Apollo Global Management (NYSE: APO) announced it will open a new office in Austin, Texas, to be led by Eric Needleman and Mike Downing.

According to a press release, the hub will focus on incubating new businesses across the firm's asset management and retirement solutions platform, as well as evolving its approach to technology and operations. Apollo stated its New York headquarters will remain its global base.

Apollo CEO Marc Rowan said in a statement: "Austin lets us build the next generation of Apollo and Athene, including challenger models for parts of our own business, with the talent, technology and business environment already in place."

The firm cited Texas's concentration of technology, chip manufacturing, defense, energy, and infrastructure companies as factors in its decision. Apollo noted that Texas is already among its top five capital bases and that the firm has had partnerships in the state for nearly 20 years.

As of March 31, 2026, Apollo reported approximately $1.03 trillion in assets under management.