Rowan's Investor Day and Origination Thesis

This episode was originally recorded in March 2025.  ​Today, we are breaking down the  global alternative asset manager, Apollo. I reflected on my personal experiences with Apollo for this episode, and there's a saying that hard work can beat talent when talent doesn't work hard. Well, Apollo has talent, and Apollo works really damn hard. They will do everything they can to protect their capital, so if you're on the other side of the table from them, you never feel fully comfortable.

I am joined by Hunter Hopcroft, a financial analyst and writer based in New York. We get into what makes Apollo, Apollo, and Hunter share the backstory of how it was born out of Drexel Burnham and Michael Milkin’s DNA. We get into some of the early deals, the theme craving complexity, how they differ from the KKR or Blackstone, and the future of the industry.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

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Timestamps

(00:00:00) Update on Apollo(00:02:56) Welcome to Business Breakdowns

(00:05:45) Apollo's Current Landscape

(00:10:41) Apollo's Founding and Early Days

(00:13:35) Key Deals and Strategies

(00:20:05) The 2000s and Financial Crisis

(00:25:06) IPO and Public Transition

(00:28:43) Leadership Transition to Mark Rowan

(00:34:16) Rowan's Vision and Athene Merger

(00:38:08) Investment Strategies of Alt Managers

(00:39:24) The Athene Merger and Its Implications

(00:41:26) Rowan's Breakthrough in Spread Generation

(00:42:45) Innovative Asset Origination Platforms

(00:47:38) Private Credit and Market Dynamics

(00:49:45) The Future of Apollo and Private Credit

(00:55:05) Evaluating Apollo's Business Model

(01:08:29) Reputation and Evolution of Apollo

(01:11:46) Lessons from Apollo