Apollo Elevates Operations Leadership as Portfolio Support Becomes Key Differentiator in Private Equity

Strategic Leadership Transition Reflects Growing Importance of Operational Excellence in Alternative Asset Management

As the private equity industry increasingly focuses on business transformation over valuation expansion, Apollo is doubling down on its operational capabilities. The firm has appointed Brian Chu as Partner and Head of Apollo Portfolio Performance Solutions (APPS), positioning operational excellence as a central pillar of its private equity strategy. This move signals a broader industry shift: success in alternative asset management now hinges on an ability to enhance company performance rather than simply betting on multiple expansion.

Chu’s appointment marks a significant evolution for APPS, which has become a game-changer within Apollo’s private equity division since its establishment. With over two decades of operational leadership experience in private equity, Chu previously led portfolio operations at Centerbridge Partners as Senior Managing Director and co-head, overseeing value creation across approximately 30 portfolio companies. His background also includes a tenure as Operating Partner at Bain Capital and multiple senior positions in operations and technology infrastructure.

Aaron Miller Transitions to Strategic Advisory Role

The leadership restructuring includes Aaron Miller, who has steered APPS since joining Apollo in 2019, moving into the role of Chairman of APPS. In this capacity, Miller will focus on strategic initiatives and collaborate with select portfolio companies on priority value creation projects while supporting the platform’s continued development and expansion.

“Apollo has built one of the most effective operating platforms in the industry, distinguished by its deep alignment with management teams and unwavering focus on business transformation,” Chu remarked. “I’m eager to advance the APPS mission by scaling our investments in technology, talent and commercial excellence, enabling portfolio companies to unlock their full potential.”

The APPS Platform: A Competitive Advantage

Under the leadership guidance from Antoine Munfakh, Partner and Head of Private Equity – North America, and Michele Raba, Partner and Head of Private Equity – Europe, APPS operates as a comprehensive operational support system. The platform currently deploys 35 full-time professionals—a blend of functional experts and generalist operators—who work directly with company management across critical domains including digital transformation, AI integration, procurement and supply chain optimization.

The platform’s Value Creation Offices (VCOs) serve as the operational backbone, embedding accountability and disciplined execution into each portfolio company. This structure ensures performance improvements extend beyond initial value creation phases into sustained, long-term wealth generation.

Industry Recognition and Scale

As of March 31, 2025, Apollo manages approximately $785 billion in assets under management, reflecting its position as a leading global alternative asset manager. The firm’s integrated platform spans investment-grade credit through private equity, while its Athene retirement services division provides solutions to institutional clients seeking financial security and retirement savings alternatives.

Miller reflected on the evolution: “Building a culture of innovation, performance and collaboration at APPS has been profoundly rewarding. The tangible, lasting value created for portfolio companies represents one of the most fulfilling aspects of my career. I’m committed to supporting Brian and the team as they expand APPS’ capabilities and impact.”

This leadership transition underscores a fundamental truth in modern private equity: the ability to operationally transform businesses has become as critical as capital deployment itself. With APPS now positioned under fresh leadership focused on scaling technology and talent investments, Apollo is reinforcing its competitive position in an industry where outperformance increasingly flows from business enhancement rather than financial engineering.