Apollo Global Management

Pricing power is evidenced by record fee related earnings and margin expansion as higher management fees from fee‑generating AUM growth outpaced expense growth. FRE margin reached 57 percent in 2Q25 while capital solutions fees hit a record.

Apollo does not rely on headline fee hikes; instead it mixes into higher value strategies, semi‑liquid wealth products, and capital solutions that carry premium fees and economics. On the retirement side, spread earnings reflect asset yields and funding costs rather than pure pricing, so competitive pressures and falling rates can compress spreads.

Net‑net, we see healthy but not unconstrained pricing power, supported by product mix and scale.