History of Apollo Global Management in Timeline

Apollo Global Management is a prominent American alternative asset management firm with $548 billion in assets under management as of 2022. It invests across credit ($392B), private equity ($99B), and real assets ($46.2B), including real estate and infrastructure. Apollo manages funds for a diverse range of institutional and individual investors, such as pension funds, endowments, and sovereign wealth funds.

1988: Countrywide Formerly Hambro Countrywide

In 1988, Countrywide was formerly known as Hambro Countrywide.

1990: Apollo Global Management Founded

In 1990, Apollo was founded by Leon Black, Josh Harris, and Marc Rowan after the collapse of Drexel Burnham Lambert.

1990: Apollo Advisors Founded

In 1990, Apollo, originally named Apollo Advisors, was founded by Leon Black, Josh Harris, and Marc Rowan, following the collapse of Drexel Burnham Lambert.

1990: Apollo's Inception and Fundraising

Since its inception in 1990, Apollo has raised ten flagship private equity funds.

1991: Apollo's Legal Difficulties

In 1991, Apollo faced legal difficulties with the State of California over its purchase of Executive Life Insurance Company.

1992: Lion Advisors Manages High-Yield Portfolio

In 1992, Lion Advisors entered into an arrangement to manage the $3 billion high-yield portfolio for Credit Lyonnais.

April 1993: Apollo Real Estate Investment Fund, L.P. Closed

In April 1993, Apollo Real Estate Investment Fund, L.P. closed with $500 million of investor commitments.

1993: Apollo Real Estate Advisers Founded

In 1993, Apollo Real Estate Advisers was founded in collaboration with William Mack to seek opportunities in the U.S. property markets.

1995: Apollo Investment Fund III Raised

In 1995, Apollo raised its third private-equity fund, Apollo Investment Fund III, with $1.5 billion of investor commitments.

1995: Craig Cogut Leaves to Found Pegasus Capital Advisors

In 1995, Apollo's founding partner Craig Cogut left the firm to found Pegasus Capital Advisors.

1997: Ares Management Founded

In 1997, Ares Management was founded by Antony Ressler, John H. Kissick, and Bennett Rosenthal to manage a $1.2 billion market value collateralized debt obligation vehicle.

1997: Ares Maintains Close Relationship with Apollo

In 1997, although the founders of Ares had completed a corporate spin-off, they maintained a close relationship with Apollo.

1998: Apollo Investment Fund IV Raised

In 1998, Apollo raised Apollo Investment Fund IV with $3.6 billion of investor commitments during the dot-com bubble.

1998: Countrywide Formerly Countrywide Assured Group

In 1998, Countrywide was formerly known as Countrywide Assured Group.

1998: Apollo Investment Fund III Invested Through

Investments for Apollo Investment Fund III were made through 1998 and included investments in companies such as Alliance Imaging, Allied Waste Industries, Breuners Home Furnishings, Levitz Furniture, and others.

2000: Apollo Exited Partnership

In 2000, Apollo exited the partnership with Apollo Real Estate Advisers.

April 2001: Apollo Investment Fund V Raised

In April 2001, Apollo raised Apollo Investment Fund V with $3.7 billion of investor commitments.

2001: Apollo Investment Fund IV Invested Through

Apollo Investment Fund IV made investments through 2001, including Allied Waste Industries, AMC Entertainment, Berlitz International, and Sirius Satellite Radio.

2002: Ares Separates from Apollo

In 2002, Ares announced it would separate from Apollo when it raised its first corporate opportunities fund.

2002: Ares Completed Corporate Spin-Off

In 2002, Ares completed a corporate spin-off from Apollo management and completed fundraising for Ares Corporate Opportunities Fund.

April 2004: Apollo Investment Corporation IPO

In April 2004, Apollo raised $930 million through an initial public offering for Apollo Investment Corporation.

September 2004: Apollo Acquires Connections Academy

In September 2004, investment funds managed by Apollo and Sterling Partners acquired Connections Academy.

2005: Private Equity Market Boom

Between 2005 and 2007, the private equity market was booming. Apollo's notable investments included Harrah's Entertainment, Norwegian Cruise Line, Claire's Stores, and Realogy.

2005: Apollo Forms Hexion Specialty Chemicals

In 2005, Apollo formed Hexion Specialty Chemicals through the merger of Borden, Inc., Resolution Performance Products LLC, and Resolution Specialty Materials, LLC.

June 2006: Apollo Offered Shares in AAA

In June 2006, Apollo offered shares in AP Alternative Assets (AAA), raising only $1.5 billion.

August 2006: Apollo Launches AP Alternative Assets

In August 2006, Apollo launched a $2 billion vehicle in Europe, AP Alternative Assets (AAA).

October 2006: Apollo Acquires International Paper's Paper Business

In October 2006, Apollo acquired International Paper's coated paper and supercalendered paper business for $1.4 billion, renaming the business Verso Paper.

October 2006: Apollo Acquires Jacuzzi Brands

In October 2006, Apollo announced a $990 million leveraged buyout of Jacuzzi Brands.

2006: Apollo Acquisitions

In 2006, Apollo acquired Rexnord Corporation, Berry Plastics, Momentive Performance Materials, and TNT N.V.

2006: Apollo Investment Fund V Invested Through

Investments for Apollo Investment Fund V were made through 2006 and included Affinion Group, AMC Entertainment, Berry Plastics, and General Nutrition Centers (GNC).

February 2007: Apollo Acquires Oceania Cruises

In February 2007, Apollo acquired Oceania Cruises for $850 million and funded its expansion.

March 2007: Apollo Acquires Claire's Stores

In March 2007, Apollo announced the $3.1 billion leveraged buyouts of costume jewelry retailer Claire's Stores.

April 2007: Apollo Acquires Noranda Aluminum

In April 2007, Apollo acquired Noranda Aluminum, the US aluminum business of Xstrata for $1.15 billion.

April 2007: Apollo Acquires Realogy

In April 2007, Apollo acquired Realogy for $8.5 billion.

May 2007: Apollo Acquires Countrywide plc

In May 2007, Apollo acquired Countrywide plc for $1.05 billion.

June 2007: Smart & Final Acquires Henry's Marketplace

In June 2007, Smart & Final completed the acquisition of the Henry's Marketplace chain.

July 2007: Hexion Announces Acquisition of Huntsman Corporation

In July 2007, Hexion announced it was acquiring Huntsman Corporation in a $6.5 billion leveraged buyout.

November 2007: Apollo Sells Stake to Abu Dhabi Investment Authority

In November 2007, Apollo sold 9% of itself to the Abu Dhabi Investment Authority.

2007: Private Equity Market Boom

Between 2005 and 2007, the private equity market was booming. Apollo's notable investments included Harrah's Entertainment, Norwegian Cruise Line, Claire's Stores, and Realogy.

January 2008: Apollo and TPG Capital Acquire Harrah's Entertainment

In January 2008, Apollo and TPG Capital acquired Harrah's Entertainment for $27.4 billion, including debt.

January 2008: Apollo Invests in Norwegian Cruise Line

In January 2008, Apollo invested $1 billion in Norwegian Cruise Line to support a recapitalization.

February 2008: Apollo Acquires Regent Seven Seas Cruises

In February 2008, Apollo acquired Regent Seven Seas Cruises from Carlson Companies for $1 billion.

April 8, 2008: Apollo Investment Fund IV Performance

As of April 8, 2008, Apollo Investment Fund IV had generated a 10% IRR net of fees.

May 2008: Verso Becomes Public Company

In May 2008, Verso became a public company via an IPO.

June 2008: Hexion Refuses to Close Huntsman Deal

In June 2008, Hexion announced it would refuse to close the deal, leading to legal actions.

November 2008: Realogy Launches Debt Exchange Offer

In November 2008, Realogy launched an exchange offer for a portion of its debt to provide additional flexibility, prompting a lawsuit from Carl Icahn.

2008: Claire's Stores Financial Difficulty

In 2008, Claire's experienced financial difficulty amid the slump in consumer spending.

January 15, 2009: Apollo Real Estate Advisers Changed Name to AREA Property Partners

On January 15, 2009, Apollo Real Estate Advisers changed its name to AREA Property Partners.

2011: Connections Academy Sold

In 2011, Connections Academy was sold for $400 million.

2011: Henry's Chain Merged with Sprouts Farmers Market

In 2011, the Henry's chain was merged with Sprouts Farmers Market.

2013: Apollo Sells Realogy Investment

In 2013, Apollo sold out of its investment in Realogy, making a profit of $1.3 billion.

December 2018: Apollo Cashes Out of Norwegian Cruise Line Investment

In December 2018, Apollo cashed out of its investment in Norwegian Cruise Line.

2020: AAA Liquidated

In 2020, AP Alternative Assets (AAA) was liquidated.

August 2021: Apollo Acquires Lumen Technologies Operations and Launches SPAC Fund

In August 2021, Apollo announced the acquisition of local exchange carrier operations in 20 states from Lumen Technologies for $7.5 billion, including $1.4 billion of assumed debt. Also in August 2021, Apollo launched a $500 million fund to invest in SPACs.

September 2021: Apollo Acquires Stake in Yahoo!

In September 2021, investment funds managed by Apollo acquired 90% of Yahoo!.

2021: Leon Black Resigns as CEO

In 2021, founder and CEO Leon Black resigned as CEO of Apollo in the wake of sexual misconduct allegations and revelations of payments to Jeffrey Epstein.

January 2022: Apollo Acquires Athene and Josh Harris departs

In January 2022, Apollo acquired Athene, a retirement services business. Also in January 2022, co-founder Josh Harris left the company to focus on other business ventures.

May 2022: Apollo Acquires Griffin Capital's US Asset Management Business

In May 2022, Apollo acquired the US asset management business of Griffin Capital.

July 2022: Apollo Acquires Tenneco

In July 2022, investment funds managed by Apollo acquired Tenneco for $7.1 billion.

2022: Apollo Global Management's assets under management in 2022

In 2022, Apollo Global Management had $548 billion of assets under management, with $392 billion in credit, $99 billion in private equity, and $46.2 billion in real assets.

2022: Apollo Acquires Multiple Grocers and Miller Homes

In 2022, investment funds managed by Apollo acquired Chicago-based grocer Tony's Fresh Market, California-based grocer Cardenas, and Miller Homes from Bridgepoint Group.

October 2023: Apollo Acquires The Restaurant Group

In October 2023, Apollo acquired London-based restaurant group The Restaurant Group for £506 million ($623 million).

2023: Apollo to Acquire Arconic

In 2023, Apollo announced it would acquire American industrial company Arconic.

June 2024: Apollo Global Management Ranked 29th in PEI 300

In June 2024, Apollo Global Management ranked 29th in Private Equity International's PEI 300 ranking among the world's largest private equity firms.

June 2024: Apollo Announces Acquisition and Joint Bid Consideration

In June 2024, Apollo announced the acquisition of a 49% equity interest in a joint venture entity related to Intel Ireland's Fab 34 for €10.1 billion ($11 billion). Apollo Global and Kyndryl Holdings are in talks to jointly bid for DXC Technology, considering an offer of $22 to $25 per share, which boosted DXC's stock by 11%.

November 2024: Apollo Partners with Shinhan Life and Expands to Seoul

In November 2024, Apollo partnered with Shinhan Life, the life insurance arm of Shinhan Financial Group, and opened an office in Seoul as part of its Asia-Pacific expansion.

February 2025: Apollo Acquires Stake in Bold Productions Services and Agrees to Acquire Bridge Investment Group

In February 2025, Apollo Global Management announced that a fund managed by Apollo affiliates acquired a majority stake in Bold Productions Services, a production-linked provider. Also that month, Apollo agreed to acquire real-estate investment company Bridge Investment Group for $1.5 billion.