Apollo Global Management has reportedly selected Austin for a planned second headquarters as the city continues to attract major employers and investment firms.
Austin could soon become the second headquarters of Apollo Global Management, a major New York-based private capital firm with more than $1 trillion in assets under management.
The company has tentatively selected Austin over Miami and Palm Beach for the expansion, according to sources cited by the Financial Times. The firm, which was founded in New York in 1990, had also considered Nashville as part of a review of potential expansion sites, the sources said.
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The company said earlier this year the move is tied to accessing a wider talent pool and positioning the firm for long-term expansion beyond traditional financial hubs.
It did not respond to requests for comment.
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Apollo says private equity is still the core of its business and it had $67 billion in such assets under management as of March 31. According to its latest regulatory filings, its major holdings include Phoenix Education Partners Inc., VanEck ETF Trust-VanEck Semiconductor ETF, Hilton Grand Vacations Inc., ADT Inc. and Grupo Aeroméxico.
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Apollo also holds a controlling stake in San Antonio-based Rackspace Technology Inc. The asset management firm took the cloud computing company private in 2016 as part of a $4.3 billion acquisition, then returned it to the public markets in 2020. Apollo-managed funds own about 52% of Rackspace shares, which trade on Nasdaq
Rackspace is not the Fortune 500 company’s only Texas asset.
Last month, Apollo Sports Capital led a $225 million investment in Dallas-based Pickleball Inc., parent company of the Professional Pickleball Association Tour and Major League Pickleball. Pickleball Inc. was valued at $750 million in the deal and said it plans to use the funding to expand its operations.
In 2025, Apollo announced that funds managed by its affiliates acquired majority stakes in Bold Production Services, a Houston company that provides equipment used to process natural gas, and Stream Data Centers, a Dallas company that develops and operates data centers.
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Bold operates more than 700 pieces of equipment in the Permian Basin and Eagle Ford shale. Apollo said the investment will help the company expand as demand for natural gas grows.
In late 2024, funds managed by Apollo affiliates agreed to buy a 50% stake in a Texas solar and battery storage portfolio from TotalEnergies.
The company’s portfolio also includes five Texas energy projects — three solar projects and two battery storage projects — in the state’s main power grid.
This is an absolutely massive deal.
The fact that Austin got this and Dallas wasn’t even in consideration should make the Dallas business community pause. pic.twitter.com/vPVrfh5nbu
— YIMBYLAND (@YIMBYLAND) June 12, 2026
Apollo’s planned second headquarters reflects a broader trend of financial firms expanding to Texas.
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Charles Schwab was one of the highest-profile financial firms to move its headquarters from California to Texas, relocating to Westlake from the Bay Area in 2019. The company also has a major Austin presence, including a 50-acre campus that opened in 2018 with two five-story office buildings and space for roughly 1,900 employees.
Apollo’s move comes as Texas is building momentum as a financial hub. NYSE Texas opened in Dallas in 2025, Nasdaq Texas launched in March, and the Texas Stock Exchange has received federal approval to launch this year.
Relocations to Texas are happening across other industries as well. Tesla Inc. moved its headquarters from California to the Austin area in 2021, followed by other Elon Musk-led companies including SpaceX, the Boring Co. and X. Realtor.com moved its headquarters to Austin in 2025, while Chevron announced plans to move to Houston in 2024. John Paul Mitchell Systems moved from Southern California to Wilmer, and green energy company GAF shifted operations from San José to Georgetown.
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It’s unclear how big the the second headquarters, which is expected to house Apollo’s new hires, could be. It currently employs 6,140 people, according to Fortune.
“New York does not have a monopoly on talent, and we expect most of our future growth will take place in our second HQ,” Apollo told the Financial Times earlier this year.
For the full year 2025, it reported adjusted net income of $5.2 billion on revenue of $32.05 billion.
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Brandon Lingle contributed to this report.
