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
2025 is expected to have around four hundred billion dollars of annuity sales.
All those annuity sales demand basically new credit creation.
And Rowan and Apollo realize that private credit can no longer be simply the purview of
high yield junk bonds or highly leveraged companies.
In fact, I was at the Grants Private Credit Conference last year and Apollo's CIO, John Zito, had a great opening monologue where he talks about French fries.
And he notes that the Wikipedia page for French fries has a word count of nearly 4,000 and it's been edited over 1,400 times, while the private credit, which is, as we've seen, undoubtedly more complex,
has just 500 words.
And Zito's point is that they want to make private credit more like French fries.
There's a million ways to prepare French fries and they want people to stop thinking of private credit simply as this replacement to high yield or levered loans.
They want private credit to be able to do investment grade.
origination.
They want private credit to be an option for the largest companies on the planet.
They want GE to consider a private credit versus an unsecured bond offering.
And I also think they want to look at the asset backed market.
In fact, they've been very explicit about that.
And the reason they want to do this, especially with asset backed or these larger companies, is because they want an investment grade rating on this stuff.
They want to be able to originate
investment grade credit that they can feed back into the top of that balance sheet.
And they know that private credit needs to evolve.
beyond this private equity sponsored borrowing to lever up small companies.
Showing 361–380 of 537 · page 19 of 27
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