# Apollo Global Management’s Business Model Transformation

Page: https://stenobird.com/podcast/cold-call-634317/apollo-global-management-s-business-model-transformation
Text version: https://stenobird.com/podcast/cold-call-634317/apollo-global-management-s-business-model-transformation.md
Podcast: [Cold Call](https://stenobird.com/podcast/cold-call-634317)
Published: 2025-11-11T11:10:01+00:00
Episode link: https://hbr.org/podcast/2025/11/apollo-global-managements-business-model-transformation
Audio file: https://audio.hbr.org/cold-call/20251110114539-ApolloGlobalManagement_sBusinessModelTransformation.mp3
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JSON: https://stenobird.com/v1/public/podcasts/cold-call-634317/episodes/apollo-global-management-s-business-model-transformation
Duration seconds: 1756

## Resource

Apollo Global Management has transformed itself from a traditional private equity giant into an insurance-fueled credit powerhouse—thanks to its acquisition of life annuity issuer Athene. CEO Marc Rowan makes a bold bet that an asset-heavy model, which is backed by hundreds of billions in long-term insurance liabilities, can drive repeatable, superior returns and propel Apollo’s assets under management to $1.5 trillion. However, public markets award Apollo a multitude on its earnings that is far lower than asset-light peers like Blackstone, which highlights important trade-offs. Harvard Business School professor George Serafeim joins host Brian Kenny to discuss the questions raised by the case, Apollo Global Management, and explore what Apollo’s transformation reveals about business-model innovation and risk management in today’s rapidly evolving private markets ecosystem, and what it means to be a modern investment firm.

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## Transcript

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