Breakingviews - Apollo, god of basically everything
said on Tuesday that he wants the firm to manage more than $1 trillion by 2026, more than twice what it has now. Apollo’s market capitalization rose $2.1 billion, or 7%. Take Rowan’s comments at face value, and that may be conservative.
The engine driving the Apollo’s assets is Athene , the insurance company it created in 2009. Over the past five years, Apollo’s assets under management have more than doubled to $472 billion. So-called permanent capital vehicles make up more than half of that. Assume, crudely, that Rowan hits that $1 trillion, and can squeeze out 1% a year in fees. Apollo’s revenue would be $10 billion by 2026. Based on BlackRock’s
five-year average multiple of 5 times revenue, according to Refinitiv, Apollo would be worth 50% more than its current value. Tuesday’s more modest share price suggest investors are at least giving him credit for trying. DraftKings’ $23 bln UK punt has long odds
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