Apollo was founded in 1990 out of the wreckage of Drexel with $800 million from the French government's Credit Lyonnais bank, and grew that to $6 billion under management by the end of the same year.

7:03think. Why don't I set up a meeting?" >> A few months later, we left with $800 million of the government of France's money through the Credit Lea Bank >> with a group of people who had never invested money for before from an institution that was not an investor. And by the end of the year, we had $6 billion of the bank's money. >> Wow. And in 1990, no one had $6 billion.

7:27>> Wow. >> And we went on to become the largest profit center of the credit line bank. >> For the next few years, we earned them regularly $3 billion plus a year. We were very, very popular in Paris despite speaking nothing other than restaurant French. Uh the movie rights to this story of us talking past each other are just off the charts. >> Yeah, totally. Uh but eventually the

7:50credit line bank has the government bank of France goes out of business from supporting French industry. >> Interesting. >> And in a desperate attempt to maintain its capital base, it sells its most profitable investment Apollo >> to its largest client, Franu Pino. >> Interesting. It really is. >> And France Pino does not understand that he is not buying an investment firm. He believes he is buying Samsonite and

8:14Culligan and Veil Resorts because after all he's an industrialist and so the movie rights to the first meeting with Francois Pino are also amazing >> hilarious >> uh but as luck would have it we had a good enough track record that over time we not only made Pino lots of money but [snorts] began to diversify our business to US and European and international institutions and the rest as they say is

8:39is history but it was a pretty contained history for about 18 years. >> Totally. And you know, I think people still, you know, incorrectly, I would argue, you know, refer to Apollo as a private equity firm, but you know, you I think more than anybody have really kind of transformed the business into a, you know, retirement services in a company and an alter, you know, large alternative asset management business. I

9:02guess what did you see in Athen? And and how do you sort of view the firm today? So if I start backwards a little bit, the firm today is a little bit over a trillion dollars in assets under management, which is just a measure. Uh and it is in two businesses. It's in the retirement services business and it's in the asset management business. >> Um and if you look at the assets under