Apollo Global Management LLC Class A

Apollo Global Management has moved further into energy and industrial assets, with its backed Eagle Creek Renewable Energy partnering with Relevate Power to grow small hydropower assets, and with Apollo completing its acquisition of Nippon Sheet Glass. The Eagle Creek and Relevate Power agreement covers both expansion and day-to-day management of distributed hydro facilities, while the Nippon Sheet Glass deal starts a new management setup and growth phase for the glass producer. Apollo Global Management, a US-based diversified financial group with a market value of about $68.5b, channels capital into credit, private equity, infrastructure and real assets. The firm is also rumored to be reshaping assets including Energos Infrastructure and rolling out Daily Pricing across US$850b of credit. Analysts continue to flag thinner recent profit margins and an uneven dividend record even as the deals support expectations of higher origination volumes.

JERA, Japan's major power producer, announced a partnership with Dell Technologies and RHAELM, a UK-based AI infrastructure developer, to develop a Hyperscale AI Data Center project in Chiba Prefecture near Tokyo, valued at approximately 15 billion dollars, with a power capacity of about 400 megawatts. It is positioned as one of the largest single-site AI infrastructure projects in Japan. Meanwhile, Apollo Global Management plans to join as RHAELM's investment and financial partner. A key point of the project is that it will be developed on land adjacent to JERA's Chiba thermal power plant, with JERA providing the site and 400 megawatts of power under a long-term agreement of 15 to 25 years, while RHAELM is responsible for development, construction, management, and financing. Dell will supply rack-scale AI infrastructure. The project is scheduled to come online in phases starting in 2028 and is expected to use the full 400 megawatts of power by 2029. The three companies also aim to create a model that expands to other JERA power plant sites during the 2030s, with the goal of developing total data center capacity at the multi-gigawatt level across Japan.

Apollo has begun providing Daily Pricing information to additional investors across its $850 billion credit business, extending an initiative it launched on July 1, 2026 for investors in its investment-grade Fixed Income Replacement product suite. The expansion covers various direct lending, asset-backed finance, multi-credit and opportunistic credit vehicles, with asset-level pricing for applicable funds expected to be made available to investors beginning on October 30, 2026. John Zito, Co-President of Apollo Asset Management, said daily pricing is another step in the convergence of public and private markets and is designed to give investors greater visibility into their holdings. The move complements Apollo's other private market infrastructure efforts, including its March 2026 partnership with Intercontinental Exchange to launch ICE Private Credit Intelligence, which has created over 5,000 ICE IDs to date, and its dedicated secondary trading desk, launched in 2024, which has facilitated over $30 billion of trading volume. Daily Pricing is available to investors through Apollo's investor portal, and where information relates to a registered fund it is published through the channels applicable to that vehicle.

GDEV Management-backed Relevate Power and Eagle Creek Renewable Energy, a hydropower owner and operator backed by Apollo funds, announced a strategic partnership across their portfolios of small hydropower assets. At the partnership's commencement, Eagle Creek will leverage its scale and operations team to manage Relevate's portfolio of run-of-river hydroelectric projects, with the local operators currently employed by Relevate joining Eagle Creek to maintain continuity of operations at each facility. The two companies said they have identified opportunities to combine their strengths in redeveloping and operating hydropower facilities to achieve operational and cost efficiencies, starting with asset management as the foundation for a broader relationship. GDEV and Apollo previously provided financing for Relevate's acquisition of Gravity Renewables in December 2024, and since GDEV's initial investment in 2024, Relevate has received a $4.9 million grant from the Department of Energy to improve the efficiency of hydroelectric facilities. Eagle Creek owns and operates 85 hydroelectric facilities across 18 states, with a portfolio of nearly 700 MW that produces enough electricity to power over 260,000 homes.

The US Securities and Exchange Commission, or SEC, approved a major proposal to give retail investors greater access to private markets, while allowing Registered Investment Advisers, or RIAs, to charge performance-based fees of up to 20%, a level close to the fees common in the hedge fund and alternative asset industry. The proposal, approved by the SEC on Wednesday, September 30, will expand the number and types of channels through which ordinary individuals can qualify as accredited investors, who are able to access assets and investment products not offered to the general public. SEC Chairman Paul Atkins said demand among investors to invest in private markets is rising, and access to sources of capital, one of the key mechanisms of the US business sector, should not be limited to only the wealthy or investors viewed as sophisticated. The move aligns with the approach of President Donald Trump's administration, which wants to ease regulatory restrictions in private markets. In August 2025, Trump signed an executive order titled Democratizing Access to Alternative Assets for 401(k) Investors, which opens the way for Americans to put more of their 401(k) retirement plan money into private equity and other alternative assets. However, the opening of the door to more retail money flowing into private markets comes at a time when the private asset industry is under intense scrutiny, particularly over the mismatch between the liquidity of assets and the expectations of retail investors. In February, Blue Owl Capital suspended cash repurchases under the quarterly cycle of its Blue Owl Capital Corporation II fund, which focuses on the US retail investor market, after redemption requests from investors surged. Other private credit fund managers, including Blackstone and Apollo, have used similar withdrawal restriction measures, and Jon Gray, President and Chief Operating Officer of Blackstone, told CNBC in March that such restrictions are a feature, not a bug, of private credit products, reflecting that redemption limits are part of the structure of products that invest in illiquid assets.

Apollo Funds have completed their acquisition of Nippon Sheet Glass Co., Ltd., a leading global company in architectural, automotive, and solar glass, and launched a new management structure for the business. The transaction, carried out by Apollo Funds together with key financial institutions, is intended to strengthen the company's financial foundation and accelerate investments in its people and technology. Apollo said it will draw on its prior investment experience in the glass, automotive, and manufacturing sectors to help the company build a more robust and sustainable business foundation. Munehiro Hosonuma, Representative Director, President and CEO of NSG Group, said the closing marks the beginning of an exciting new chapter and that the company's expertise, trust, brand, and core values, cultivated over a century of tradition, remain unchanged. Tetsuji Okamoto, Lead Partner, Asia Pacific Private Equity at Apollo, said the combination of Apollo's experience and NSG Group's talent and craftsmanship positions the company to build a strong platform for growth and innovation. Apollo, a global alternative asset manager, reported approximately $1.05 trillion of assets under management as of June 30, 2026.

Private credit funds showed signs of stabilizing in September as redemption requests from individual investors eased and investment performance improved after a difficult start to the year, the Financial Times reported Sunday. Flagship funds managed by Apollo Global, Ares and BlackRock reported lower withdrawal requests in the third quarter, while redemptions at Blackstone's large private credit fund held roughly steady. Ares Strategic Income Fund said investors requested withdrawals equal to 13.1% of shares during the third quarter, down from 14.4% in the prior period, while at Apollo's roughly $15 billion flagship debt fund redemption requests fell to 14.7% from 16.8%. Requests at BlackRock's HPS corporate lending fund declined to 11.5% from 13.3%, while Blackstone's $43 billion flagship private credit vehicle held steady at about 10%. Across 13 non-traded business development companies that have reported third-quarter results, investors requested $9.6 billion in withdrawals, or 10.1% of fund value, down from 11.2% in the second quarter, according to RA Stanger. Despite the improvement, the four vehicles fulfilled less than half of requested withdrawals on average as redemption limits remained in place, and limited inflows and constrained asset growth could keep management-fee expansion weak while softer performance is expected to reduce incentive fees.

Apollo Global Management is in discussions to acquire Johnson & Johnson's orthopedics business, DePuy Synthes, in a potential transaction valuing the unit at close to $20 billion, according to Bloomberg. The unit, which J&J previously announced plans to separate within an 18-to-24-month timeframe, generated $9.3 billion in 2025 revenue. An agreement could be reached within weeks, though J&J is also weighing a tax-efficient public market spin-off. For Apollo, the deal would deploy capital into a scaled medical technology franchise at roughly 2.2 times 2025 revenue, while for J&J an upfront cash sale would accelerate its pivot toward higher-growth areas such as Oncology, Immunology, and Cardiovascular. Risks include medical device litigation liabilities and integration complexity for Apollo, and sacrificed long-term cash flows for J&J.

Apollo Global Management is close to completing a deal for a 16% stake in the New York Yankees, according to a September 20 report in the New York Post that put the team's valuation at more than $12 billion. The transaction is the $2.6 billion financing agreement Apollo announced with the team's owners on August 11, its largest investment in US sports, structured as a mix of credit and equity. Under the terms described, Apollo would hold about 8% in common equity and another 8% in preferred stock that converts after four years, while the Steinbrenner family would keep control with a little over 60% and Hal Steinbrenner would remain managing general partner. Major League Baseball caps a single private equity fund at 15% of a team, and the Post reports the league is expected to waive that limit for this structure. Apollo manages about $1.05 trillion and set up Apollo Sports Capital a year ago to pursue such assets, though the record valuation, the lack of control, and the uncertain future of media rights remain key concerns.

Apollo-managed funds have agreed to sell an approximately 30% minority stake in UK housebuilder Miller Homes to Daiwa House, with Apollo Funds remaining the controlling shareholder. Miller Homes, founded in 1934, is the UK's largest private housebuilder, completing approximately 5,000 homes a year across England, Scotland and Wales, and targets delivering 7,000 new homes per year. Daiwa House, a Japanese construction and real estate group operating in 28 countries with roughly 55,000 employees, said the investment will support Miller Homes' continued profitable growth and its multi-tenure model. The transaction is subject to closing conditions including regulatory approvals and is expected to close later this year. Rothschild & Co advised Apollo Funds and Miller Homes, while A&O Shearman and Paul, Weiss, Rifkind, Wharton & Garrison LLP provided legal counsel to Apollo Funds.

Apollo Global Management Inc. is in talks with SoftBank Group Corp. about boosting the size of a loan to $9 billion from $5.4 billion to help the Japanese firm amplify its bets on AI giant OpenAI. The financing is backed by assets in SoftBank's Vision Fund 2, and its size hasn't been finalized, according to people familiar with the discussions who requested anonymity because the talks are private. Apollo made the so-called net-asset-value loan to SoftBank's venture capital fund in 2021 and boosted it by $900 million last year to $5.4 billion. SoftBank has committed to invest $64.6 billion in OpenAI, and in August it raised a $10 billion loan backed by its OpenAI holding from lenders including Apollo. Vision Fund 2, which had more than $100 billion of committed capital as of February, has made more than 300 investments since inception and has recently been plowing more into ChatGPT creator OpenAI.

Broadcom CEO Hock Tan said on Mad Money on Sep. 14 that Anthropic CEO Dario Amodei's call for an intentional slowdown in advanced AI development does not change Broadcom's AI semiconductor forecasts. Amodei published an essay titled "We Must Pace the Frontier" on Sep. 12, 2026, drawing endorsements from OpenAI CEO Sam Altman and Elon Musk, and AVGO fell over 4.8% on Sep. 14 while the iShares Semiconductor ETF dropped 5.6%. Tan said demand for compute infrastructure for AI development, frontier models and inference remains very strong and durable, agreed that AI needs governance and safeguards, but pushed back on the framing that AI poses existential risk at current capability levels, saying it is not a live animal that will run wild by itself. Broadcom reported Q3 fiscal 2026 AI semiconductor revenue of $16.7 billion, up 221% year-over-year and 54% quarter-over-quarter, with total consolidated revenue of $29.6 billion, up 86% year-over-year, and free cash flow of $13.7 billion, or 46% of revenue. Q4 guidance calls for AI semiconductor revenue of $21.7 billion, up 236% year-over-year, and consolidated revenue of $34.8 billion, up 93% year-over-year, while full fiscal 2026 AI revenue is now expected to be $58 billion, raised from prior guidance of $56 billion. Tan guided fiscal 2027 AI semiconductor revenue to approximately $115 billion, doubling to approximately $230 billion in fiscal 2028, and reiterated confidence in exceeding $30 in EPS by fiscal 2028, with Anthropic on track to become Broadcom's largest XPU customer in 2027-2028 with visibility to 10 gigawatts of deployment by 2028. Tan also helped establish a $35 billion AI special-purpose vehicle platform with Apollo and Blackstone to support Anthropic's one-gigawatt deployment.

Intercontinental Exchange announced the launch of a new reference data service for private credit instruments, building on its recently introduced ICE IDs, the first foundational identifiers for private credit. The service, ICE Private Credit Reference Data, uses ICE IDs assigned at origination that persist throughout the full asset lifecycle, delivering private credit data directly to clients through ICE's reference data infrastructure. The offering is a foundational component of ICE Private Credit Intelligence, an industry-wide initiative started by ICE and Apollo to build the foundational data infrastructure for the private credit market. As anchor originator, Apollo has contributed deal-level data relating to over 5,000 deals and ICE IDs, totaling over $1.3 trillion in notional cover data. Chris Edmonds, President of ICE's Fixed Income and Data Services, said the dataset builds on over 25 years of ICE experience working with partners like Apollo, while Apollo Capital Solutions Partner and Head Eric Needleman said data standardization is an essential building block for stronger investor confidence as private credit grows.

Apollo-managed funds and affiliates have closed a €3 billion capital solution for Bayer, first announced on July 10, with KKR joining as a significant minority participant. Under the transaction, Apollo and KKR invested equity capital into a newly established entity holding Bayer's long-acting reversible contraceptives business, while Bayer retains a majority stake and continues to exercise full operational control, with no changes to the LARC strategy. Apollo Partner Jamshid Ehsani said the firm originated and led the multi-billion-euro capital solution, adding that Apollo has committed to deploying more than $100 billion in Germany over the coming decade. Centerview Partners served as financial advisor to the Apollo Funds, with Latham & Watkins LLP, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and NautaDutilh N.V. acting as legal counsel.

Apollo Global Management said Apollo-managed funds, affiliates and other long-term investors provided $585M in financing to The Executive Centre, an Asia-based provider of premium flexible office space. The financing will primarily be used to refinance existing debt and support further expansion as demand for premium flexible office space remains strong across the region. Apollo said the investment builds on its track record of providing hybrid capital solutions in Asia.

Realty Income has formed a new euro-denominated joint venture with KKR to own a diversified portfolio of net-lease assets in Europe, its third major institutional capital partnership of the year following deals with Apollo and GIC. Under the KKR deal, Realty Income is selling a 49% interest in an initial portfolio of 54 properties across Spain, Ireland, Poland, and the Netherlands valued at 528 million euros, or $610 million. In March, Apollo agreed to invest $1 billion to acquire a 49% interest in a joint venture that will initially own 500 single-tenant retail properties in the U.S. In January, Realty Income formed a strategic partnership with Singapore sovereign wealth fund GIC that includes a programmatic joint venture with more than $1.5 billion in capital focused on build-to-suit logistics real estate in the U.S., a cornerstone investment by GIC in Realty Income's U.S. Core Plus Fund, and a $200 million construction financing and takeout purchase of industrial properties in Mexico, the REIT's first investment in the country. Realty Income also invested up to $1.4 billion in a joint venture with Cloud Capital and a global institutional investor for a portfolio of U.S. data centers. The REIT said the partnerships raise non-dilutive capital while it retains majority stakes in the assets, supporting growth in adjusted funds from operations per share and its 5.5% monthly dividend.

Enbridge has announced three transactions in the past two weeks, including nearly $3.2 billion of acquisitions, as the Canadian energy infrastructure giant moves to strengthen its 5.8%-yielding dividend. On Aug. 26, Enbridge announced the acquisition of Salt Creek Midstream's crude oil gathering business for $600 million, adding 500 miles of crude oil gathering infrastructure in the core of the Delaware Basin. On Sept. 9, it unveiled a larger deal, agreeing to acquire Tallgrass Energy's crude oil business for $2.55 billion, which includes a 75% interest in the 1,050-mile Pony Express Pipeline, a 51% interest in the Powder River Gateway System, and 8.4 million barrels of storage capacity. Enbridge expects both acquisitions to be accretive to distributable cash flow per share within the first year, and the Tallgrass deal includes the PXP2 growth project, a $300 million expansion expected to enter service in late 2027. To help fund the deals, Enbridge announced a stock offering seeking to raise at least CA$2.6 billion, or $1.9 billion, while KKR and Apollo agreed on Aug. 27 to invest about CA$2.7 billion, or $2 billion, in a new joint venture supporting expansion of its Westcoast Pipeline System, with Enbridge receiving CA$700 million, or $505 million, in cash at closing.

Nvidia is partnering with Apollo Global Management, BlackRock, Blackstone, Brookfield, Goldman Sachs, and KKR to raise over $500 billion in third-party capital for AI infrastructure, as Bank of America warns the sector may need about $1.2 trillion of external finance to support AI capital expenditures forecast to exceed $5 trillion between 2026 and 2030. Bank of America says major chip suppliers are taking on an unexpected role as credit intermediaries, helping remove financial risks that make massive AI data centers difficult or expensive to finance through minimum revenue commitments, take-or-pay contracts, and residual value guarantees. Broadcom's AI XPV Platform has secured senior notes and the remaining value of chips covering $31 billion of an initial $35 billion loan package arranged with Apollo and Blackstone, nearly 87% of the debt package, with the guaranteed portion priced at 5.75% against 8.5% for an unsecured second lien. In August, Nvidia said it would provide finance assistance for land, electricity, and construction at SB Energy's PORTS-Pike Technology Campus in Ohio, with a first rollout of 4.25 gigawatts of AI factory capacity expected to be used by OpenAI, and Nvidia also said it was investing $1.5 billion in SB Energy. Broadcom on Sept. 2 reported $16.7 billion in AI semiconductor sales for its fiscal third quarter, up 221% from a year earlier, and CEO Hock Tan said the company expects AI semiconductor revenue of about $21.7 billion in its fiscal fourth quarter, an increase of 236% year-over-year.

ONEOK, Inc. announced the closing of a previously announced $9 billion minority equity investment by funds and affiliates managed by Apollo. Under the terms of the agreement, Apollo invested $9 billion in exchange for a nonvoting Class B minority interest in a newly formed holding company, ONEOK Holdings, L.L.C., which is structurally subordinate to the company's debt. The minority equity investment has been reviewed with ONEOK's credit rating agencies, all of which consider the transaction credit-enhancing. ONEOK is a leading midstream operator with an approximately 60,000-mile pipeline network, and Apollo had approximately $1.05 trillion of assets under management as of June 30, 2026.

ONEOK, Inc. has agreed to acquire Brazos Midstream's Permian Midland Basin assets for $4.425 billion in cash, funded by a $9 billion nonvoting minority equity investment from Apollo-managed funds, which will also support approximately $5 billion of debt extinguishment. The minority investor's internal rate of return is capped at 7.0% for nine years, below ONEOK's cost of publicly traded equity, and the company expects pro forma 2027 leverage to decline to approximately 3.25 times debt-to-EBITDA without issuing common shares. The acquisition covers approximately 600,000 dedicated acres under fixed-fee contracts with a weighted average remaining term exceeding 12 years, and more than doubles ONEOK's Midland Basin processing capacity to approximately 2.3 billion cubic feet per day. ONEOK expects immediate earnings-per-share accretion, but the bear case notes that the Class B interest participates in existing operations, and the stated 7.5 times 2027 adjusted EBITDA multiple includes approximately $80 million of annual synergies, implying a higher multiple when calculated with rounded inputs. Hedge fund sentiment showed 43 funds holding ONEOK at the end of 2Q2026, down from 50 funds three months earlier.

Broadcom met Wall Street's revenue expectations in Q2 CY2026, with sales up 85.5% year on year to $29.59 billion, but its Q3 revenue guidance of $34.8 billion came in 1.1% below analysts' estimates. Non-GAAP profit of $3.32 per share beat consensus by 2.5%. CEO Hock Tan highlighted that AI semiconductor revenue grew 221% year on year and 54% sequentially, driven by custom XPU shipments to customers like Anthropic, Google, and OpenAI, with XPUs representing 73% of AI revenue. However, management cautioned about supply chain bottlenecks, including substrate and memory capacity, and infrastructure hurdles such as land, power, and data center readiness, which could affect the pace of growth. CFO Amie O'Toole noted that as XPUs become a larger proportion of revenue, gross margins will face pressure, but operating leverage should sustain operating margins. The company also launched the XPV financing platform with Apollo and Blackstone to support over 20 gigawatts of compute infrastructure for OpenAI and Anthropic by 2028.

ONEOK has launched a major cash tender offer as part of a $5 billion senior debt repayment plan, alongside a minority equity investment from Apollo Global Management and a corporate reorganization involving merger steps and changes to issuing entities. The $2 billion tender offer is a component of the broader $5 billion debt repayment plan, which also includes Apollo's minority equity funding. These actions aim to reshape ONEOK's capital structure, debt profile, and governance framework. The company, a US midstream operator with a market cap of about $59.7 billion, focuses on gathering, processing, transporting, storing, and exporting oil and gas products. The reorganization introduces new issuing entities and assumes legacy notes, highlighting existing debt load and refinancing risk, while management emphasizes improved free cash flow and reduced leverage to support capital allocation and shareholder returns.

Apollo Global Management Inc. is turning its $9 billion stake in Oneok Inc. into investment-grade debt, part of a broader strategy of converting equity into debt-like securities. The deal, announced Sunday, treats Apollo's investment as permanent equity for Oneok, allowing the Tulsa-based energy company to raise capital without adding conventional debt or hurting its credit rating. Apollo aims to structure the securities so they can receive investment-grade ratings, with the capital subordinated to Oneok's existing debt and sliced into seniority levels. The firm has completed over $100 billion of such transactions, including with Intel, Vonovia, Anheuser-Busch InBev, Air France-KLM, and BP, and its pipeline tops $100 billion. The Oneok deal will help fund Oneok's $4.4 billion purchase of Brazos Midstream Holdings' natural gas operations in West Texas and repay debt, with Apollo's return capped at 7% for the first nine years, rising to 7.85% by year 15.