Apollo Global Management’s Business Model Transformation

Podcast: Cold Call · HBR Presents / Brian Kenny

Opublikowano: 2025-11-11

Apollo Global Management has transformed itself from a traditional private equity giant into an insurance-fueled credit powerhouse—thanks to its acquisition of life annuity issuer Athene. CEO Marc Rowan makes a bold bet that an asset-heavy model, which is backed by hundreds of billions in long-term insurance liabilities, can drive repeatable, superior returns and propel Apollo’s assets under management to $1.5 trillion. However, public markets award Apollo a multitude on its earnings that is far lower than asset-light peers like Blackstone, which highlights important trade-offs. Harvard Business School professor George Serafeim joins host Brian Kenny to discuss the questions raised by t...