Apollo Global Management Investor Presentation Deck
Generating Excess Return Per Unit of Risk Across Risk-Reward Spectrum
WE ARE DELIVERING ON OUR PROMISE OF ALTERNATIVES
RETURN
YIELD
ATHENE²
Avg Yield: 4.3%
AUM: $225B
IG CORP¹
T5y Avg
Yield: 1.6%
TOTAL RETURN
FRANCHISE
Avg Yield: 7-8%
AUM: $7B
ATHENE PEER
GROUP²
Avg Yield: 4.0%
LARGE
CORPORATE
CREDIT³
Return: 9%
S&P LL100
Return: 6%
HYBRID
ACCORD SERIES4
Gross IRR: 22%
Net IRR: 17%
Strategy AUM: $5B
INFRA EQUITY7
Gross IRR: 25%
Net IRR: 20%
Strategy AUM: $5B
MEDIAN PRIVATE
CREDIT5
Net IRR: 12%
HYBRID VALUE⁹
Gross IRR: 26%
Net IRR: 21%
Strategy AUM: $14B
MEDIAN PRIVATE
CREDIT/PE BLENDED6
Net IRR: 20%
EQUITY
FLAGSHIP PE 10
Gross IRR: 39%
Net IRR: 24%
Strategy AUM: $54B
...
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MEDIAN PE8
Net IRR: 14%
APOLLO STRATEGY
MARKET INDICATOR
RISK
3
Note: Data as of June 30, 2022, unless otherwise noted. Not a comprehensive list of all Apollo funds, and were chosen on the basis of illustrative mandates across the platform. Apollo Strategy and corresponding Market Indicator are not directly comparable. Actual results may vary and these returns may differ
substantially from the strategies. There can be no guarantee or assurance that similar opportunities will become available, particularly on a direct basis, in the future or if available, that such opportunities will achieve target returns once realized. Additional information is available upon request. Past performance is not
indicative of future results. Please refer to the slides at the end of this presentation for additional important information on index performance. IRR calculations based on Apollo calculations, not an industry standard. (1) As of 4Q21, trailing 5-year average yield of comparable quality and duration US corporate bond
indices at the time of HGA issuance. (2) Peers represent a weighted average of AEL, AFG, LNC, MassMutual, MET, PRU, and PFG for the 5 years 2017 to 2021. Source: SNL Financial, Company Filings. Net asset yield calculated based on average statutory investment yield on bonds and mortgages disclosed in annual U.S. life
insurance statutory fillings. Statutory investment yield reduced for each company's respective investment fees and expenses approximated by taking annual GAAP investment expenses divided by average GAAP invested assets. Athene's statutory investment yield was adjusted to include assets in Bermuda entities and
separate accounts backing pension group annuities, and to back out the impact of the larger Lincoln and Jackson National block trades during their respective 12 months deployment periods. (3) The Apollo Large Corporate Credit universe was selected to include publicly priced syndicated loans, denominated in USD,
that had at least $100mm of market value held across the Apollo credit platform from January 2015 to June 2022. Market value includes accrued income. P&L and returns exclude FX gains and losses as well as cash and cash equivalents. Returns are calculated daily on a gross basis and are geometrically linked and
annualized. The figure shown in the chart above is a model return assuming one turn of leverage for both the assets and the index with no cost of leverage. Generally there would be a cost associated with implementing a levered strategy that would result in lower returns. The unlevered annualized figure for the Large
Corporate Credit and index is 5% and 3%, respectively. (4) Reflects composite returns of Accord Fund I, Accord Fund II, Accord Fund III, Accord Fund III B and Accord Fund IV from the date of the funding of Accord Fund I's first call in February 2017 through June 30, 2022. (5) As provided by Cambridge Associates, as of
Q1 2022. Represents total U.S. Credit Opportunities, Senior Debt and Subordinated Capital funds with 2018 vintages net IRR through Q1 2022. Reflects latest data available. (6) As provided by Cambridge Associates, as of Q1 2022. Represents total U.S. Credit Opportunities, Senior Debt, Subordinated Capital and Buyout
funds with 2018 vintages net IRR through Q1 2022. Reflects latest data available. (7) Returns represent AIOF only. (8) As provided by Cambridge Associates, as of Q1 2022. Represents total U.S. Buyout funds with comparable vintages net IRR through Q1 2022. Reflects latest data available. (9) Performance represents HVF
I performance whereas the capital represents HVF strategy capital. (10) Flagship PE represents Funds I-IX. Strategy AUM includes co-invest.
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