Core Insights - GFL Environmental Inc. has sold its Environmental Services business to Apollo Funds and BC Partners for an enterprise value of $8 billion, allowing GFL to pursue organic growth and solid waste M&A opportunities [1][3][4] Company Overview - GFL is the fourth-largest diversified environmental services company in North America, providing solid waste management services across Canada and more than half of the U.S. states, with a workforce of over 15,000 employees [5] Financial Implications - GFL plans to use the proceeds from the sale to repay debt, with up to $2.25 billion allocated for share repurchases, subject to market conditions, and the remainder for transaction fees and general corporate purposes [6] - The transaction enables GFL to accelerate its balance sheet deleveraging towards investment grade levels and return capital to shareholders through share repurchases and future dividend increases [6] Equity Interests - Following the transaction, GFL will retain a 44% equity interest in the Environmental Services business, while Apollo Funds and BC Partners will each hold a 28% equity interest [7] Industry Position - BGL's Environmental Services & Infrastructure investment banking team has been ranked 1 in Environmental Services transaction volume in North America since 2016, focusing on essential services in waste processing, water treatment, and waste-to-energy markets [8]

Core Insights - TeleVox is showcasing its AI-powered virtual assistant, SMART Agent, at HIMSS 2025, aimed at enhancing patient experiences through omnichannel patient relationship management [1][4] - SMART Agent automates routine tasks and provides self-service options for patients, thereby improving staff efficiency and patient care [2][5] - The collaboration between TeleVox and Mosaicx under West Technology Group enhances their product offerings with advanced voice technology and generative AI capabilities [3] Company Overview - TeleVox serves over 7,000 healthcare organizations, providing solutions that integrate with electronic health records (EHR) for personalized patient interactions [6] - The company has a 30-year history of improving healthcare communication, reducing operational burdens, and driving revenue for healthcare providers [6] - TeleVox is part of West Technology Group, LLC, which is managed by affiliates of Apollo Global Management, Inc. [6]

Core Insights - Apollo Global Management is participating in a keynote panel discussion on private markets at the RBC Financial Services Conference on March 5, 2025 [1] - The event will be available via live webcast and a replay will be accessible shortly after [1] Company Overview - Apollo is a high-growth global alternative asset manager with approximately $751 billion in assets under management as of December 31, 2024 [2] - The company aims to provide clients with excess returns across the risk-reward spectrum, from investment grade credit to private equity [2] - Apollo's retirement services business, Athene, focuses on financial security through retirement savings products and solutions for institutions [2] - The company's investment approach is characterized as patient, creative, and knowledgeable, aligning interests among clients, businesses, employees, and communities [2]

Core Insights - Apollo has appointed Shimpei Kanzaki as Managing Director and Head of Japan Global Wealth, bringing over 20 years of experience in alternative investments and wealth management [1][2] - The company aims to expand its presence in Japan following successful growth in Hong Kong and Singapore, focusing on building partnerships with local distributors [2] - Apollo's investment philosophy emphasizes investor alignment and aims to provide clients with access to private market strategies, which offer potential excess returns and diversification benefits [2][3] Company Overview - Apollo is a high-growth global alternative asset manager with approximately $751 billion in assets under management as of December 31, 2024 [3] - The firm specializes in providing excess returns across the risk-reward spectrum, from investment-grade credit to private equity [3] - Apollo's retirement services business, Athene, focuses on helping clients achieve financial security through a suite of retirement savings products [3]

Core Insights - Athene Holding Ltd. has appointed Louis-Jacques (LJ) Tanguy as Executive Vice President and Chief Financial Officer, effective March 1, 2025 [1][3] Company Overview - Athene is a leading retirement services company with over $360 billion in total assets as of December 31, 2024, and operates in the United States, Bermuda, Canada, and Japan [4] - The company focuses on providing financial security through a range of retirement income and savings products, and also serves as a solutions provider to corporations [4] Leadership Background - LJ Tanguy has over 25 years of extensive accounting and financial experience, previously serving as Chief Accounting Officer for Apollo since early 2022 [2] - His prior experience includes 13 years at Deutsche Bank as a Managing Director and roles at Merrill Lynch Japan Securities and Société Générale [2] Strategic Vision - The CEO of Athene, Jim Belardi, expressed confidence in Tanguy's ability to support the company's growth and innovation, highlighting his successful leadership in previous roles [3] - Tanguy himself expressed excitement about contributing to Athene's continued growth and collaborating with colleagues to achieve future objectives [3]

Core Viewpoint - Apollo Global Management Inc. (APO) has entered into a definitive agreement to acquire Bridge Investment Group Holdings Inc. for an all-stock transaction valued at $1.5 billion, aiming to enhance its real estate offerings [1][3]. Company Overview - Bridge Investment Group, founded in 2009, is an alternative investment manager with a diversified portfolio in residential and industrial real estate, managing approximately $50 billion in assets with over 300 investment specialists [2]. Financial Details of the Deal - Bridge stockholders will receive 0.07081 shares of Apollo for each share held, with each share valued at $11.50. The transaction is expected to close in the third quarter of 2025, with Bridge continuing as a stand-alone platform within Apollo [3]. - The acquisition will nearly double Apollo's real estate assets under management to over $110 billion, and is anticipated to be immediately accretive to Apollo's fee-related earnings upon closing [5]. Rationale Behind the Acquisition - The acquisition aligns with Apollo's strategy to expand its real estate expertise and strengthen its wealth management business, leveraging Bridge's scalability and enhancing Apollo's origination capabilities in real estate equity and credit [4][5]. - Apollo's management emphasized the strategic focus on expanding the origination base in growing areas of the business [6]. Market Performance - Over the past six months, Apollo shares have increased by 32.9%, outperforming the industry average rise of 12.6% [7].

Group 1 - Apollo will hold its 2025 Annual Meeting of Stockholders virtually on June 6, 2025, at 9:30 am ET, with a record date of April 14, 2025 [1] - As of December 31, 2024, Apollo had approximately $751 billion in assets under management, indicating its significant scale in the alternative asset management industry [2] - Apollo specializes in providing clients with excess returns across various risk-reward spectrums, including investment grade credit and private equity [2] Group 2 - The company has over three decades of investing expertise, which has enabled it to meet the financial return needs of clients and offer innovative capital solutions for growth [2] - Through its retirement services business, Athene, Apollo focuses on helping clients achieve financial security with a range of retirement savings products [2] - Apollo's investment approach is characterized as patient, creative, and knowledgeable, aiming to align the interests of clients, businesses, employees, and communities [2]

Assets Under Management (AUM) - As of December 31, 2024, Apollo Global Management had total assets under management (AUM) of $751 billion, with $616 billion in credit and $135 billion in equity strategies[347][349][350]. - Total Assets Under Management (AUM) reached $751.0 billion as of December 31, 2024, an increase of $100.3 billion or 15.4% compared to $650.8 billion in 2023[477]. - The company managed or advised $331.5 billion and $278.3 billion of AUM on behalf of Athene as of December 31, 2024 and 2023, respectively[472]. - Performance Fee-Generating AUM increased to $150,197 million in 2024 from $128,470 million in 2023, representing a growth of $21,727 million or 16.9%[471]. - Total Fee-Generating AUM increased to $568.7 billion as of December 31, 2024, up $75.7 billion or 15.4% from $493.0 billion in 2023[479]. Financial Performance - Total revenues for 2024 were $26.1 billion, a decrease of $6.5 billion or 20.0% from $32.6 billion in 2023[428]. - Net income attributable to Apollo Global Management, Inc. was $4.6 billion in 2024, a decrease of $470 million or 9.3% from $5.0 billion in 2023[428]. - GAAP Net Income attributable to Apollo Global Management, Inc. was $4.480 billion for the year ended December 31, 2024, compared to $5.001 billion in 2023, reflecting a decrease of 10.4%[535]. - Adjusted Net Income increased to $4.565 billion in 2024, up from $4.082 billion in 2023, representing a growth of 11.9%[535]. - The company reported operating cash flows of $3.253 billion for 2024, a decrease from $6.322 billion in 2023[541]. Investment Performance - Apollo's equity strategy has produced a 39% gross internal rate of return (IRR) and a 24% net IRR on a compound annual basis from inception through December 31, 2024[350]. - Fund IX had a total invested capital of $21.552 billion and a total value of $39.337 billion, achieving a gross IRR of 27%[530]. - Fund X reported a total invested capital of $6.089 billion with a total value of $7.948 billion, reflecting a gross IRR of 41%[529]. - The total value of distressed investments made in traditional private equity fund portfolios was $32.061 billion, with a gross IRR of 49%[528]. - The total value of Apollo's total equity investments amounted to $73.099 billion, with a total value of $174.885 billion as of December 31, 2024[526]. Revenue Sources - The company's Asset Management segment generated Fee Related Earnings (FRE), which is the primary performance measure, through management fees and capital solutions fees[348]. - Asset Management revenues increased by $669 million to $4.2 billion in 2024, primarily driven by increases in investment income, advisory and transaction fees, and management fees[431]. - Management fees increased by $127 million to $1.9 billion in 2024 from $1.8 billion in 2023, driven by fees from Atlas, ADS, and S3 Equity and Hybrid Solutions[440]. - Advisory and transaction fees increased by $199 million to $822 million in 2024 from $623 million in 2023[439]. - Capital solutions fees rose by $130 million or 24.2% to $668 million in 2024, reflecting strong performance across various sectors[462]. Expenses - Total expenses for 2024 were $19.0 billion, down by $8.3 billion or 30.5% from $27.3 billion in 2023[428]. - Total expenses were $4.0 billion in 2024, an increase of $265 million from $3.7 billion in 2023, primarily due to higher general, administrative, and interest expenses[441]. - Interest expense rose to $226 million in 2024, an increase of $81 million from $145 million in 2023, mainly due to higher interest rates[442]. - Compensation and benefits expense is the most significant expense in the asset management business, reflecting fixed salary, bonuses, and profit sharing associated with performance fees[383]. - Total compensation and benefits decreased by $114 million to $2.6 billion in 2024, primarily due to a $267 million decrease in equity-based compensation[443]. Market Conditions - The U.S. inflation rate decreased to 2.9% as of December 31, 2024, down from 3.4% in 2023, while the unemployment rate increased to 4.1%[359][362]. - The S&P 500 Index increased by 23.3% in 2024, following a 24.2% increase in 2023, indicating strong equity market performance[360]. - The U.S. 10-year Treasury yield rose to 4.58% as of December 31, 2024, compared to 3.88% in 2023, reflecting an increase in medium and long-term rates[367]. - Credit markets showed positive performance in 2024, with the BofAML HY Master II Index increasing by 8.2% and the S&P/LSTA Leveraged Loan Index increasing by 8.7%[361]. - Institutional investors continue to allocate capital towards alternative investment managers, indicating a favorable business environment for Apollo to raise larger successor funds and launch new products[366]. Investment Strategies - Athene, Apollo's retirement services business, focuses on generating spread income by sourcing long-term liabilities and investing in high-quality assets[352]. - As of December 31, 2024, Athene's net invested asset portfolio included $50.6 billion of floating rate investments, representing 20% of its net invested assets[369]. - The percentage of investment-grade assets in Athene's AFS portfolio was 97.1% as of December 31, 2024[502]. - Fixed income and other net investment earned rate improved to 4.86% in 2024, up from 4.45% in 2023, attributed to higher rates on new deployments[496]. - Alternative net investment earned rate rose to 8.03% in 2024, compared to 7.22% in 2023, driven by favorable performance in retirement services and strategic origination platforms[496]. Performance Fees - Performance fees receivable as of December 31, 2024 amounted to $3,467 million, with realized performance fees for the year ended December 31, 2024 totaling $1,128 million[380]. - The company does not earn performance fees until investors achieve cumulative investment returns exceeding an 8% hurdle rate in certain funds[377]. - The total undistributed performance fees since inception through December 31, 2024 were $3,467 million, with maximum performance fees subject to potential reversal totaling $5,515 million[382]. - Performance fees categorized as performance allocations are subject to reversal if distributed fees exceed the amount due to the general partner based on cumulative investment returns[379]. - Realized performance fees rose by $179 million (24.1%) in 2024, primarily driven by Fund IX, Freedom Parent Holdings, and ANRP III, despite a decrease from Fund VIII[516].

Core Insights - Tenneco, Inc. announced a strategic investment from Apollo Fund X to enhance its Clean Air and Powertrain businesses, aiming to unlock growth opportunities and strengthen its position as a leading global automotive supplier [1][2] - The investment will allow Tenneco to execute streamlined growth strategies and invest in emerging opportunities, driving both organic and inorganic growth [2][3] - Since Apollo's acquisition in November 2022, Tenneco has transformed its operations, achieving top-quartile EBITDA margins and setting the stage for future growth [3][4] Company Operations - Tenneco will maintain its current management team and operational structure, ensuring continuity in its strategic priorities [2] - The company has focused on building a culture centered on safety, financial performance, and operational excellence, which has contributed to its recent success [4] Investment Details - The transaction is expected to be completed in the second quarter of 2025, reflecting a strong partnership between Apollo and Tenneco's leadership [4] - American Industrial Partners will also invest alongside Apollo Fund X, indicating a collaborative approach to enhancing Tenneco's capabilities [1][8] Financial Advisors - Citigroup Inc. and Deutsche Bank Securities Inc. are serving as financial advisors to Tenneco, while Barclays Capital Inc., Lazard, and PJT Partners LP are advising Apollo Funds [5]

Core Viewpoint - Redding Ridge Asset Management (RRAM), an affiliate of Apollo, is set to acquire Irradiant Partners, which will add approximately $10.7 billion in CLO assets, increasing RRAM's total AUM to around $38 billion, positioning it as a top five CLO manager in the industry [2][4]. Company Overview - RRAM is an independently managed affiliate of Apollo, founded in 2016, specializing in structured credit with over $27 billion in AUM prior to the acquisition [9]. - Irradiant Partners, established in 2021, focuses on liquid credit, private credit, and renewables, managing nearly $13 billion primarily for institutional investors [10]. Acquisition Details - The acquisition will enhance RRAM's scale and resources, with a first close expected in Q2 2025, subject to regulatory approval [5]. - RRAM will fund the acquisition using cash on its balance sheet, although financial terms have not been disclosed [5]. Leadership Changes - Following the acquisition, John Eanes, currently co-CEO of Irradiant, will become the Chief Investment Officer of RRAM US, while Michael Levitt and Jon Levinson will join Apollo [3][4]. Strategic Importance - The acquisition is seen as critical for achieving scale and operating leverage in portfolio management, enhancing RRAM's position as a well-capitalized global CLO manager [4].