State Street Global Advisors and Apollo Global Management Join Forces to Increase and Broaden Investor Access to Private Markets

Two leaders in asset management seek to democratize access to private assets

State Street Global Advisors, the asset management business of State Street Corporation (NYSE:STT), announced today that it is working with Apollo Global Management, Inc. (NYSE:APO), a leading provider of alternative assets and retirement solutions, and its affiliates (collectively, Apollo), to expand investor access to private market opportunities.

"Private assets are one of the fastest growing sectors of the financial industry. We are excited to be working with Apollo, a global leader in alternative assets, to continue to increase accessibility to private markets, opening them to an even larger cross section of investors," said Ron O'Hanley, president and chief executive officer of State Street. "This relationship combines the strengths of two market leaders to allow even more investors to participate in this dynamic corner of the financial markets."

"We are pleased to work with State Street Global Advisors to help more investors access private market opportunities, including private investment grade credit," said Marc Rowan, co-founder and chief executive officer of Apollo Global Management. "At Apollo, we believe investors will increasingly supplement their portfolios with private fixed income and equity strategies as they seek to build resilient and diversified portfolios to serve their retirement and investment needs. We are confident our relationship with State Street will help accelerate this trend as we leverage our respective strengths to increase private market access in innovative new ways."

Over the last decade, assets in private markets have nearly tripled,¹ as large institutional investors have become attracted to the potential for higher yields and greater diversification, and their demonstrated resilience during times of volatility. The next wave of private market investors is seeking exposure to these growing asset classes through investment vehicles that are tradable, transparent, and provide liquidity.

"Demand for private assets is expected to continue to grow in the coming decade, but until now they have mainly been open to large institutions and ultra-high net worth investors," said Anna Paglia, chief business officer at State Street Global Advisors. "We are pleased to be working with Apollo to democratize access to private asset exposures through ETFs and other investment products advised by State Street Global Advisors, making them more accessible to a wider swathe of investors who seek the benefits of private market investments. It is our goal to bring these investments to scale and help facilitate the process of making private assets more accessible and liquid over time. We see this as only the beginning of a new wave of innovation as public and private markets increasingly converge."

This relationship of a market-leading, global asset manager and a market leading originator of private assets is designed to open the door to investing in private markets and expand access to a wider investor base. By combining the strengths of these two brands, State Street Global Advisors and Apollo will provide investors groundbreaking access to the private credit market.

As of June 30, 2024, Apollo reported more than $145 billion of origination in the last twelve months, supported by its credit business and broader origination ecosystem spanning 16 standalone platforms. Apollo focuses on high quality private credit origination, including both corporate lending and asset-backed finance, that supports business growth globally.

About State Street Global Advisors

For four decades, State Street Global Advisors has served the world's governments, institutions, and financial advisors. With a rigorous, risk-aware approach built on research, analysis, and market-tested experience, we build from a breadth of index and active strategies to create cost-effective solutions. As pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world's fourth-largest asset manager* with US $4.37 trillion† under our care.

^{1 Ernst & Young, Insights: Private business- Are you harnessing the growth and resilience of private-capital (April 2024).}

*Pensions & Investments Research Center, as of 12/31/23.

†This figure is presented as of June 30, 2024 and includes ETF AUM of $1,393.92 billion USD of which approximately $69.35 billion USD is in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated. Please note all AUM is unaudited.

State Street Global Advisors, 1 Iron Street, Boston, MA 02210-1641

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6965408.2.1.AM.RTL Exp. Date: 9/30/2025

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