Apollo Global Management has reached a record $840bn in assets under management, fuelled by $61bn in second-quarter inflows as the firm capitalised on market dislocations following new US tariffs introduced by president Donald Trump.

Roughly two-thirds of new capital came through Apollo’s asset management arm, with institutional and high-net-worth investors responding to increased volatility. A further $11.7bn was raised via funding agreements through its insurance affiliate Athene, marking a quarterly record for the firm.

Apollo deployed $90bn in capital during the quarter, its highest ever. This included a £4.5bn loan package to EDF to support investments in the UK’s Hinkley Point C nuclear facility and a lead role in financing Thoma Bravo’s acquisition of Boeing subsidiary Jeppesen, outpacing rival Blackstone.

“The power of our origination capabilities were on full display, helping to drive record quarterly organic inflows and fee-related earnings,” said CEO Marc Rowan.

Apollo originated $81bn in deals in Q2 and $260bn over the past 12 months, moving steadily toward its long-term goal of $275bn in annual origination volume by 2029.

Fee-related earnings rose 22% year-on-year to $627m, exceeding Wall Street expectations of $577m. Its retirement services unit also outperformed, generating $821m in spread-related earnings, up nearly 16%.

The firm’s acquisition of structured credit manager Irradiant Partners added approximately $12bn to AUM.

Despite its strong operational performance, Apollo’s shares have declined 13.5% year-to-date, underperforming the S&P 500, which has posted an 8.4% return.

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