U.S. private equity powerhouse Apollo Global Management has announced plans to invest up to $100 billion in Germany over the next decade, marking a significant endorsement of Chancellor Friedrich Merz’s ambitious efforts to stimulate economic growth and boost industrial competitiveness.
Apollo president Jim Zelter revealed the investment outlook on Wednesday at a high-profile industry conference in Berlin, framing it as a strategic bet on Europe’s largest economy. “We see in this country alone the opportunity for us to put $100bn in the ground in the next decade,” said Zelter, noting that such a scale of investment would be “hard to match around the globe.”
The announcement comes as Chancellor Merz prepares to meet U.S. President Donald Trump on Thursday and continues to push forward his agenda to rejuvenate Germany’s sluggish economy. The government has recently eased long-standing fiscal constraints by suspending public debt limits, unlocking up to €500 billion in infrastructure and defence investments over the next 12 years.
Zelter positioned the move as part of a broader rebalancing of global investment strategies. “Donald Trump’s administration has made Europe focus on financing industry and military. We see a bright future of being part of that dialogue,” he said.
Apollo, which manages roughly $800 billion globally, already has about $100 billion in assets under management in Europe. Its German portfolio includes partnerships with major landlord Vonovia in real estate, a legacy life insurance portfolio, and the now-sold regional lender OLB, recently acquired by France’s Crédit Mutuel for €1.7 billion.
The firm joins a growing chorus of private capital leaders who see Europe—and Germany in particular—as ripe for investment amid heightened U.S. policy volatility and concerns about economic resilience. “Private capital is a growth engine for Europe,” Zelter emphasized.
Germany’s stock market has mirrored investor enthusiasm, with the DAX index up 21% year-to-date and trading near record highs. Analysts point to investor appetite for diversification and growing confidence in Europe’s post-pandemic recovery and strategic reorientation.
The EU’s increasing focus on defense and industrial self-sufficiency, driven in part by strained transatlantic relations and geopolitical uncertainties, has further fueled investment interest. Brussels has also launched efforts to attract private funding into key sectors such as green energy, technology, and critical infrastructure.
Maximizing the momentum, the Merz government is expected to continue pitching Germany as a stable, long-term destination for global capital. With Apollo’s $100 billion commitment, that case just got a substantial boost.
