Early Deal Examples and Returns

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.

-----

Become a Colossus member to get our quarterly print magazine and private audio experience, including exclusive profiles and early access to select episodes. Subscribe at ⁠colossus.com/subscribe⁠.

-----

This episode is brought to you by⁠⁠⁠⁠ ⁠Portrait Analytics⁠⁠⁠⁠⁠ - your centralized resource for AI-powered idea generation, thesis monitoring, and personalized report building. Built by buy-side investors, for investment professionals. We work in the background, helping surface stock ideas and thesis signposts to help you monetize every insight. In short, we help you understand the story behind the stock chart, and get to "go, or no-go" 10x faster than before.

Sign-up for a free trial today at ⁠⁠⁠⁠⁠portraitresearch.com⁠⁠⁠⁠⁠

-----

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

-----

Editing and post-production work for this episode was provided by The Podcast Consultant (⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://thepodcastconsultant.com⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠).

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