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
So you're right.
That 90-95% for most alt managers or insurance companies is basically a commodity.
Investment grade fixed income management is basically a commodity.
You can earn spread on that with a little bit of creativity.
And Rowan realizes that he needs to be in the spread generation business.
And his big breakthrough is using the equity, that bottom 5 to 10%, to acquire or otherwise seed asset origination platforms.
So these are people that are going to be basically mini banks, not banks, but people that are originating de novo debt, what we might think of as
private credit or asset back debt.
And
This is a big differentiator for Apollo because
For most of the other alt managers, they are in the flow buying business.
They have to buy what comes out of investment banks or what comes out of the broadly syndicated loan market.
They are for other alt managers to realize spread on that 90-95%.
All they can buy is what's for sale on the market.
Rowan realizes that he needs to be in the asset origination business.
And so he uses this five, 10% of equity that's at the bottom of the insurance capital stack, and he starts building, acquiring, and seeding asset origination platforms.
And there's lots of stuff in here.
There's a company MidCap, which has a publicly traded BDC, which specializes in lending to mid-sized businesses and mostly healthcare companies.
There's Merckx Aviation in Ireland that provides financing for aircraft leases.
All of these are generating fixed income assets that can feasibly be fed back into the top of the balance sheet.
Showing 301–320 of 537 · page 16 of 27
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