Apollo Global Management

Apollo benefits from multiple reinforcing moats. First, a cost advantage from access to permanent and long‑duration liabilities at Athene enables scaled origination of private investment grade assets with attractive risk‑adjusted spreads.

Second, the firm has built a broad origination ecosystem and capital solutions capability that is hard to replicate and is increasingly integrated with wealth channels and perpetual vehicles.

Third, efficient scale and brand with 840 billion dollars of AUM and 638 billion dollars of fee‑generating AUM create operating leverage and client stickiness, with nearly 60 percent of total AUM and roughly 75 percent of fee‑generating AUM in perpetual capital.

Moat erosion risks include regulatory shifts that raise capital or reinsurance costs, and intensifying competition from other private credit leaders, but Apollo’s platform breadth and permanent capital base provide resilience.