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
One of the things that leads to Ares officially separating from the relationship with Apollo is just the ongoing legal troubles with this executive life deal.
And we'll see echoes of that as we get into Caesar's Palace and even some of the more recent deals.
Yeah.
So I mean I think the Vale Resorts deal is another one that certainly a lot of people will be familiar with.
Now that was not part of the executive life portfolio, but it was another situation where Vale's owners, Galay Holdings, files for bankruptcy.
Apollo gets control of the company again through the debt.
Ultimately brings Vail public in 1997.
So between executive life, these first two fund vintages out of the gate absolutely crush it.
They return 3.6x on invested capital, and it works out to an internal rate of return of 47% before fees, 37% after fees.
So again, in the vacuum left by Drexel Burnham, Apollo is just a wash in opportunities to
Pursue private equity through these distressed debt deals, which they do to great success, and sets them on the course to be one of these top three alt managers.
as private equity goes and gains adoption from institutional investors through the nineties up to the new millennium.
Yeah, so
Through the two thousands, and I think especially leading up to and right around the great financial crisis, institutional investors really embrace the asset class.
And so the numbers are getting really big in terms of what capital has to be deployed.
And so the deals are getting really big.
And I think obviously one of these formative deals for Apollo's, both in terms of their evolution, although the deal itself was not a success, but certainly in terms of their reputation.
has to be Caesar's Palace, which obviously there's an entire book on.
And again, this is where we caveat that the complexity of these deals is almost endless.
So we're gonna try to keep this high level for this, but
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