Apollo Global Management Investor Day Presentation Deck
We Believe Retirement Services is a Superior Model
NON-TRADED
BDC / REIT MODEL
Non-Investment Grade Assets
Portfolio
Hurdle
High Water Mark?
Profitability
Marks
Liquidity
Basis of Fees
Capital
Avg. P/E Multiple
5-8% Hurdle
Yes, Driving Volatility
Cyclical
Marked-to-Market
Periodic Liquidity
Equity
0% Co-invest Today
~30x¹
RETIREMENT
SERVICES MODEL
Investment Grade Assets
~2.5% Cost of Funds
None
All Weather
Held at Cost
None
Assets
8% Co-Invest
~8x²
1. Represents the average target Consensus FRE multiple for BX and ARES (on 2023E), standardizing for stock-based compensation expense, as of May 19, 2022. 2. Represents the current average target Consensus multiple on APO's spread related earnings (2023E), as of May 19, 2022.
APOLLO RETIREMENT SERVICES BUSINESS UPDATE 2022
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