Apollo Global Management is not actively pursuing acquisitions, according to CEO Marc Rowan. On a recent earnings call, Rowan stated that the firm is 'not big proponents' of M&A in the private equity space, despite industry trends toward manager consolidation.

While Ares Management is reportedly considering a high-profile acquisition, Apollo's stance reflects skepticism about the benefits of inorganic growth. Rowan emphasized that acquiring businesses often means 'paying twice,' suggesting that internal development may be more cost-effective than purchasing external firms.

The firm's approach contrasts with broader market movements, where many PE firms are consolidating to achieve scale and expand capabilities. Instead, Apollo appears focused on organic expansion and supporting novel investment opportunities, including backing first-time funds.

Additionally, the article touches on how Cal STRS is addressing climate-related investment questions, highlighting ongoing shifts in institutional investor priorities toward ESG considerations.