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  "documentTitle": "Apollo Global Management | Results Presentation Deck | 41 slides",
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  "authorName": "Apollo Global Management",
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  "presentationDate": "2023-10-01 00:00:00",
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  "notes": "Includes footnotes regarding specific fee and expense adjustments.",
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      "text": "1. Equity management fees include Fund X catch-up management fees of $24 million and $45 million, respectively, for 3Q'23 and YTD'23. 2. Non-compensation expenses include placement fees of $3 million and $8 million, respectively, for 3Q'23 and YTD'23.",
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      "text": "Management fees increased 19% year-over-year driven by the activation of the investment period for the tenth vintage of our flagship private equity funds (\"Fund X\"), robust growth from Retirement Services clients, and solid levels of capital deployment. Capital solutions fees were a quarterly record, driven by strong levels of capital deployment across Yield and Equity strategies in the third quarter. Fee related expenses increased only modestly quarter-over-quarter, reflecting a continued commitment to disciplined expense growth amid less hiring activity and investment spend, which translated into approximately 100 basis points of margin expansion sequentially.",
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