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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That's $480 billion of AUM.
And that is a pretty standard credit operation covering corporate fixed income, credit, structured credit, like asset backed securities and things, real estate debt, as well as direct lending or the in vogue term private credit.
There's hybrid that has 62 billion, which is the smallest bucket.
But honestly, it's probably more indicative of what Apollo is known for, which is basically this opportunistic investing through credit, where there's some equity upside.
And this segment also does some of the infrastructure and real estate equity investing, but again, opportunistic, more special situations.
And finally, there's the equity bucket, which has 107 billion of assets.
And this is really your traditional private equity business.
This houses their real estate strategies and things like that.
Well, of course, over that time period you cited private capital and alternative assets in general experienced tremendous growth.
If you look at the closest competitors, a Blackstone or a KKR, everyone
found a niche that was their powerhouse of growth.
I think it's undeniable that for Blackstone, real estate was a powerhouse of growth.
For KKR, they stayed very focused on private equity and LBOs, and that's been their powerhouse of growth.
Apollo
focused on credit, which I think if you go back to the two thousands, especially that era where they're IPO'd.
Rates were very low, it probably seemed like a less attractive bucket, but it looks a lot more fortuitous now.
As these alternative managers have gotten so big, there has been a focus that every alternative manager wants to get off the vintage fund treadmill, where you have a closed-end fund with a fixed life.
And so you're always in market fundraising.
And if you go to the filings of any pension fund that publicly discloses it and you look at their investments, they're basically in every vintage of every alternative asset manager's funds.
And so that means that that sponge had been adequately squeezed for all of these managers, and they all started looking at ways to raise perpetual capital.
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