Apollo entering the secondary market - thoughts?
Apollo recently launched S3 which entered them into the secondary market. I’ve seen the firm hype it up a lot so would love to hear everyone’s thoughts on it.
“We expect S3 can become the go-to platform for the vast and growing needs of asset managers and investors across private market secondaries, fund finance and other liquidity solutions"
Does anyone have any idea on comp/wlb/growth etc? Would you be interested in joining the group?
If they just launched the fund why are you asking about the comp and wlb?
The fund has been operating for a while, they just announced it publicly recently
Their Hybrid Value Platform has been doing some GP-led secondaries until their secondary fund is up and running. As someone who has invested in several of the same deals as HV I can tell you that they are a royal pain in the ass to deal with and they have hired some aggressive people who mirror their organizations culture and goals. Generally speaking pretty much every group at Apollo is horrible from a culture perspective and they treat their portcos, counterparties, and co-investors equally horrible
I would say HV is even more unique/aggressive than their firm counterparts or "special situations" competitors - they advertise their agility and have heard of opps coming across desk that get fully wrapped and signed in just 7 days.
Otherwise, I think Secondaries and Infra are two industries that were fairly untapped in the MF space within the last decade (thereby creating room for independents to thrive) - no surprise that these are the two biggest growth drivers for Apollo & others now
Off topic, but do you think someone from let’s say Evercore Secondary Advisory could get a role at Apollo Hybrid Value? Thank you!
Personally I don't think they know what they're doing when it comes to secondaries. They led a deal recently where they negotiated the LPA for 6 months. It was completely ridiculous. They were asking for clauses that are typical in aggressive M&A transactions but not secondaries. I feel like they just negotiated for the sake of negotiating and our cheque was nearly the same size as theirs. Overall very unpleasant to deal with and if any GP ever asked me for a recommendation on what it's like to work with them I'd tell them to avoid.
I’ve heard a couple of stories of GPs blocking Apollo from signing NDAs and getting data room access because they are huge pains
Sounds accurate. These primary groups that have bought secondary shops don't seem to understand that they're a competitor to the groups they want to do GP-led deals on...if a group heavily negotiates an NDA you know they're going to be a pain to deal with during a process.
Is Ratio also the headhunter for Apollo S3?
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