** Alternative asset manager Apollo Global Management's APO.N shares rise 2.2% to $133.11 premarket

** Co's assets under management surpassed $1 trln, driving Q1 fee earnings to a record high

** APO hit its $1 trln AUM target for this year, aims for $1.5 trln by 2029

** Q1 adjusted profit rises 8% to $1.21 bln

** However, co booked a GAAP net loss of $1.9 bln, mainly due to $2.1 bln in unrealized losses on retirement biz investments

** As of last close, APO shares down 10% YTD vs S&P 500's .SPX 6% gain