovia and more – providing long-term funding for semi-conductor manufacturing, aviation, real estate and critical energy infrastructure that spans offshore wind, nuclear, gas pipelines and grid expansion.
Biographies
Huw van Steenis
Previous to Apollo, Huw van Steenis has served as a Partner and Vice Chair of Oliver Wyman (2022-2026); Senior Advisor to the CEO, UBS (2019-2022); Senior Advisor to the BOE Governor (2018-2019); Global Head of Strategy, Schroders (2016-2018); Managing Director, Global Head of Banks and Financial Research, Morgan Stanley (2002-2016); in addition to research and consulting roles with JP Morgan and the BCG. Van Steenis currently serves on the climate advisory board of Norges Bank Investment Management and the Investment Committee of Oxford University’s Endowment. He was a member of multiple councils and initiatives for the World Economic Forum for a decade, from 2014-2024. Van Steenis is a graduate of the University of Oxford and holds an MBA from INSEAD.
Sarah Jenkins
Previous to Apollo, Sarah Jenkins served as Managing Director, Global Public Affairs EMEA for CPP Investments (2014-2026). Before that Jenkins was an Account Director, Fleishman-Hillard (2012-2014); a member of the Lord Heseltine Review Team on UK competitiveness in the Department for Business, Innovation and Skills (2012); Private Secretary to the Commercial Secretary and to the Economic Secretary, HM Treasury (2009-2012); Parliamentary and Public Affairs Manager, now-Cabinet Office (2007-2009); Parliamentary Affairs and Governance Manager, Ofsted (2005-2007), and a Parliamentary Research Assistant for Liz Lynne MEP (2004-2005). She is a graduate of the University of London and received her Master’s in International Relations from the University of East Anglia.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2026, Apollo had approximately $1.03 trillion of assets under management. To learn more, please visit www.apollo.com.
Contacts
Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540 [email protected]
Apollo Global Management Co-President Scott Kleinman discusses the outlook for the private equity industry. Speaking to Bloomberg's Dani Burger on the sidelines of the SuperReturn conference in Berlin, Kleinman says longer hold periods are hurting internal rates of return (IRRs) and “folks are going to have to start capitulating for sure” on valuations.
Private equity investors should brace for a sharper divide in returns as the industry struggles with years of delayed exits, aggressive valuations and a $4 trillion backlog of unsold assets, Apollo's deputy global head of private equity Antoine Munfakh has warned.
Speaking to CNBC at the SuperReturn International conference in Berlin, Munfakh said that the average hold time for private equity assets has doubled from a historic average of around four years to almost eight years today.
That has left a $4 trillion overhang of assets waiting to be sold as sponsors face growing pressure to return capital to investors.
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Munfakh said that distributions are expected to increase as the industry works through this backlog — but this may not necessarily be a positive outcome for general partners.
A pick-up in exits, he said, could expose the gap between firms that carried assets at realistic valuations and those that held valuations too high.
"It will shine a spotlight on those GPs that marked their assets conservatively and those GPs who marked their assets aggressively," Munfakh said. "We believe that will lead to a bifurcation in returns, more dispersion, and some private equity firms will struggle to raise capital going forward."
Pressed on whether return levels may need to head lower if investors want their money back, Munfakh told CNBC's Annette Weisbach: "We'll see."
"Last year was the first year in history that sponsor exits occurred at prices lower than where those assets were marked," he said.
A 'systemic failure of risk management'He said the pressure is particularly acute in the software sector, where private markets firms piled in at high valuations and high debt levels.
Software historically accounted for about 10% of global buyout volumes, but that figure has since swelled to about 40%.
"Our view is that that is a systemic failure of risk management across the asset class — to put 40% of capital into one single industry," he said.
Apollo.
Munfakh said AI would not wipe out every software company, but could lower barriers to entry, heaping pressure on growth and margins, and ultimately making some exits harder. "You can have bad deals and bad returns for good companies if you overpay, over-lever them, and price them to perfection," he said.
Apollo has taken a different path by focusing on so-called HALO assets — heavy asset, low obsolescence businesses — which he described as less vulnerable to rapid technological disruption, he added.
"We focus on using AI as a value creation lever, again buying these non-disruptible, real economy businesses… where AI is not only not a disruptive threat but really a lever for value creation," he said.
