Apollo's Energy Group?
Anyone know how they compare to others in the space (BX comes to mind as the closest comp) in terms of focus, track record, fundraising etc.? Also is it the classic Apollo culture?
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ANRP is the most Apollo group at Apollo
Any insights on peer firms would be appreciated:
KKR Energy Real Assets
Sixth Street (Energy)
BX Sustainable Resources
Morgan Stanley Energy Partners
I’ll caveat this with the fact that my info isn’t what it once was, and the whole energy investing space is going through a pivot so past track record is less meaningful of an indicator than it once was… but:
Apollo Nat Res was a very good shop, some seniors have either left or started to split time with infra, unclear how well they are transitioning (or if they are); you will get worked
KKR Energy had a rough go of it and refocused on “income” i.e. PDP, not clear if this is a zombie or not
Sixth Street and BX Sustainable Resources are good teams, BX particularly has a strong track record (this is the renamed GSO Energy team); will focus on direct lending and mezz, not so much PE
Morgan Stanley Energy Partners - these guys are alive?
Think Apollo is out of new E&P deals. Haven’t seen KKR in PDP deals, but agree that’s most interesting at the moment. MS Energy is still doing stuff, have seen Sixth Street around too.
KKR is alive and well in the PDP space through their play in Crescent Energy, which is functioning as a public and rapidly growing, cross-basin PDP strategy.
Apollo NR - traditionally solid team, but is working through huge strategy pivot, some turnover with senior team but historically well regarded. Had some big blow ups past energy cycle
Sixth Street - interesting mandate solid team, still deploying into E&P. Flexible investing across cap stack (debt and equity), invests out of main TAO fund instead of dedicated energy vehicle. Good place to start career
Blackstone - solid team (ex-GSO). Historically has been active in distressed and special sits place, but is now spending more time in performing credit space in addition to distressed and special situations. Can invest across cap stack (senior secured credits to common equity across public and private markets, but mostly focused on structured equity investing now adays). Mix of credit and structured PE investing
MSEP - performance has been hit or miss, probably the least we’ll regarded of all these strategies.
Kkr - got burned, people switched over to infra side, not really sure what’s going on here tbh
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