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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Through very complicated structures, Rowan is taking this ten dollars of equity that's dropping out of insurance assets he's buying and using it as their GP stake and all of these other origination platforms that can generate private equity like returns.
Yeah, I've likened this and people will certainly push back on this, but private equity.
is a way of bootstrapping a call option.
Let's say that you're getting
twenty percent of the returns above eight percent.
That is effectively
A call option that's 8% out of the money.
So LP capital is a very special form of leverage where the GP benefits if it works out, but it has very little risk if it doesn't.
And so by Rowan layering on an insurance balance sheet on top of this that has really long duration, low cost capital, you start to see the wisdom of what he's building here.
Well, I think as you see Mark Rowan's public profile increase, especially in his recent interviews and the way he speaks at conferences, everyone he's really proselytizing this idea of private and public markets converging.
he really focuses on liquidity and again it goes back to that original quote about the early days at Drexel of understanding this trade off between risk, liquidity, and credit.
Rowan's argument is basically if you're a retiree or a future retiree that is 20, 30 years from retiring, if you are a pension or endowment that doesn't need money till long in the future,
Why are you so concerned about having daily liquidity?
And Rowan's vision is really to see these public and private assets converge and that wall between the two to come down.
And that's getting very literal here, I think, in the past two weeks or so.
Apollo and State Street have launched a private credit ETF, which holds um some listed credit and then some private credit in so Rowan is at least walking the walk in terms of trying to make a case for this private and public divide coming down.
to decondition
investors from expecting daily liquidity and the way he set up Apollo today really speaks to that.
So this brings up a really important point, especially about what we might consider the future of Apollo and really the future of of markets generally, is the problem of capacity.
Annuities specifically are on pace to have one of their best years ever in terms of sales.
Showing 341–360 of 537 · page 18 of 27
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