Earnings

Partnership to focus on hybrid, public/private and debt investing. Apollo sees strong growth in earnings from fees and spreads.

As the firm reports record AUM, executives on the earnings call say only 8% of AUM is in software lending, with strong loan-to-value ratios.

While the firm’s fundamentals were solid, investors cautious about private credit’s future punished Ares’ shares.

The manager previously moved its redemptions threshold to 17% from 5%.

Blackstone’s IG Credit AUM is now $130bn, up 30% year-on-year.

BlackRock TCP Capital Corp was hit by a string of deteriorating credits, including Renovo.

Silver Point partner writes that serial acquirers can overstate growth and camouflage costs.

The firm’s AlpInvest secondaries unit and private wealth help power its growth in AUM, while its private equity business shrank.

Nascent fears over credit market health and lending standards weigh on the earnings of the manager, which is staking its future on ABF and retail investors.