Factors that could cause the company to exceed our price target include stronger-than-expected fund performance that could drive better organic growth and healthier levels of fund-raising.
Factors that could cause the company to fail to achieve our price target include negative markets that could impact the valuation of APO’s portfolio companies, failure to generate adequate returns which could cause investors to withdraw assets or choose to invest in competing firms, difficulty fund-raising, and lack of positive IRRs which would limit APO’s ability to generate carried interest.
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