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 there's something like 4,000 employees spread across those various origination platforms.
And they're all relatively niche with aircraft leasing, it's music royalties, it's these very niche subsectors that Apollo feels like they can stand up or acquire teams that have a real specialty in those areas to
originate this credit.
The issue that credit origination has today and it speaks to
John Zito's comments and it speaks to this desire to move up market is that
Up into let's say twenty twenty two
The private credit market was supported by private equity sponsor-backed lending to pursue LBOs.
And that market for a variety of reasons has been effectively closed or at least a lot less active.
And so a lot of the demand that was coming on the private credit side has tapered off.
And so they've had to get more creative and they've had to go farther afield to look for basically lending opportunities.
And I think a big open question for the industry is if
private equity and sponsor back lending does not make a hard rebound.
What fills that gap?
Because
What Rowan's created here, and I do think it's unique to Apollo, is he's created a bit of a financial perpetual motion machine.
where you sell an annuity, it creates equity, you use that equity to see an origination platform that originates debt that goes back into the top of the balance sheet and creates a new dollar of equity to do it again.
And so the more annuities you sell and the bigger your insurance balance sheet grows, it just creates more and more demand for credit.
And that's why Rowan's so explicit about the single biggest constraint on their growth is now not the ability to form capital, which that was how most of these companies are judged.
That's where their multiple comes from, is at least in large part based on, let's say, people's perception of Blackstone's ability to go out.
raise another thirty billion dollar fund.
Showing 421–440 of 537 · page 22 of 27
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