Apollo Global Management Retirement Services — Investment funds increased by 17.1% to $23.89B in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 35.3%, from $17.66B to $23.89B. Over 3 years (FY 2022 to FY 2025), Retirement Services — Investment funds shows an upward trend with a 20.5% CAGR.
Higher balances indicate a greater allocation to alternative assets, which may increase potential returns but also heighten liquidity and valuation risk.
The value of interests held in various investment funds, including private equity, hedge funds, or real estate funds, ma...
Comparable to 'Investments in Unconsolidated Entities' or 'Alternative Investments' at other alternative asset managers.
apo_segment_retirement_services_investment_funds| Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $0.00 | $12.78B | $9.49B | $11.89B | $12.48B | $12.78B | $14.01B | $14.99B | $15.82B | $16.71B | $17.62B | $17.03B | $17.66B | $18.19B | $19.18B | $20.40B | $23.89B |
| QoQ Change | — | — | -25.7% | +25.2% | +5.0% | +2.4% | +9.6% | +7.0% | +5.5% | +5.6% | +5.5% | -3.4% | +3.7% | +3.0% | +5.4% | +6.4% | +17.1% |
| YoY Change | — | — | — | — | — | -0.0% | +47.5% | +26.1% | +26.8% | +30.8% | +25.8% | +13.6% | +11.6% | +8.9% | +8.8% | +19.8% | +35.3% |