Apollo Global Management history

The timing of this separation also coincided with Apollo's legal difficulties with the State of California over its purchase of Executive Life Insurance Company in 1991.

In 1992, Lion entered into a more formal arrangement to manage the $3 billion high-yield portfolio for Credit Lyonnais which together with a consortium of other international investors provided the capital for Lion's investment activities.

In April 1993, Apollo Real Estate Investment Fund, L.P., the first in a family of real estate "opportunity funds", was closed with $500 million of investor commitments.

In 1995, Apollo raised its third private equity fund, Apollo Investment Fund III, with $1.5 billion of investor commitments from investors that included CalPERS and the General Motors pension fund.

Although the founders of Ares had completed a corporate spin-off with the formation of the firm in 1997, they had initially maintained a close relationship with Apollo and operated as the West Coast affiliate of Apollo.

In 1998, during the dot-com bubble, Apollo raised Apollo Investment Fund IV with $3.6 billion of investor commitments.

In April 2001, Apollo raised Apollo Investment Fund V with $3.7 billion of investor commitments.

In 2002, when Ares raised its first corporate opportunities fund, the firm announced that it would separate from its former parent company.

The first of these new affiliates, founded in 2003, was Apollo Distressed Investment Fund (DIF) Management a credit opportunity investment vehicle.

In September 2004, funds managed by Apollo and Sterling Partners acquired Connections Academy.

Apollo's 2005 investment in the struggling US retailer Linens 'n Things suffered from a significant debt burden and softening consumer demand.

In June 2006, Apollo and Graham Partners announced the acquisition of Berry Plastics, a maker of plastic containers, for $2.25 billion from Goldman Sachs Capital Partners and JPMorgan Partners.

In February 2007, Apollo announced the acquisition of the Smart & Final chain of warehouse-style food and supply stores.

As of April 8, 2008, the fund had generated a 10% IRR net of fees.

In December 2009, Apollo announced the acquisition of Cedar Fair Entertainment Company for $635 million and assumed debt valuing the company at $2.4 billion.

In June 2011, Apollo acquired CKx.

In March 2012, Apollo acquired the unprofitable Great Wolf Resorts for $703 million.

On March 11, 2013, Apollo Global Management made the only bid for the snacks business of Hostess Brands, including Twinkies, for $410 million.

In January 2014, Apollo acquired Chuck E. Cheese's for about $1 billion.

In June 2015, Apollo agreed to acquire OM Group for $1.03 billion.

In November 2016, funds managed by Apollo Global Management acquired Rackspace.

In June 2017, Apollo bought 80.1% of Philips Lumileds division for $1.5 billion.

In June 2018, funds managed by Apollo and Värde Partners acquired a majority of OneMain Financial.

However, on February 14, 2019, Cox Media Group announced that it was selling its 14 television stations to Apollo.

On February 10, 2020, Cox Enterprises bought back the Ohio newspapers it sold to AGM. The FCC required Apollo to reduce the daily newspapers to three days or sell them.

In March 2021, Co-Founder Marc Rowan formally assumes the role of CEO of Apollo, as part of a planned succession process first announced in January 2021.