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...Even as they eye remaining buying opportunities, they predicted that Silver Lake would be active in selling non-core assets to return cash....
...It was listed in New York until it was bought by Apollo five years ago....
...The fund will focus on Warburg’s core business of corporate buyouts and equity stakes in companies, aiming to make between 75 and 90 investments averaging about $175mn apiece....
...It is a cornerstone investor in UK private equity firm Cap10, a new buyout house set up by a senior former executive from Apollo....
...Apollo, Andreessen Horowitz, Khosla Ventures, General Catalyst, Klein and CSFB declined to comment....
...The deal allowed Credit Suisse to cut its holdings of such assets from $75bn to $20bn. Apollo rebranded the business as Atlas....
...“They do not want to be left holding junior capital. The recent crisis with Silicon Valley Bank and the regional banks will make it even more of a focus for banks to be cautious.”...
...In the third quarter, Apollo marked up the value of its buyout holdings by 2.7 per cent, putting year-to-date gains at more than 10 per cent....
...The exchanges have changed how money flows inside Apollo....
...He is currently a partner and chief economist at Apollo Global. He spoke with Unhedged last week....
...Tiger was once one of Apollo’s biggest backers....
...TPG sold a controlling stake in the talent agency CAA to Artémis, the holding company of the Pinault family, at a $7bn valuation....
...Many rivals of Apollo Global Management were convinced that its merger with Athene Holding, its retirement annuities affiliate, would prove a strategic blunder....
...But it was the Las Vegas GP that took F1 into new territory. Liberty invested heavily, acquiring 39 acres of land to build the paddock and pit building....
...In 2012, Bill Ackman convinced 3G Capital to merge with Justice Holdings, a UK special purpose acquisition company, sponsored by the hedge fund manager, Martin Franklin and Nicolas Berggruen....
...But a sudden rise in interest rates beginning in 2022 left Tiger badly exposed to plunging valuations and holding a bloated portfolio of private investments with limited paths to exit....
...Apollo keeps 25 per cent of the loans and shares the rest. And in 2021, Apollo fully merged with Athene Holding, the annuity insurance company it created in the wake of the global financial crisis....
...Tiger’s largest private holdings as of mid-2022 were ByteDance, Shein, Stripe, Razorpay and Flipkart, according to documents seen by the Financial Times....
...That triggered the holding company’s default. The more than £16bn worth of Thames Water bonds sitting below the holding company are part of a so-called whole business securitisation....
...Apollo’s core liability base, its $250bn Athene annuity business, is not well understood by all Wall Street investors. Shares in Apollo are merely flat this year....
...US institutional investors are selling more of their private equity holdings at a discount as they cut exposure to the illiquid asset class....
...Blackstone and Apollo declined to comment. Some consider all of this borrowing risky....
...Banks now compete with a specialised group of private NAV lenders like 17 Capital and Whitehorse Liquidity Solutions, in addition to new entrants to the marketplace like private lenders Apollo Global, Ares...
...The new reality is that some things — for example, holding certain types of credit — are more efficiently done by a nonbank....
...Lottomatica’s core profit rose by about 15 per cent to €155mn in the first quarter following the acquisition of domestic online gaming company BetFlag in December, according to a trading update released...
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