Apollo Global Management Investor Day Presentation Deck
We Like All Three, But We Have
More of What We Like The Most
$1 OF COMMINGLED
FUND CAPITAL
Fundraising treadmill, but generally
good for high return products
Carry not valued by the market
Capture management fee
or 20% of upside
~3% coinvest
Riskier, limited applicability
Mid-teens growth
VS.
1. Please refer to the Definitions pages at the end of this presentation for the definition of permanent capital.
APOLLO INVESTOR DAY 2021
$1 OF PRIVATE
BDC/REIT CAPITAL
Permanent capital
with periodic liquidity
Carry is fully-valued by the market
Earn management fee
and 12.5% of upside
0% co-invest (today)
Cyclical performance
High-teens growth
VS.
$1 OF RETIREMENT
SERVICES CAPITAL
Permanent capital¹
Upside is undervalued by the market
Earn management fee
and keep 100% of upside
8% co-invest
Reliable earnings stream
Mid-teens growth forecasted
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