Apollo HVF Prep + Resources

Based on the most helpful WSO content, here’s what you need to know to prepare for an Apollo Hybrid Value Fund (HVF) interview:

What to Expect:

1. Technical Questions:

   • Expect a heavy focus on technical questions, ranging from basic accounting and IB interview questions to more advanced topics.
   • Be prepared for bond yield math, transaction comps, and potentially options math.
   • You might also encounter case-style questions, such as analyzing a scenario (e.g., revenue impact from changes in attendance for a stadium).

2. Case Studies:

   • Apollo interviews often include consultant-like mini-cases. For example, you may be asked to analyze a business scenario and propose solutions or strategies.

3. Investment Strategy:

   • The team focuses on junior capital investments, including preferred equity, structured solutions, non-control common equity, and distressed opportunities. Be ready to discuss these strategies and how they differ from traditional M&A or buyout approaches.

4. Mental Math and Brain Teasers:

   • Mental math and brain teasers are common, so brush up on quick calculations and logical problem-solving.

Recommended Resources:

1. Books:

   • Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions by Rosenbaum and Pearl – Great for brushing up on valuation and deal structuring.
   • Distressed Debt Analysis by Stephen Moyer – Essential for understanding distressed investing, which is part of HVF’s strategy.

2. Modeling Practice:

   • Review recap models and distressed-oriented models. If you have access to any from your M&A background, revisit them to ensure you’re comfortable discussing them.

3. Networking:

   • Reach out to people in RX or distressed groups to pick their brains on how they think about deals and investment strategies. This can provide valuable insights into the mindset required for HVF.

4. WSO Resources:

   • Use the WSO Private Equity and Hedge Fund Interview Prep resources to refine your technical skills and prepare for case studies.
   • Review threads on Apollo HVF for firsthand insights from candidates who’ve gone through the process.

5. General Prep:

   • Revisit old IB interview guides and finance/accounting guides for a solid foundation.
   • Practice transaction comps and fairness opinion analysis, as these may come up in the interview.

Key Tips:

• Be ready to articulate why you’re interested in Apollo HVF and how your M&A background translates to their investment strategy.
• Show enthusiasm, a willingness to learn, and the ability to adapt to their unique approach to investing across the capital stack.

Good luck with your interview!

Sources: Apollo Hybrid Value; any details?, https://www.wallstreetoasis.com/forum/venture-capital/best-venture-capital-resources-to-prep-for-an-interview?customgpt=1, Preparing for the HF informational interview, Distressed HF for M&A bankers?, Top firms for distressed investing. Solving for brand and deal experience more than ability to growth within the organization.