Apollo Global Management Inc. said high-net-worth clients and a
ccess to retail investors are the biggest opportunities in Asia for growth in the coming years.
Australia’s superannuation system, which will be the world’s second-largest pension by 2030, and Japanese saver
s that are sitting on $7.4 trillion of cash deposits will be key to business, Matthew Michelini, hea
d of Apollo’s Asia-Pacific business, said at the Bloomberg Invest conference in Hong Kong.
“It is ripe for what we provide, and we have to figure out how to more effectively engage with the consumer,” Mi
chelini said. Apollo has a large high-net-worth business in Hong Ko
ng and Singapore, and will be “massively expanding” its team in Japan in the coming year, he added.
Apollo, which has $785 billion in assets, has been focused on lur
ing capital in Asia. From 2022 to 2024, it raised $35 billion in the r
at handle money for retirees, with the largest proportion coming from Japan.
A major part of its fundraising so far has been through reinsurance, where Apollo arranges deals to manage billi
ons of dollars backing life and annuity policies. Under such a plan, J
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ome of their liabilities for future benefits to an investment firm’s insurance unit, like Apollo’s Athene Holding Ltd
New York-based Apollo made its name in private equity, but these days it also runs a huge private credit businesses, w
here much of the money raised from reinsurance is flowing into.
Private Credit Growth
Michelini said earlier in a separate interview on Bloomberg TV that global volatility from uncertain trade policies ha
s been a positive for private credit in Asia, as regional investors look to allocate more money locally.
Investors in Asia are now considering putting a portion of investm
ent intended for the US into places like India and Australia, due to uncertainties brought on by tariff policies.