Private Credit Has Too Much Cash and Not Enough Places to Put It [BNN Bloomberg (Canada)]
Apollo Global Management, Inc. (New) (APO)
Last apollo global management, inc. (new) earnings: 5/1 07:00 am
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Source: BNN Bloomberg
Dry powder, or the amount of money committed to private credit funds that has yet to be deployed, is at a record. That's in part because demand for their capital from buyout firms remains tepid. What's more, bank leveraged finance desks are increasingly seeking to poach back business. The result has been what some have called a ‘race to the bottom' among private credit managers. “Because of this supply-demand imbalance you're starting to see this behavior shift in parts of the private credit market — turning into a bit of an auction for the tightest terms,” said Sachin Khajuria, who runs family office firm Achilles Management and invests across private assets. “That means weaker underwriting standards due to competition.” To win deals, managers in the $1.7 trillion industry are offering cheaper pricing and giving up key investor protections. They're also keeping larger slices of financings for themselves, and even swooping in at the last minute to snatch business from the leverag
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APO
Earnings
- 5/2/24 - Beat
APO
Sec Filings
- 6/14/24 - Form 4
- 6/5/24 - Form 4
- 6/3/24 - Form 4
- APO's page on the SEC website