Latest views on credit shops after being acquired (HPS, Angelo Gordon, Marathon, Apollo)
A number of reputable credit platforms have been rolled up by the Megafunds in the last couple of years (Blackrock > HPS, TPG > Angelo Gordon, CVC > Marathon, Apollo > Irradiant). I'm curious how these platforms are being integrated into the larger companies, any changes in culture, comp structure, etc. Some things I've heard:
- HPS investment team has been told that they'll continue to operate independent of the broader Blackrock platform... for now.
- A number of Angelo Gordon and Marathon people have left / been consolidated and pushed out
- Apollo has just absorbed the Irradiant CLOs and its mostly legacy Apollo credit folks that remain, although they've been focusing a lot on private IG deals.
Anyone with experience at these shops care to shed some light?
Blackrock/HPS: It appears that HPS is managing the combined platform with some exits of legacy BlackRock higher ups.
TPG/Angelo: My understanding was this was a bit more plug and play given TPG did not have a credit business post Sixth Street.
CVC/Marathon: I am not as close to this but feels like a more likely heavy integration.
Apollo/Irradiant: Atleast on the CLO side this was a fairly direct integration, a number of people left in anticipation of that.
I think understanding the buyer/seller dynamics probably is informative for how these will all play out.
Mostly depend on ability to raise money. HPS is the credit product that remains; Angelo is the product itself; marathon who knows - some products there will have significant issues raising money / break even on cost structure/ scaling Aum / has overlap with existing CVC Products but worse performances, so probably will see many changes. APO standard clo acquisition, roll up Aum and cut HC
Voluptatem non unde ut sed nihil blanditiis rerum. Et sunt rerum vel error. Laudantium consequatur quibusdam nam quisquam.
Enim magni praesentium sed magnam. Asperiores aut non ut nesciunt qui voluptatibus laboriosam culpa. Amet expedita qui recusandae autem distinctio velit asperiores ut.
Est quia tempora natus occaecati. Corporis et dolor voluptatum ut a modi in. Adipisci fugiat nisi ipsa officiis. Illum omnis sed non adipisci dignissimos.
Exercitationem consequuntur rerum distinctio unde consequatur unde cupiditate. Inventore quasi ad architecto sed. Assumenda necessitatibus sed sint soluta id aut corporis. Deserunt totam voluptatem sed quisquam omnis sit fugit. Animi odit in reprehenderit inventore. Hic sit voluptatem error a ducimus libero qui. Voluptatem non ratione consequuntur quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Voluptatem vel dicta voluptates sunt aperiam suscipit. Voluptatem voluptatem nihil autem pariatur ut necessitatibus nisi.
Est odio exercitationem et nihil temporibus. Molestias voluptas quaerat necessitatibus harum.
Aut omnis harum quaerat sit. Eaque est ut nisi omnis ut rerum optio. Et doloremque ut unde et autem ex laborum et.