What are Apollo's smartest deals?
Apollo has done some of the smartest, most creative deals in the business. What are few of the most notable?
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When they acquired Lehman Brothers in 2006
Lyondell Basell is I think one of the most profitable PE investments of all time, at least at that scale.
Charter Communication was another similarly successful financial crisis-era investment.
Caesar’s Palace is probably not a great investment on paper, but Apollo’s maneuvering there really illustrates their willingness to be extremely aggressive.
yea there's a whole book on the caesers deal. the caesers palace coup
would you recommend that one over 'Barbarians at the Gate'?
Athene.
Can you elaborate? Curious to hear perspectives on why
Definitely Ceasars
Athene. Gave them another source of stable, predictable capital. It’s also a business where they can collect revenue from. Win-win IMO.
IMO one of the biggest proponents behind why APO stock has outperformed their PE contemporaries
Have heard the Yahoo investment is already crushing it
have also heard this
Athene
Hostess. Think that was a multi bagger. Cool deal to read about it and lots online
Pretty interesting read on Caesars. “Oaktree is here to drink the blood of Apollo.”
https://www.institutionalinvestor.com/article/b1r08390k0ns0k/Apollo-Cae…
Chuck e cheese... started selling beer to the parents and then dividend recapped into bk
Athene as a Platform definitely has had the biggest impact for them as a firm. There’s a great Net Interest article about it with some great quotes - ie if you know you’ll have 6-8% returns, would go to the BDC model and charge 1-1,5% and some performance fee over hurdle, or you want to charge a few bps that cover your costs but have 100% carry above 2-3%?
Besides that, Caesars was a super interesting story (can 100% recommend the book). Their yahoo deal is also lining up to be a good one.
Lastly, Hertz - 1,25x in 6 months. Decent IRR.
Buying souls of 23 year old hardos for $450k a year
24 year olds and probably more like $500 but yeah
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