All articles tagged with #apollo global management
Apollo Global Management is weighing relocating its second US headquarters to the Sun Belt amid New York City's planned corporate and personal tax hikes backed by Mayor Zohran Mamdani; the potential shift signals a growing impatience with NYC's business climate and follows other firms relocating to tax-friendly states like Texas and Florida.
Apollo Global Management capped redemptions from its flagship Apollo Debt Solutions BDC after investors sought about $1.6 billion (11.2% of its $15 billion net assets), above the 5% threshold for limiting withdrawals. The firm honoured roughly half of withdrawal requests, joining peers like Morgan Stanley and BlackRock in restricting outflows as investor sentiment cools on semi-liquid private markets. The fund, with about $25 billion in investments, posted roughly flat net flows for the quarter after new commitments and redemptions, and recorded its first monthly loss in February due to a sell-off in more liquid loans.
Apollo Debt Solutions BDC faced Q1 redemption requests totaling 11.2% of shares, well above its 5% quarterly cap, and will prorate payouts to about 45% of the requested amounts (roughly $730 million). NAV fell 1.2% in the quarter but outperformed the US Leveraged Loan Index; software makes up 12.3% of the portfolio. Apollo is maintaining the 5% cap as a value-protection measure, contrasting with rivals like Blackstone that have loosened withdrawal limits.
Apollo’s John Zito told UBS clients that private-equity marks on software holdings are “all the marks are wrong,” warning that lenders to smaller software firms could recover only 20–40 cents on the dollar. Apollo says software makes up under 2% of its AUM and it has zero exposure to PE stakes in software firms, even as private credit faces redemptions and AI-driven market volatility that could pressure valuations and foretell deeper losses if loans falter. Zito also noted riskier, lower-quality private-equity software bets from 2018–2022, but argued the broader private-credit asset class should endure with better risk management.
Two teachers unions urged the SEC to investigate Apollo Global Management over allegedly misleading disclosures about its ties to Jeffrey Epstein. New documents show CEO Marc Rowan met Epstein and that Epstein was connected to a potential tax-inversion discussion, even as Apollo has asserted only Leon Black had a relationship with Epstein. Dechert’s 2021 review found no Apollo employee beyond Black seriously involved with Epstein, though new materials suggest meetings involving Rowan. The unions argue for greater candor and watchdog scrutiny; there’s no evidence of Epstein’s trafficking activities by Apollo. Despite the controversy, Apollo’s stock has risen since Black’s departure.
Apollo Global Management is nearing a roughly $3.4 billion loan to a vehicle that will buy Nvidia chips and lease them to Elon Musk’s XAI (which has merged with SpaceX), marking Apollo’s second major financing for the XAI chip venture, which aims to raise about $5.3 billion in equity and debt.
Coinstar LLC, owned by Apollo Global Management, plans to repay over $750 million in bonds next month following its sale to Arctic Slope Regional Corp., a company owned by Alaska Native shareholders, marking a significant financial move and a notable transaction involving indigenous-owned businesses.
AI-related companies are increasingly represented in investment-grade indexes, reflecting AI's growing influence in public credit markets, as highlighted in Apollo's 2026 outlook and analysis.
Papa John’s stock fell by up to 21% after Apollo Global Management withdrew its bid to take the company private at $64 per share, marking the largest drop since March 2020, amid broader industry shifts including Yum! Brands' review of Pizza Hut.
Apollo Global Management found a way to short First Brands' debt despite being on a blacklist, using complex arrangements that avoided owning the loans directly. This maneuver was part of a broader decline in First Brands' financial stability, which is expected to file for bankruptcy after its debt value plummeted over half in two weeks due to failed refinancing and financial concerns.
Apollo Global Management has decided to halt its 2027 associate class recruiting, criticizing industry norms of early recruitment and citing concerns over rushed career decisions and turnover, a move that aligns with criticisms from JPMorgan's Jamie Dimon about unethical recruiting practices.
The S&P 500 index is undergoing changes with Apollo Global Management and Workday being added, while Qorvo and Amentum Holdings are removed due to market capitalization requirements. These changes reflect the dynamic nature of the index, which aims to include companies with significant market value. Inclusion in the S&P 500 is prestigious and can impact stock visibility and price, although the effect is less pronounced than in the past. The Nasdaq-100 is also set for a reranking, with potential candidates being evaluated based on growth prospects.
AppLovin's stock plummeted nearly 15% after the company was not included in the S&P 500 during the index's quarterly rebalancing, despite a significant rise in its stock value earlier this year. Instead, Workday and Apollo Global Management were added to the index, with Workday's stock rising and Apollo's initially spiking before closing lower. AppLovin, known for its app development and mobile games, remains on IBD's Big Cap 20 and Tech Leaders lists.
Workday and Apollo Global Management are set to join the S&P 500 index, replacing Qorvo and Amentum Holdings, which will move to the S&P SmallCap 600. This change, effective December 23, led to a rise in Workday and Apollo stocks, while AppLovin, despite its significant gains in 2024, was not included in the S&P 500, causing its stock to drop. Additionally, Comerica and Carpenter Technology will move to the S&P MidCap 400, while Terreno Realty and Champion Homes will join the S&P SmallCap 600.
Apollo Global Management and Workday Inc. have been added to the S&P 500 index, replacing Qorvo Inc. and Amentum Holdings Inc. This change, effective December 23, follows Apollo's significant market value increase and Workday's projected growth. Inclusion in the S&P 500 can enhance a company's profile, while removal can negatively impact stock prices.