Athene Holding

active

Insurance — Apollo Global Management

Deal Terms

Entry Year2009

Entry EV$11B

Entry Multiple8x

Leverage3x

Debt Amount$3.3B

Risk Metrics

LTV (est.)30%

Debt / EV0.30x

Notes

Apollo created Athene (2009), merged fully in Jan 2022 at $11B all-stock deal ($43B combined market cap). $377B gross invested assets (Sept 2025). Athene captures annuity premiums as permanent capital for Apollo to invest in PE/private credit. Template for PE-insurance model: use policyholders' money as leveraged investment float. Regulators struggling to keep up.

Sponsor

Apollo Global Management$938B AUM