全球另类资产管理巨头阿波罗全球管理公司（Global Management）作为人工智能热潮的最大支持者之一，在第三季度将新增放贷规模推至纪录高位，在全球债务市场动荡加剧之际提升了费用收入和利润率。
Global Management, one of the biggest backers of the AI boom, increased new lending to a record in the third quarter, boosting fees and margins amid growing turbulence in global debt markets.
截至9月的三个月内，该公司向借款人提供了1140亿美元的融资，较上一季度和去年同期均增长逾50%。阿波罗旨在拓展对蓝筹企业放贷业务的资本解决方案部门，费用收入较2025年同期增长37%。总费用相关收益攀升23%至8.2亿美元。
The alternative asset manager offered borrowers $114 billion in the three months through September, more than 50% higher than what it provided in the prior quarter and year-earlier period. The firm’s capital solutions business, looking to expand lending to blue-chip companies, generated 37% more fees than in the same quarter of 2025. Total fee-related earnings climbed 23% to $820 million.
首席执行官马克·罗文（Marc Rowan）在声明中表示，这些数字“反映了我们模式的飞轮效应，其起点是发行不断增加的优质资产”。
The figures “reflect the flywheel of our model, which starts with originating increasing amounts of good assets,” Chief Executive Officer Marc Rowan said in the statement.
不过，由于利率上升导致其保险部门（即退休服务部门）持有的某些投资出现未实现亏损，净利润由盈转亏。经调整净利润下滑4.7%至12.9亿美元，即每股2.07美元——低于彭博追踪的分析师平均预期2.19美元。
Still, net income swung to a loss as rising interest rates triggered unrealized losses on certain investments held by the firm’s insurance arm, known as retirement services. And adjusted net income slipped 4.7% to $1.29 billion, or $2.07 a share — short of the $2.19 average projection of analysts tracked by Bloomberg.
包括阿波罗和黑石集团在内的私人信贷巨头，正为全球最大科技公司的人工智能建设提供资金支持。上周，阿波罗联合牵头了一笔400亿美元的设备融资租赁，为SpaceX采购GPU芯片提供资金。这家华尔街机构还在加大对电力和能源公司的放贷，以实现风险敞口多元化。
Private-credit behemoths including Apollo and Blackstone Inc. are fueling the build-out of artificial intelligence by the world’s largest technology companies. Last week, Apollo co-led a $40 billion equipment-finance lease for SpaceX to fund its purchase of GPU chips. The Wall Street firm has also been increasing lending to power and energy companies to diversify its exposure.
尽管如此，尽管此类机构提供了数十亿美元资金，市场某些领域已触及可吸收债务的上限。
Still, despite the billions offered by such firms, some corners of the market are reaching the limits of how much debt they can absorb.
人工智能并非唯一战场。阿波罗还在进军传统上由投资银行主导的领域，如为企业收购提供融资。这包括为Thrive Holdings收购家庭安防服务商ADT公司承销96亿美元债务承诺。
AI is not the only frontline. Apollo is also muscling into turf traditionally dominated by investment banks, such as financing corporate takeovers. That includes underwriting $9.6 billion of debt commitments for Thrive Holdings’ acquisition of home security provider ADT Inc.
截至季末，管理资产规模增至1.07万亿美元。其中约8800亿美元产生管理费收入，较去年同期增长28%。
Assets under management rose to $1.07 trillion by the end of the quarter. About $880 billion of that generates fees, an increase of 28% from a year earlier.
该公司约230亿美元的私募股权旗舰基金在本季度亏损2.6%。该业务在本期完成两笔退出交易，包括出售英国房屋建筑商Miller Homes的股份，以及出售数据中心冷却解决方案企业Kelvion。
The firm’s roughly $23 billion private equity flagship funds posted a loss of 2.6% in the quarter. The business made two exits in the period, including the sale of a stake of UK housebuilder Miller Homes, as well as a sale of Kelvion, a cooling solutions business for data centers.