"BRIAN KENNY: Welcome to Cold Call, the podcast where we dive deep into the stories behind groundbreaking Harvard Business School case studies. Apollo Global Management began in 1990 as a bold, if not controversial, private equity firm, built on buying undervalued assets and distressed debt. Fast forward three decades, and under the leadership of CEO Marc Rowan, Apollo has transformed itself into something far more ambitious, and far more complicated."
"By 2025, the firm had grown into a financial colossus, managing over $750 billion in assets. But here's the twist. Apollo's growth no longer came from private equity deals alone, its biggest engine was a life insurance and annuities business they acquired in 2022. Suddenly, they weren't just managing investor capital, but the retirement savings and the hopes and dreams of millions of policyholders."
Apollo Global Management began in 1990 focused on buying undervalued assets and distressed debt. Under CEO Marc Rowan, the firm expanded significantly and managed over $750 billion by 2025. The firm’s most rapid growth derived not from traditional private equity deals but from a 2022 acquisition of a life insurance and annuities business. That acquisition shifted Apollo’s responsibilities to include the retirement savings of millions of policyholders and introduced long-duration liabilities and regulatory complexity. The transformation reshaped the firm’s risk profile and raised strategic, risk-management, regulatory, and ethical questions about large asset managers operating in retirement finance.
Read at Harvard Business Review
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