FICC Focus Credit Crunch: Apollo’s Matt Nord on Hybrid Growth, Opportunity
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Feb 7, 2026 Matt Nord, co-head of equity and head of hybrid at Apollo, leads the firm’s hybrid strategy across private equity and capital solutions. He explains what hybrid structures are and why they matter now. He discusses Apollo’s scale advantage, how hybrids offer downside protection with equity-like returns, fund flexibility, and plans to grow hybrid assets substantially.
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Joining Apollo At 35 People
- Matt Nord joined Apollo in 2003 when the firm had about 35 people and focused solely on private equity.
- Over his tenure Apollo grew to manage over $900 billion with credit becoming the largest business.
Hybrid = Equity Upside With Credit Cushion
- Hybrid combines equity-like returns with credit-like downside protection, offering double-digit returns with lower volatility.
- It fits a post-2022 world where higher cost of capital and macro uncertainty reduce the effectiveness of heavy leverage.
Design Funds To Match Borrower Needs
- Build a hybrid platform with multiple fund structures to flexibly match sponsor needs and deployment horizons.
- Use evergreen and drawdown pockets to offer both temporary bridge capital and permanent deployment capacity.