Apollo is planning to turbocharge its private wealth business throughout the next five years. During its investor day presentation, Stephanie Drescher, chief client and product development officer at Apollo, said the firm is planning to grow the private wealth business five times over the next five years to reach $150 billion in assets under management by year-end 2029. It currently stands at $30 billion.
By 2029 the firm is also planning to double the size of its internal wealth team and increase its average capital raise to $30 billion per year. This figure was approximately $1 billion in 2021, when the firm started targeting the private wealth channel, and $11 billion in the second quarter 2024.
“Today as I look at global wealth, what’s striking is that the assets held by individuals are at least as large if not greater than what’s held by the institutions,” said Drescher. “Yet, importantly, the allocations to private markets are just a small fraction, gro