Rowan bluntly states any first lien credit manager unable to handle 5% quarterly redemptions is incompetent.
“if you can't as a first lien credit manager meet 5% redemptions per quarter, I'll say it frankly, you're an idiot. This is not that hard to do.”
Rowan says Apollo's $16 billion in retail money means even 5% quarterly redemptions round to zero against total assets.
“We're a trillion dollar asset manager, 750,000,000,000 of credit, 16,000,000,000 of retail money. It works out to 5% a quarter of redemptions, works out to about 750,000,000, it rounds to zero.”
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 credit managers unable to meet 5% quarterly redemptions are idiots.
“For us, if you can't, as a first lien credit manager, meet 5% redemptions per quarter, I'll say it frankly, you're an idiot.”