Apollo takes advantage of the dip

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Apollo Global Management reported a $ 559 million record in quarterly earnings related to the first quarter of the year, but their Athhene insurance operations decreased the benefits more than the analysts expected.

The United States’s private capital giant, which has $ 785 million in assets, generated its best returns on a strategy designed to refinance stretching offers or help public companies that need cash to get their finances.

ApolloThe so -called “hybrid value” funds, launched six years ago, obtained 3.8 percent in the first quarter and 19.3 percent during the last twelve months, which made them the highest return strategy within Apollo.

The yields are almost triple what Apollo has gained from his emblematic purchase funds, which obtained only 6.6 percent during the last twelve months. Apollo’s credit funds, which represent the vast majority of their assets, won between 7.7 percent and 11.8 percent during the last year.

The performance of the purchase fund has fallen throughout the industry due to the highest interest rates and the dying distribution activity that has led to a privately sold private property assets logjam.

But the returns that Apollo won from his hybrid funds show that some acute investors begin to gain large winds unmolded through the butcher’s shop.

Apollo has used his “hybrid” funds to invest billions in companies such as the Albertsons grocery group and the GFL waste management group who wanted to pay their debts and repair the balance sheets.

Funds have also been used to fund large continuation funds and make non-controlling investments in companies that rival private capital groups do not want to sell completely while waiting for a price recovery.

However, the same challenges that the Apollo rivals went to the New York Investment Group for funding also reached their gains.

In the first quarter, Apollo obtained only $ 14 million on performance -based benefits, known as main investment income, significantly below analysts, as he could not sell many investments for profits.