Apollo二季度退出收益偏弱但核心费收和保险息差创新高

Apollo misses out on big asset sales that have boosted rivals
Private capital group Apollo Global Management has struggled to cash in on the type of big-ticket investments that have boosted its rivals, sending its income from performance fees plummeting in the second quarter.
The New York-based group generated just $130mn in realised performance fees in the second quarter, a 40 per cent decline from this time a year ago.
That stood in contrast with rivals such as KKR and Blackstone, where performance-based income has surged on the back of exits from large, long-held investments through initial public offerings or company sales.
The dearth of windfalls meant that Apollo’s performance-based profits available for distribution to shareholders for the quarter were just $16mn, down more than 60 per cent from 2025 and worse than analysts had expected. Apollo’s adjusted net income, used by analysts as a proxy for cash flow, was also slightly worse than anticipated.
Apollo said it had “prudently delayed” selling assets in some of its flagship private equity and hybrid funds “amid an evolving exit environment”, and characterised the performance-based profits as “cyclically light”.
Still, the investment group reported strong overall asset growth and record fee and spread-based earnings, a sign of the resilience of its insurance-fuelled funding model to heightened market volatility.
Apollo funds itself using its wholly owned insurer Athene and through its Apollo Asset Management business, which raises money from pensions and sovereign wealth funds to invest for a fee.
Athene manages almost $500bn in assets and provides a steady stream of insurance premiums for its parent company to invest.
That funding model proved steady in the second quarter, as few customers decided to cash out of their insurance policies amid volatile financial markets and rising fears of credit losses.
Apollo’s quarterly fee-related earnings rose 25 per cent to a record $785mn in the second quarter, beating forecasts, while the spread profits it earned by investing insurance premiums were $877mn, a 7 per cent increase that also surpassed expectations.
Outflows from the insurance business fell in the quarter, while “unplanned” outflows were $850mn, a very slight increase from this time last year.
The figures signalled that Apollo’s insurance customers were less likely to pull cash from volatile markets than wealthy individuals who often hold alternative assets in perpetual retail funds that have recently faced heavy investor redemptions.
Apollo’s funding model contrasts with private capital rival Blackstone, which has refused to acquire an insurer and instead bet on “semi-liquid” funds for wealthy individual investors that offer the right to pull cash every quarter, up to certain limits.
Private capital groups Blackstone, Blue Owl, Cliffwater and Apollo have chosen not to meet redemptions in full at their flagship private debt funds this year to avoid a fire sale of assets.
But while the limits on redemptions are functioning as intended, they have underscored the risks investors have taken in exchange for seeking illiquid private investments that offer higher yields.