Apollo Credit
Few quick questions:
- What is the comp trajectory like? Does it pay top of market within credit like it does within the PE world? Obv understand that carry generates a lot more $$ over the longer term in PE but wondering what the comp trajectory is like. For reference, couple postings showed that their principal base salary within credit was 300K. Seems on the top end given the "principal" role at Apollo seems more akin to VP roles at other large MFs (i.e. 3-4 years experience as an associate before being promoted to "principal"). Would bonus be 1.5x - 2.0x base?
- Does the credit group underwrite both performing and distressed / opportunistic credit deals? Industry-coverage team postings on LinkedIn indicated this whereas an Credit Underwriting posting seemed to be indicating that associates only work on more DL-type deals.
Thank you all for the clarification!
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Thanks - curious about mid-level comp as well. Thinking about transitioning from an early VP role in traditional PE to the credit side so this insight would be helpful.
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Bump - We gotta get more recognition to this thread. Do posts reach front page? There are so many individuals in PC but I just don't want think they know about this forum. Still see PC posts in other forums.
Originations is being somewhat centralized for credit, but vanilla DL and stressed vs distressed are done by different PMs. I also think some people moved around for MidCap but in general they do small to MM and Apollo can write the bigger checks.
Agree that comp looks very solid. I think they are trying to play a volume game.
Yes. Not sure if comp improved - but they are playing a bigger role so could have gotten better. Antares used to suck and got better.
Anyone have any insight here?
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Any insight into Apollo credit for both new york and london?
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Apollo Credit is principally organized into three teams: Opportunistic, Performing/Industry teams, and Direct Lending. I can only speak for Opportunistic, but principal title is generally someone in their late 20s / early 30s with several years of investing experience. Principal comp is $300k base and bonus generally 200-400% of base and dependent upon individual and fund performance. The opportunistic team invests out of a ~$15BN pool of capital and has ~10 IPs.
Just confirming that this excludes carry correct?
Yes
Carry isn’t typically part of the offer package for Credit. Wealth opportunities exist in the future but don’t expect carry at offer stage.
Isnt opportunistic the same as HV?
No. Hybrid Value (“HVF”) is a separate platform within private equity that focused on preferred/non-control equity and mezz investing — less often they will do some opportunistic credit investing in secondary markets as well. HVF is much more private equity like, Opportunistic Credit is much more HF like. There is sometimes overlap between deals for PE, HVF, and Credit, with deals originating out of all three platforms.
Who leads the opportunistic team? Zito?
Would you guess that performing private debt comp would be meaningfully lower? Also, what is generally the MD conversion rate at Apollo - and is it up or out and can you be a Principal forever? And would these folks be execution only - i.e. get by on underwriting only?
is it $300k comp the lower range or upper range for a Principal role in Credit? Is it similar to PE, HVF, or listed strategies?
Thanks, helpful. Do you know associate comp and could you speak to WLB? Understand it would likely be more demanding the DL, but to what extent?
Very helpful. To put it into perspective for everyone, even at the bottom end of the range, this comp is way above street average. But of course the culture is horrible as well and the hours too. Very well known trade off for APO in special sits.
But that isn’t special sits (HV or trad. Apollo PE), it’s opp credit, right?
important to note that expect your offer package to be on the low end of this bonus range.
How does your team typically source for new opportunistic opportunities?
What are historic returns for the opportunistic team?
The above answer is super helpful on the opportunistic side. Anyone have any information on DL? Assuming that Apollo DL also takes a bit more of of an opportunistic view on deals, i.e. willing to invest in more large cap hairy credits versus an owl rock, Golub, etc.
Any info on comp? Similar to opportunistic - maybe a haircut. Believe the base is same but maybe a haircut on the bonus?
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Apollo Credit is corporate lending, its different to their distressed/opportunistic credit which is called Hybrid Value.
Comp is on par with top DL funds like Ares and hours are generally good. Given the nature of DL, the carry will not be significant but provides a good lifestyle.
Do we have any numbers on comp? At the principal level?
Does anyone know comp for Apollo / KKR ?
This is bad information. Hybrid Value is a private mezzanine and preferred equity platform, mostly oriented around sponsor finance. They technically have the ability to do opportunistic secondary and distressed investing, but they never have historically.
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Anybody have any insight on the Direct Lending side? Comp/culture/hours?
Bump, wondering what culture is like across opportunistic and performing
bump - also re credit
Which recruiter does apollo opportunistic credit use?
Ratio - same as PE
what background do analysts come from?
Anyone in the process in London?
Yes, I was but haven't anything heard for a while. Anyone has any updates?
How far in the process did you get?
I haven’t heard anything in 2 weeks either so was hoping others had an update
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