Apollo Sees Fee-Related Earnings Growing at Least 20% in 2027

Apollo Global Management expects fee-related earnings to grow at least 20% in 2027 and plans to invest roughly $350 million over the next 24 months to build new businesses.

The company projects management fees will rise at least 15% and spread-related earnings will grow 10% in 2027, assuming an 11% return on alternative investments. Apollo also reaffirmed its 2026 growth targets.

Apollo’s third-quarter results included record fee-related earnings of $802 million, or $1.28 per share. Spread-related earnings excluding notable items reached a record $909 million, or $1.46 per share.

Apollo expects to maintain margins as it builds the new businesses. Management described valuations as high and risks as elevated, favoring a defensive approach while preparing to invest when opportunities arise.