Apollo Opportunistic Credit
Hey Monkeys! Does anyone have any insight on the team/strategy/culture/comp?
Or any info on opportunistic credit case study would be helpful as well!
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Hey there! It seems like you're diving deep into the world of Apollo and its Opportunistic Credit strategies. While the context provided doesn't specifically mention details about the team, strategy, culture, or compensation for Apollo's Opportunistic Credit, I can guide you based on the general insights available from the Apollo Credit Strategies Fund and related discussions on Wall Street Oasis.
Apollo, known for its rigorous approach and sharp team, has been making significant moves in the credit space. They've been revamping their recruiting and softening their culture to attract top talent, which could give us some clues about the team and culture. They've introduced collaborative working areas, a new cafeteria, gym, and coffee bar for employees, aiming to create a more engaging and supportive environment. This shift towards a more inclusive and diverse culture, including the launch of a new MBA internship program, suggests a positive and dynamic team environment.
Regarding strategy, Apollo's credit strategies, including opportunistic credit, often involve a mix of rigorous analysis and a keen eye for opportunities in distressed assets, leveraging their deep industry and credit knowledge. This approach allows them to navigate complex situations and capitalize on mispriced assets, indicating a proactive and analytical strategy framework.
Compensation at firms like Apollo is typically competitive, reflecting the demanding nature of the work and the high level of expertise required. While specific figures for the Opportunistic Credit team weren't provided, it's reasonable to infer that compensation aligns with industry standards for similar roles, rewarding the skill and dedication of their employees.
For those looking into opportunistic credit case studies, focusing on scenarios where firms identify and exploit market inefficiencies, distressed assets, or special situations would be beneficial. Understanding the fundamentals of credit analysis, valuation techniques, and scenario planning will be crucial. While the context doesn't offer a specific case study, exploring these areas can provide a solid foundation for approaching opportunistic credit investments.
Remember, diving into the forums on Wall Street Oasis and engaging with the community can offer additional insights and perspectives from those who've navigated the Apollo recruitment process or worked in similar roles.
Sources: Apollo is revamping recruiting and softening its culture. Here's a look., Apollo Credit Strategies Fund, Top firms for distressed investing. Solving for brand and deal experience more than ability to growth within the organization., Thoughts on Ares Alternative Credit, Carlyle/Apollo Thoughts?
Is this for the rotational program? No case study but wonder where they are in the process.
bump
They did the Ardagh deal in Europe which was pretty cool - landmark deal for sure
Know them well. They hosted an event in Miami at the SLS during the JPM conference earlier this year, and I’ve connected with a few guys there at sell side / advisor events, management meetings, creditor committees, etc.
That said, I would advise you (and anyone else, even someone interviewing for banking or any other front office finance role at a public company) to read the investor presentations and earnings call transcripts of whoever is interviewing them. In this case, Apollo absolutely does detail various facts about the opportunistic credit team, including investment mandate, targeted returns, fund size, and team size. Then I would read what pension funds (who post these publically) have written in their justification to allocate to the opportunistic fund.
If I had to guess, the culture seems quite stern and formal, with long hours and lots of pencil pushing vs most credit hedge funds. I suspect their memos are hundreds of pages long.
Whether the robust investment process actually generates stronger risk-adjusted returns, I’m not too sure but stated returns do look strong (no idea on how volatile their book is). I will say they’ve had great winners like Carvana but they’ve also had huge losers like Altice US despite all the memos and likely over-engineered models.
They seem to be happy taking concentrated positions in issuers (read: de facto illiquid), and in private transactions (completely illiquid). Overall this should boost returns because they can harvest a sizable illiquidity premium. Additionally they can fund huge amounts of new money that smaller guys can’t which gives them unique leverage in distressed situations.
comp is widely known to be at high end of market. Mid to high 6 figs for associates, 1-2 million for principals, in cash, plus carry from principal & up (unique benefit vs credit hedge funds they compete with fwiw).
putting it all together, I’d say it’s a strong fund and team, probably a fantastic learning opportunity if you’re young. But even with the high comp at the principal and beyond levels, I personally wouldn’t like the hours. And more importantly, I think it’s tough to go from Apollo to a risk taking seat (say, at one of the pods rapidly entering credit) as the committee model simply doesn’t translate well to having a PM’s mindset.
I am confused because I was under the impression Apollo's internal credit hedge fund operated more as a "trading desk" without the burdens of IC memos and the like. Is that just straight up incorrect, or is it just if they want to really size up / bring in other vehicles you need to get more formal about the trade and by extension IC etc?
My understanding is they still have a committee but it meets much more frequently than the once a week frequency in the PE or direct lending businesses. Might be wrong but this is my belief based on speaking to a number of people.
what do you mean by "unique benefit vs credit hedge funds they compete with fwiw"? don't most credit hedge funds give carry (portion of the performance fee) as well?
Probably was referring to partner-economics. Something you would not get to at most Credit HFs
I’ve worked at both credit and equity SM HFs. Most hedge funds do not give explicit carry to mid level employees - incentive comp is generally discretionary except at PM and sometimes at partner level.
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