Apollo Aligned Alternatives (AAA): $25.6 Billion, $12.2 Billion of It From Outside Investors, and No Fund-Level Report to Read

AAA is not one fund: sixteen entities, one portfolio

Search EDGAR for “Apollo Aligned Alternatives” and you do not find a fund with a prospectus or an annual report. You find a family of private partnerships that each file a Form D notice once a year, plus Apollo's own filings. Apollo's 10-K names the parent “Apollo Aligned Alternatives Aggregator, L.P.” (AAA) and a sibling, AAA Lux, “designed primarily for foreign investors.” The entities below are the ones a US buyer can meet. The amounts are the cumulative total sold reported on each entity's latest Form D, not net asset value, and the investor count is the number of investors who have bought.

Three things the table does not say. First, do not add the column. The feeders buy into the parallel funds, so the same dollar can appear in a feeder and in (A) or (C); the filings do not say which feeder invests where. Second, “IDF” is not defined in the filing; the form calls it a pooled investment fund and nothing more. Its Form D/A of February 14, 2024 reported $476,227,381 from 10 investors, and the one of February 17, 2026 reports $1.42 billion from 88 (3.0 times, our arithmetic). Third, the $0 and $1 minimum fields are form entries: the filer types a number, and the real minimum is in the offering memorandum. The only entities that put $100,000 on the form are the two CAIS feeders and the iCapital international feeder. Dividing sold by investors gives a hint of ticket size (our arithmetic): $492,600 per investor at AlphaKeys and $201,600 at the iCapital US Tax Exempt feeder, which are averages of money already in, not minimums.

How big: Apollo's own numbers, three year-ends and a half

Apollo reports AAA's size in two places. The 10-K's description of its equity strategy gives total AUM; a footnote to a table of perpetual-capital vehicles gives third-party capital within AAA. Subtracting one from the other gives a rough Athene-side figure, but the filings do not say the two lines are measured identically, so we show only the third-party share.

Two reads. Third-party capital rose 2.6 times in 30 months (our arithmetic: $4.7 billion to $12.2 billion), but the pace slowed in 2026: it grew $1.2 billion in the first half, 10.9% on the $11.0 billion of year-end, against $3.4 billion (+44.7%) in 2025 (our arithmetic). And Apollo is open about why AAA exists: it says it believes AAA “enhances its ability to increase alternative assets under management by raising capital from third parties.” AAA is also named, with Fund IX and Fund X, among the larger funds on whose success Apollo's future results are “significantly dependent.”

Who owns it: Athene's balance sheet first, wealth clients second

AAA was built from Athene's alternatives. In 2022 Athene contributed $8.0 billion of certain of its alternative investments to AAA in exchange for limited partnership interests, and third-party investors began to invest in AAA on July 1, 2022. Athene still consolidates AAA as a variable interest entity, and AAA “holds the majority of Athene's alternative investment portfolio.” Three facts matter for a minority holder.

• A 2024 restructuring. In the third quarter of 2024 AAA underwent a restructuring that changed how it is consolidated and reduced Athene's non-controlling interests by $1.1 billion, which Apollo says was not a withdrawal by Athene.
• AAA Lux (fourth quarter 2025). Part of Athene's AAA stake was converted into AAA Lux, which Athene also consolidates, adding $2.0 billion of non-controlling interests. Third-party money now sits in two aggregators, and the 10-Q points to additional contributions into both in 2026.
• The (A) fund's size is consistent with Athene's money, but the filings do not say so. The first (A) Form D/A, dated June 30, 2023, reports $8.96 billion sold to 15 investors, close to the $8.0 billion Athene put in. Treat it as a pattern, not a fact.

The revenue Athene books from consolidated vehicles shows how much is in the pot. Revenues of consolidated VIEs in Retirement Services were $1,441 million in 2023, $1,822 million in 2024 and $2,470 million in 2025 (the 10-K attributes the 2025 rise primarily to growth and returns within AAA and to newly consolidated vehicles including AAA Lux), and $1,199 million in the first half of 2026 against $1,142 million a year before. These are consolidated VIE revenues, not AAA's return.

How a wealth investor gets in: platforms, banks and a qualified-purchaser test

Every AAA Form D we read claims the Section 3(c)(7) exclusion, and the latest ones claim Rule 506(b). Rule 506(b) bars general solicitation, which is why you hear about AAA from an adviser, not an advertisement. Section 3(c)(7) means the fund is not registered under the Investment Company Act and sells only to qualified purchasers, a higher bar than accredited. The Forms D also name who is paid to sell it.

• Apollo Aligned Alternatives (A) and (C) list sales compensation recipients CAIS Capital, UBS Financial Services, Morgan Stanley Smith Barney and iCapital Advisors; (C) adds Cathay United Bank, Samsung Securities, Standard Chartered, Sumitomo Mitsui Trust Bank, Unicorn SP Alternative Investments and Independent Advisor Solutions. The sales commissions field shows $5,396,502 for (A) and $9,917,607 for (C) in 2026, down from $16,000,000 each in 2025; the form does not say whether these are cumulative or annual.
• AlphaKeys names UBS Financial Services as its only recipient, the channel most US private-bank clients would see.
• iCapital runs four feeders split by tax status (a general access fund, a 1099 fund, a US tax-exempt fund and an international fund), and CAIS filed for two in 2022 and has not filed again.

Apollo's sales documents set the actual minimums, fee schedule and lock-ups, and none of them is in a filing. A third-party data site lists $50,000 for the iCapital US feeders and $100,000 for AlphaKeys, but we did not use it because it is not a primary document; check the subscription document.

What Apollo says about returns, and what it does not

Apollo does not publish a net return for the wealth feeders in any SEC filing. What it does publish is Athene's quarterly estimate, in a Form 8-K a few days after each quarter ends. The 8-Ks do not name AAA: they refer to “Athene's investment in a pooled investment vehicle, through which it holds the large majority of its alternative investments portfolio,” and the 10-K says AAA “holds the majority of Athene's alternative investment portfolio.” Reading the two together, the pooled vehicle is AAA (our reading, not Apollo's wording).

How to read the table. These are Athene's returns on Athene's capital, annualized from one quarter, preliminary and unaudited, and Apollo warns that actual results “may differ, possibly materially.” A wealth investor in a feeder gets the same portfolio after the fees and expenses of the feeder and the fund, which the 8-Ks do not net out. The first quarter of 2026 was the soft one: the 8-K said income reflected “a lower contribution from origination platforms, including ATLAS SP Partners,” and noted that “Amid lower equity market returns, including an approximately (17)% annualized total return for the S&P 500 in the first quarter of 2026, this pooled investment vehicle continued to deliver differentiated returns for Athene.” The last four quarters average 9.0% (our arithmetic: 10, 7, 10 and 9). The 9% estimate for the third quarter of 2026 is below the 10% to 11% of the five quarters from the fourth quarter of 2024 to the fourth quarter of 2025.

What is in it: one concentration and one disclosed holding

The 10-K describes AAA's portfolio in one sentence: it “encompasses several investment strategies, such as core private equity, structured equity, traditional private equity, private credit, secondaries, and real assets.” No holdings list is filed. Two disclosures give a partial look.

Atlas. Athene holds an equity investment in Atlas, an asset-backed lender, “indirectly through its investments in AAA and AAA Lux,” and separately held $5.7 billion of AFS securities issued by Atlas or its affiliates at December 31, 2025 ($3.2 billion a year earlier, $4.8 billion at June 30, 2026). Atlas bought assets from Credit Suisse and owes a deferred purchase price. The 10-Q says it “is an obligation first of Atlas, second of AAA, third of AAM, fourth of AHL and fifth of AARe,” so AAA sits second in the chain behind its own portfolio company. The amount was $3.3 billion originally, due by February 8, 2028, and the filing says it falls to $2.5 billion after a March 2024 change. Each of AARe and AAM issued an assurance letter to Credit Suisse for the full $3.3 billion. This is not a loss, and nothing in the filing says AAA has paid anything; it is a contingent claim on the pool that a holder of AAA units should know exists.

ARIS. One AAA sub-fund, AAA Sub Fund 2-Y, L.P., files ownership reports for Apollo Realty Income Solutions (ARIS), Apollo's non-traded REIT, as a ten percent owner. Its Form 3 of June 4, 2024 showed 5,199,588 Class A-I units of ARIS Operating Partnership, and a Form 4 of December 22, 2025 showed 5,676,716.603 after a dividend-reinvestment purchase of 24,765.927 units at $21.5207 each. At that price the position is about $122.2 million (our arithmetic), a small part of $25.6 billion. See our ARIS review for the REIT itself.

The terms nobody files

For BXPE or K-PEC a 10-Q states the redemption limit, the early-redemption deduction and the fees. For AAA, none of that is in an SEC document we could find. Apollo's one-line description is “a perpetual capital, semi-liquid structure,” which tells you it is not a ten-year closed-end fund and not a daily-liquid one. It does not tell you the quarterly or annual limit, the notice period, the lock-up, any early-withdrawal charge, the management fee, the performance fee or the hurdle. Those terms can differ by feeder, since a feeder adds its own costs on top of the fund's. If your bank offers AAA, ask for the items below in writing and compare them with BXPE and K-PEC, whose terms are public.

What a holder or a prospect can do with this

• If you are offered AAA now: the size and growth are real and Apollo's own filings back them: $25.6 billion at year-end 2025 and third-party capital up 2.6 times in 30 months. What you cannot check is the redemption record. There is no public history of requests and fill rates, which for BXPE is the main evidence that a quarterly limit works. Ask for it.
• If you hold a feeder: know which Form D entity you are in, and read that entity's EDGAR page once a year. The (A) and (C) Forms D/A have been filed in late June each year since 2023, and the iCapital feeders amended in November 2023, January 2025 and April 2026.
• What to watch in Apollo's filings: the third-quarter 2026 earnings release (scheduled for November 3, 2026), the third-party capital footnote in the next 10-Q, the first-days-of-January 2027 8-K with the fourth-quarter return on the pooled vehicle, and the Atlas deferred purchase price note.
• Compare with the vehicles that do report. Our guide to private equity for individuals lays out the evergreen funds whose redemptions and NAVs are filed.

FAQ

All figures are from SEC filings read on EDGAR on October 8, 2026: 54 Form D and D/A filings by 16 AAA entities (accession numbers in the CSV, for example 0000950142-26-001908 for Apollo Aligned Alternatives (C), L.P. and 0000950142-26-001907 for (A)); Apollo Global Management's 10-K for 2025 (0001858681-26-000013), 2024 (0001858681-25-000034) and 2023 (0001858681-24-000031); its 10-Qs for March 2026 (0001858681-26-000026) and June 2026 (0001858681-26-000040); eight 8-Ks reporting preliminary alternative returns from January 2025 to October 5, 2026; Forms 3 and 4 for Apollo Realty Income Solutions (0000950142-24-001558 and 0000950142-25-003259); and the co-investment application of March 14, 2025 (0001193125-25-054632). Percentages, ratios, sums across entities and averages are our arithmetic. Minimums, fees and redemption terms are not in these filings. This is analysis of public documents, not investment, legal or tax advice.