Rowan dismisses redemption concerns, saying Apollo handled $750 million in first quarter outflows easily.
“And so for us, $750,000,000 in the first quarter, dollars $750,000,000 out in the first quarter, this is not of any moment.”
Rowan says Apollo originated over $300 billion in new investments last year, with 80% being investment grade.
“So if you think last year, we originated a little over $300,000,000,000 of new investments, mostly credit. 80% of that was investment grade. I assure you no one is complaining about the lack of buccaneering.”
Rowan notes the major alternative asset managers grew from $40 billion combined in 2008 to nearly $1 trillion.
“I mean, we were the whole, the entirety of the companies that you see that are public today, everyone was 40,000,000,000 in 2008. We're now close to a trillion Blackstone more KKR, a little less.”
Rowan reports Apollo originated over $300 billion in new investments last year, with 80% being investment grade credit.
“So if you think last year, we originated a little over $300,000,000,000 of new investments, mostly credit. 80% of that was investment grade. I assure you, no one is complaining about the lack of buccaneering.”
Rowan reveals Apollo has invested nearly $8 billion and employs 4,000 people dedicated solely to credit origination.
“And for us, we are very focused on scaling origination. We've spent nearly $8,000,000,000. We have 4,000 people who wake up every day, and all they do is origination.”
Rowan reports Apollo's best year ever with around $650 billion in assets under management.
“Single best year in Apollo's history. Earnings. Asset performance. The our platform as you think about it we are around 650,000,000,000 of assets under management in our asset management business.”
Rowan says Apollo has no daily or quarterly liquid money, structured to exploit illiquid assets.
“There is no daily liquid, quarterly liquid money at Apollo. We are ideally situated to take advantage of less liquid assets. We've structured ourselves that way.”
Rowan reports Apollo's best year ever with $650 billion AUM, $500 billion in credit.
“Single best year in Apollo's history. Earnings. Asset performance. The our platform as you think about it we are around 650,000,000,000 of assets under management in our asset management business. 500,000,000,000 of that is credit.”
Rowan states Apollo ended the year with $550 billion AUM including $400 billion in mostly investment-grade private credit.
“Apollo Asset Management ended the year roughly $550,000,000,000 $400,000,000,000 of private credit, mostly investment grade, dollars 75,000,000,000 of hybrid equity, 75,000,000,000 of private equity.”
Rowan says Apollo's $400 billion in private credit is still irrelevant in a $40 trillion market.
“At 400,000,000,000 of private credit, mostly investment grade, unfortunately, we're not relevant. It sounds like a lot, 400,000,000,000, but we're talking about a $40,000,000,000,000 market.”
Rowan says Apollo's existing business plan upside is so large that any distraction is too costly.
“The upside from simply executing the business plan that's in front of us is so high that the price of distraction is just very hard to contemplate.”
Rowan says the private credit industry grew from $40 billion AUM in 2008 to $550 billion at Apollo.
“Our entire industry was 40,000,000,000 of AUM. Every one of the companies plus minus in 2008. We ended the year at 550,000,000,000.”
Rowan says Apollo focused on private investment grade markets and now competes for assets amid banking turbulence.
“We went for the private investment grade market. That is the dominant franchise we have built. What we're seeing right now, particularly the turbulence in banking, these are the kind of assets we compete for.”