Hunter Hopcroft
speaker
537 appearances
1 recordings
1 series
first heard Mar 2025
last heard Mar 2025
Hunter Hopcroft’s voice in public audio — every appearance, attributed to the second.
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Appearances
And now Apollo's biggest client is this insurance company that needs to make money from spread, not risky LBOs and buyouts.
So
A theme goes public in twenty sixteen and Apollo owns thirty five percent of it.
And this is where I talk about Apollo.
getting into a jam.
The stock is struggling because it's seen as just this fee pig for Apollo.
It's paying out tons of fees to Apollo to manage its assets.
But at the same time, Athene is 30% at this point of Apollo's asset base.
So they can't lose the account.
And Rowan realizes they have to merge.
And this is
really risky and this is what this next Berkshire Hathaway question mark
speaks to is insurance is a highly regulated, capital intensive business that typically trades at a much lower multiple than alternative managers do.
And there's actually a great quote from an unnamed Apollo executive who goes, I get why this is good for thene, but I'm not totally clear on why this is good for Apollo.
As a private equity firm, Apollo earned enormous fees by tying up little capital of its own.
Now the firm will be in this capital intensive insurance company overseen by regulators, watching for risk that it can pair its hundreds of billions of dollars of assets.
So there's a lot of doubt about what this Athene merger means for Apollo at the time.
This is really
Where
Rowan has his big breakthrough in the genius of what he decides to do.
Showing 281–300 of 537 · page 15 of 27
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