During its investor day, Apollo Global Management, a New York-based firm with $696 billion in AUM, set out a new set of ambitious growth targets over the next five years, including growing its assets from the global wealth channel to 150 billion dollars by 2029. .

“Advisors and their clients now understand that the public markets alone will not allow them to achieve their long-term financial goals,” said Stephanie Drescher, Apollo's chief client and product development officer, during her presentation on the day of investors. “Private markets are a critical substitute for some of their public revenues and capital allocations.”

Apollo began targeting the wealth channel in 2021. In the past three years, it has spent $1 billion to build its wealth business, including growing its internal wealth team to more than 100 members staff, increasing its annual fundraising pace from the wealth channel globally to more than $10 billion, raising $27 billion and developing 30 investment vehicles ranging from traditional withdrawal structures to newer semi-strategies liquid.

By 2029, Apollo has set a target of doubling the size of its in-house wealth team, raising $30 billion annually from the wealth channel globally and achieving $150 billion in AUM for its wealth products. focused on wealth.

“We've spent the last three years building an incredibly strong foundation that we can now scale,” Drescher said. “We now have a global footprint of hundreds of firms that believe in partnering with us as they build their exposure to the private markets.”

During the presentation, Apollo did not shed any additional light on it the last proposition to jointly launch a private credit ETF with State Street, which is currently under review by the SEC.