Apollo Global Management said it expects its assets under management to double to about $1tn by 2026, setting up a race with fellow investment behemoth Blackstone, which has set the same lofty target.

Apollo expects the merger with its insurance affiliate Athene Holding, which is scheduled to close in January, to power much of the projected growth. The firm released new financial guidance ahead of a planned investor day Tuesday. Apollo managed $472bn in assets as of the end of the second quarter.