Thoughts on Apollo Scheme
I’m sure everyone saw the news. Curious what people think about it and if anyone has any insight on it
I’m sure everyone saw the news. Curious what people think about it and if anyone has any insight on it
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Can someone please link the complaint?
At a high level though - this seems like life settlement investing which Apollo (and a bunch of other firms) have been doing relatively publicly since late 2000s early 2010s. See below from 2010. https://www.privateequityinternational.com/apollo-in-525m-life-settleme… (search - Apollo life settlements 525m 2010) There are certain specialists in the space (Obra Capital f/k/a Vida Capital). The whole permanent capital annuity / life insurance business that all the huge MFs are doing aren't that dissimilar on pension benefits vs. life settlements once the life settlements are pooled.
In this case specifically, based on BBG reporting it sounded like the deceased specifically was paid for the insurance policy to be taken out and her family is unhappy that they aren't inheriting the money from the policy from her.
Alot of the large credit firms with insurance focused investment teams have some exposure to life settlements (Blackstone, Berkshire Hathaway, Blue Owl).
a lot of firms do this, BX had one called Viva Life... wholly owned subsidiary funneled through an ICAV called BX Life Settlement Aggregator
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