Does Apollo have a hedge fund?
I'm 99% sure I've read it somewhere in this forum - it is NOT Apollo HV, but specifically a vehicle that trades public/private. They were the ones behind the Carvana bet. is it Fox Hedge perhaps?
Thanks
Yes there’s a $7bn L/S hedge fund run out of the $40bn Opportunistic Credit group (which has now been, confusingly, renamed to “Hybrid Credit”). Not to be confused with Hybrid Value which is still an entirely separate group with a distinct team and a distinct IC, though they are both now under the “Hybrid” division.
The HF is called the Apollo Credit Strategies Fund, and has a relatively unconstrained mandate. They’ve done well recently - notable for PG&E, Hertz, Carvana, EchoStar, CommScope, and a few other sizable trades.
Exactly the answer I was looking for, thanks a lot!
Would you mind commenting if that vehicle has anything to do with Fox Hedge? very interesting Bloomberg article came out about it a few weeks ago
Are they also the ones who took out the CDS on First Brands?
Yes it’s these mfs
I thought Hybrid Value was moved into the Equity division? Could be wrong or might be very recent - sounds like you work there.
It was but then leadership decided to stand up a Hybrid pillar alongside Equity and Credit so now it sits there
You seem to be correct; I'm fairly certain Fox Hedge was responsible for the Carvana deal.
That’s just one fund entity among many on the platform.
You have no idea what Fox Hedge is and it had nothing to do with Carvana
Which investing team is responsible for allocating out of the $7bn l/s hedge fund? Anyone know if it is a dedicated team separate from the rest of opportunistic credit or if it's all combined?
It’s Opportunistic Credit, which is not exactly a large team… maybe 15 total people.
Does the Opportunistic Credit team have people on the ground in London as well or only NYC?
Helpful to know - does the 15 person team only work out of the $7bn fund or do they also need to split time with other (probably lower return profile) funds within apollo credit? Or do those other strats have a separate HY / performing team maybe? Just trying to get a sense of what percent of their focus is on the actual dislocation credits vs. cookie cutter new issues
damn 15 people. what a highly exclusive club. none of us is getting in. sounds like a dream role/team
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