Silver Beech Capital·2026-05-21·via All Articles on Seeking Alpha
Summary
Apollo Global Management is its most structurally advantaged operator due to the pioneering combination of its asset manager and captive life insurer.
Roughly 80% of Apollo Global Management's $1 trillion AUM is credit, anchored by Athene's balance sheet and fed by its distinctive collection of niche origination platforms.
Over the past 10 years, Apollo Global Management has grown its fee-generating AUM at an 18% CAGR, earned average returns on equity of approximately 30%, and produced 29% compounded shareholder returns.
In our base case, we believe Apollo Global Management is worth approximately $160 per share, more than 40% above the quarter-end price.
