Assertion Supported AI assessment confidence: 95% certainty 4/5 debate potential 1/5

Apollo: 87% of firms with over $100M revenue are private

Patrick O'Shaughnessy · The Gift and The Curse of Staying Private with Bill Gurley · Invest Like The Best · Jun 10, 2025 · at 35:56

Patrick O'Shaughnessy cites an Apollo report illustrating the massive shift of significant companies staying private rather than going public.

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“Apollo came out, I think maybe today or yesterday with this interesting report that of the firms that have more than a hundred million dollars of revenue, 87% now just by count are private.”

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The claim, plainly

According to an Apollo Global Management report, 87% of companies with more than $100 million in revenue are private by count.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

Patrick O'Shaughnessy accurately cited Apollo Global Management's research. Apollo Chief Economist Torsten Sløk and Apollo Academy repeatedly published research reports (including in April 2024 and January 2025) explicitly finding that 87% of companies with revenue greater than $100 million are private by count, based on S&P Capital IQ and Apollo data.

On April 20, 2024, Apollo Chief Economist Torsten Sløk published 'Many More Private Firms in the US' on Apollo Academy, stating that 87% of US firms with revenue greater than $100 million are private by count.
On January 17, 2025, Apollo Academy published 'Can Private Markets Be the Alternative to Lofty Public Market Valuations?', reiterating that 87% of US companies with revenues greater than $100 million are private.

Checked against

[1] apolloacademy.com [2] apolloacademy.com [3] apolloacademy.com [4] apolloacademy.com [5] scribd.com [6] apolloacademy.com [7] apollo.com [8] wikipedia.org

Apollo Global Management 87 percent private 100 million revenue Apollo Torsten Slok 87 companies 100 million revenue private Apollo 87 of US companies with revenue above 100 million are private

assessed as of 2026-09-05

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Mentioned

Apollo Global Management private companies

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Apollo: 87% of firms with over $100M revenue are private

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