Full Breakdown
Apollo Global Management Chooses Austin for Second U.S. Headquarters
6/13/2026, 11:29:57 AM
Core Decision
On June 12, 2026 the Financial Times reported Apollo Global Management, a private-equity firm with over $800 billion in assets, plans a second U.S. headquarters in Austin, Texas. After evaluating Austin, Palm Beach, Miami and Nashville, the firm favored Austin, though no lease or address is yet public.
Rationale: Talent, Tax, AI Infrastructure
Apollo said the Austin move is driven by the talent pipeline, zero state income tax, and a growing AI and data-center ecosystem. The University of Texas supplies engineers, while the University of Texas System endowment and the Teacher Retirement System of Texas are existing partners. Proximity to chip designers and power specialists supports Apollo’s $35 billion AI XPV Platform that finances compute for firms like Anthropic.
Private-Equity Relocation Trend
Apollo’s choice follows a broader shift of financial firms to Texas. Vanguard, Fidelity, Goldman Sachs, Wells Fargo, Citadel and Elliott Management have expanded Texas operations. Venture firms 8VC and PEAK6 moved headquarters to Austin in 2020 and 2025. State incentives, a new Texas Stock Exchange and NYSE/Nasdaq outposts underscore Texas’s business-friendly agenda.
Key Figures
Marc Rowan, Apollo’s CEO, has criticized New York City Mayor Zohran Mamdani’s fiscal agenda. Steve Fulop, president and CEO of the Partnership for New York City, warned of a “troubling pattern” of firms exiting the city. Austin Mayor Kirk Watson said the city was “too passive.” Elon Musk, who moved his companies to Texas, has urged other CEOs to follow.
Financial Scale & Workforce
Public filings list Apollo’s assets under management as $800 billion, $1.03 trillion or “about $1 trillion.” Credit and fixed-income strategies total roughly $700 billion. Headcount more than doubled from 2,000 in 2020 to over 4,000 employees, and the firm paid $1.276 billion in income taxes in 2025, up from $1.062 billion.
Official Statements & Responses
Apollo’s March statement said talent acquisition drives the Austin hub. Texas officials cited the state’s no-income-tax policy and new business-court reforms as incentives. The New York Post noted Apollo declined comment.
Criticism & Opposition
Observers link Apollo’s move to Mayor Mamdani’s “tax-and-spend” agenda, saying New York’s fiscal stance deters investment. Steve Fulop urged a “real pro-business agenda.”
Conflicting Reports & Gaps
Sources report Apollo’s assets as $800 billion, $1.03 trillion or about $1 trillion. The Austin relocation is not finalized; no address, lease or timeline is public.
Verbatim Quotes
- “The solution is that the administration needs to have a real pro business agenda that has support of the broader business corporate community,” — Steve Fulop, President & CEO, Partnership for New York City
- “This decision is driven by the talent we want to hire and the firm we want to be,” — Apollo Global Management
- “REUTERS Texas keeps rolling out the welcome mat.” — Reuters
Future Outlook
Apollo is expected to finalize its Austin site later in 2026, which could affect local office vacancy rates and prompt additional municipal incentives. Continued AI-focused financing suggests further capital inflows into Texas’s semiconductor and data-center sectors.
