Apollo Capital Management: Manager Rating and Record

The funds

Apollo's insurance-dedicated funds

Funds that file a Form D under an insurance-dedicated name and are managed by this adviser. Gross assets are as reported in the adviser's Form ADV of 28 October 2026. Where a feeder's series file separately, the adviser reports them together, so they show no figure of their own.

Apollo

Apollo Aligned Alternatives IDF, LPMulti-strategy / multi-assetUSD 1.45 billionRating in preparation

Apollo

Apollo Debt Solutions IDF, LPPrivate creditUSD 152.9 million

Apollo

Apollo Credit Strategies IDF, LPPrivate creditUSD 59.0 million

Apollo

Apollo AAA IDF Series Feeder, LPPrivate credit · Form D filed by Series II, Series III, Series IVUSD 58.0 millionRating in preparation

Apollo

Apollo Aligned Alternatives IDF Co-Investors (A), L.P.Multi-strategy / multi-assetUSD 46.1 millionRating in preparation

Apollo

Apollo Debt Solutions IDF Series Feeder, LPPrivate credit · Form D filed by Series II, Series IIIUSD 28.7 million

Apollo

Apollo Total Return Fund IG IDF, LPPrivate creditUSD 10.6 million

Apollo

Apollo Credit Strategies IDF Co-Investors (A), L.P.Private creditNot in this adviser's ADVRating in preparation

Apollo

Apollo S3 Private Markets IDF, LPPrivate equityNot in this adviser's ADVRating in preparation

Gross assets of the entries listed, each ADV entry counted once: USD 1.80 billion. Three of them are feeders that invest in the Apollo master funds above, so without the feeders the total is about USD 1.67 billion. Two vehicles, Apollo S3 Private Markets IDF, LP and Apollo Credit Strategies IDF Co-Investors (A), L.P., file a Form D but do not appear in this adviser's ADV under their Form D numbers; they are probably reported by another Apollo adviser and are still being checked.

The rating

Why Apollo Capital Management has four stars

Apollo runs USD 718 billion of regulatory assets and has been registered with the SEC since 2007. Its Form ADV lists two matters. One concerns Apollo Capital Management itself, brought by the SEC in 2025; the other concerns another company in its group or an individual and counts for less. All five of its rated insurance-dedicated funds have four stars. In most of them little or none of the assets were valued last year by a firm outside the group, and on its own that rules out five stars.

The rating looks only at the areas below, which matter to a family holding this manager's funds through a private placement policy. Past returns play no part: these funds do not report them in their SEC filings, and they say little about what a policy will earn.

Conduct and regulatory record

What regulators and courts have recorded against the manager, and for platform series against the platform, as the advisers report it to the SEC. Several proceedings on one set of facts count as one matter. Recent and serious matters count most, matters of other companies in the group count for less, matters of individuals are weighed by the person's role and their bearing on the business, and the size of the firm is taken into account.

Reported controls

What the adviser reports to the SEC for the fund: whether the accounts are audited every year by an accountant registered with the PCAOB and subject to its regular inspection, whether audited statements go to investors and what the audit opinion says, whether the administrator and custodian are outside the adviser's group, and what share of the assets was valued last year by a person not related to the adviser.

Depth and experience of the manager

The assets the manager runs, its investment staff and how long it has been registered with the SEC.

PPLI.comManager Rating

Investor experience. What policyholders, insurers and advisers tell us is shown separately and never changes the stars. A factual point they raise is checked against the filings, and if it holds, the data is corrected. We never publish names. Tell us about yours

The rating expresses the opinion of PPLI.com on the date shown. It is not a statement of fact about the fund or its manager, not a credit rating, not a forecast of returns and not investment advice. Read about the rating.

The adviser at a glance

Registration and size

Identity

Legal nameApollo Capital Management, L.P.

SEC registrationRegistered investment adviser, 801-67592 IAPD

Principal office9 West 57th Street, New York, NY 10019

Latest Form ADV28 October 2026 ADV

Assets, as filed

Regulatory assets under managementUSD 718,476,737,320

Of which discretionaryUSD 702,929,390,946

Accounts803

Private funds listed in Schedule D714

Regulatory assets are calculated under the SEC's Form ADV instructions and include all private funds the adviser manages, not only those open to insurers.

The record

Regulatory and legal record

Every matter the adviser reports in Item 11 of its Form ADV, summarised, with a link to the filing.

202513 January 2025

SEC order on business communications kept off firm systems

Fund concerned: none named in the order. The matter concerns the adviser's own recordkeeping, not a specific fund, and none of the insurance-dedicated funds in this file is named.

The SEC found that from at least December 2019 Apollo Capital Management staff, managers among them, used messaging platforms that the firm had not approved for business, and that many of those messages were not preserved. The order found violations of the recordkeeping rule under Section 204 of the Advisers Act and a failure to supervise.

Apollo consented to the order, admitted the facts set out in it and acknowledged that its conduct broke the federal securities laws. The case was one of a series of similar SEC actions against advisers and broker-dealers over off-channel messaging.

US Securities and Exchange Commission · Settled, with admission · Civil penalty USD 8.5 million · Cease and desist · Form ADV, Item 11 disclosure

2018Filed 2018, closed 2019 and 2021

Shareholder class actions over the ADT Inc. listing, ended without liability

Fund concerned: ADT Inc. shares, a portfolio company of Apollo private equity funds. None of the insurance-dedicated funds in this file is named.

Buyers of ADT Inc. shares in its January 2018 listing sued ADT and a number of other defendants, among them Apollo Management, L.P. and several of its affiliates, under the Securities Act of 1933. Apollo reports two such cases. One was withdrawn by the plaintiff in October 2019. In the other, the court's judgment of January 2021 ended the claims against the Apollo entities with no admission, no finding of liability and no payment by them.

Private plaintiffs (US federal court) · Dismissed · No payment by Apollo reported · Form ADV, Item 11 disclosure

These are the matters Apollo Capital Management itself reports in Item 11 of its Form ADV, filed 28 October 2026. A reported matter is a fact about the adviser, not a finding by PPLI.com. None of them concerns the insurance-dedicated funds listed above.

Reader rating

How would you rate Apollo Capital Management?

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Apollo Capital Management, L.P.

Apollo's insurance-dedicated funds

Why Apollo Capital Management has four stars

Conduct and regulatory record

Reported controls

Depth and experience of the manager

Registration and size

Identity

Assets, as filed

Regulatory and legal record

SEC order on business communications kept off firm systems

Shareholder class actions over the ADT Inc. listing, ended without liability

How would you rate Apollo Capital Management?

Sources

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