I would now like to turn the call over to Gary Stein, Head of Investor Relations. Now turning to our results. So, the $0.25 needed to still I guess the netting holding, that would just be realized cash carry, $0.25 of really cash carry than anything beyond that would flow through DE? Apollo's permanent capital vehicles now represent 60% or approximately $250 billion of our AUM, and over 90% of our AUM is either derived from permanent capital vehicles or has a contractual life of five years or more from inception. Those four factors are going to lead to just volatility. (1). The next question will come from the line of Patrick Davitt with Autonomous Research. We're adding to our broker dealer and our capital markets effort to be able to kind of syndicate a little bit where we're committing to a little more than we ultimately want to own for our clients. And are there any implications on the pace of dealmaking within the insurance space we should anticipate on the back of that? We continue to dynamically navigate through this challenging environment on behalf of all our investors. I would say that it's more difficult. December 11, 2019 Apollo to Present at the Goldman Sachs Financial Services Conference Click here for webcast Add to Outlook. And then, how important are your proprietary origination platforms for them to choose Apollo over the others in the space? And so we see our pipeline across everything really being very robust. Thanks Josh, you were talking about the disconnect between the real economy in the market. The others, their capital rules continue to create pressure. And those have all been marked down and therefore, or marked to 0. We may also invest in the securities of public companies and structured products such as collateralized loan obligations (“CLOs”) and credit-linked notes (“CLNs”). Mr. Glatt was appointed Chief Legal Officer of the Company in 2014, Secretary in 2010 and Vice President in 2009. And with that, I will now hand the conference back over to Gary Stein for closing remarks. And then on the last call, you guys described three phases of deployment, with bespoke capital solutions being sort of in the second phase. She began her career as an auditor at Touche Ross. How you're approaching that? The companies have raised more than $30 billion so far this year. The next question will come from the line of Glenn Schorr with Evercore. For its services, Apollo collected a total of $7.2 million in fees from the pension funds last year, not counting Apollo’s share in … And that's just a part of managing asset liability in Solvency II, so that's not something that we do or apply. Thank you. They actually weren't selling something per se, their business wasn't for sale, per se, but they were trying to solve for different strategic directions. As of the second quarter, Hybrid Value stood at 71% committed or invested and we are back in the market for this strategy. Welcome to our second quarter 2020 earnings call. The origination partnership will leverage Apollo's incumbency with borrowers, utilizing our credit platform's relationships with approximately 3,300 issuers of both corporate and sponsor-backed companies. And Scott Kleinman's been on the Board of Athene and has been very involved more increasingly on day to day. Mr. Puleo became a Director of the Company in February 2008. Mr. Glatt serves as a director of MidCap FinCo Holdings Limited, MidCap FinCo Limited and MC Feeder Limited. Cumulative Growth of a $10,000 Investment in Stock Advisor, Apollo Global Management LLC (APO) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $APO, Apollo Global Management LLC (APO) Q1 2020 Earnings Call Transcript, Apollo Global Management LLC (APO) Q4 2019 Earnings Call Transcript, Apollo Global Management LLC (APO) Q3 2019 Earnings Call Transcript, Apollo Global Management LLC (APO) Q1 2019 Earnings Call Transcript, Apollo Global Management LLC (APO) Q4 2018 Earnings Conference Call Transcript, Copyright, Trademark and Patent Information. And so, even though the markets are -- look to be priced at a premium, when you bifurcate the markets, the bottom 25% of the S&P trades as 10, the top 25% trades above 30. If you had to guess six to nine months from now, where would that be? As of the end of the second quarter, Fund IX has reached 40% committed or invested. Also, note that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any interest in Apollo fund. And as we've mentioned, and the reason we call it a semi-sabbatical is Marc is still very, very engaged in the firm and on the strategic planning with Josh and myself. Prior to that time, Mr. Glatt was associated with the law firms of Simpson Thacher & Bartlett LLP from 1998 to 2003 and Schulte Roth & Zabel LLP from 2003 to 2007, in each case, primarily focusing on mergers and acquisitions, leveraged buyouts and capital markets activities. And in that four years, we've announced five material transactions, three in the U.S., two in Europe. I apologize. Mr. Widra is a co-founder of MidCap Financial (“MidCap”), a $8 billion specialty finance business, and was formerly its Chief Executive Officer. Over the last 12 months, total inflows have been $119 billion, a record for Apollo. There's several ways to look at it. We have more permanent capital than anyone other than Berkshire Hathaway. Apollo Real Estate Investment Fund, L.P., the first in a family of real estate "opportunity funds", was closed in April 1993 with $500 million of investor commitments. I'll pick up on the comments. For the second quarter, fee-generating AUM grew by 36% or $88 billion to $330 billion, supported by those same factors as well as robust capital deployment. So, I want to say very little has gone into the existing portfolio and nearly a 100% has been on offense. How much of the -- I wanted to get a sense of how much of the deployment so far this year has been with companies that you already owned and kind of the outlook on that. Hey. The big run up in the market is driven by a very significant fiscal and monetary stimulus. Technology doesn't always work. So going forward, we don't see a lot of issues. In collaboration with Fonds1818 and Rabobank Regio Den Haag, Social Club Den Haag organises the Social Club Investor Days. I wonder if you could just maybe peel that back a little bit and help us understand which portfolios are affected by that? And so, we expect that to be highly needed in the marketplace. Through a shifting market landscape, we remain active looking for attractive asymmetric risk reward and investing in high-quality top of the capital structure opportunities. Our FRE margin was 55% for the first half of 2020, in line with our 2019 FRE margin. A private equity team member that might be calling on a company now knows, well, maybe you don't want to go private, maybe you don't want to sell your company but we've got this other opportunity to offer you. Our common stock is quoted on The Nasdaq Global Select Market under the symbol “AINV.”. I mean, there may have been something that went into the existing portfolio so I want to very little has gone into the existing portfolio and nearly 100% has been on offense. Ms. Matas holds a B.S. Returns as of 10/15/2020. Quick follow-up on Bill's question just to make sure we've got the understanding right. Mr. Joshi previously worked as a Senior Audit Manager in the Alternative Investments Group at Ernst & Young (“EY”) from January 2008 to September 2013. Thanks. Thanks, operator. And in that four years, we've announced five material transactions, three in the U.S., two in Europe. And two, that there's really nobody out there that has both the combination of capital and ability to deal with complexity and come up with holistic solutions and the 100 to 150 people that we have incredible depth of management in this specific area. I mean, you literally are just calling on companies and calling on sponsors and it's a lot of the same skill sets. Good morning, everybody. One is the market opportunity, and the second is how Apollo is positioned to address the issue. Please refer to the definition of Assets Under Management at the end of this presentation. Yes, I'd be happy to. This is our dislocation strategy that we were able to launch and close within approximately eight weeks, and we are now in the market for the next series of the Accord strategies. So, the CEO dialogue actually, if you would enjoy being in the room to hear the dialogue, because the CEO is talking about what they're trying to accomplish in their company, Prudential being the most recent in our conversations with Mike Wells, which were delightful and productive, but us trying to figure out win-win-win solutions. However, we have been able to successfully navigate these markets to date and are increasingly focused on providing bespoke capital solutions for brand name franchises, facing liquidity constraints or looking to capitalize on growth opportunities. We are appreciative of the trust and support from both, existing and new investors as they commit to a range of strategies currently available on our platform, including our origination strategy, Accord, Hybrid Value, infrastructure, U.S. and Asia real estate, managed accounts and various evergreen strategies. This capital serves as a key strategic differentiator for our clients as they do unique asset management transaction and origination capabilities of more than 150 employees at Apollo focused on serving them. And you have all continued to go above and beyond to drive the strong results that we're reporting today. We've grown our AUM at a substantial pace over last year and continue to see strong demand for our products, putting us on pace to achieve or exceed communicated goals of raising over $20 billion of new capital over the next year and being well on our way to surpassing $600 billion of AUM [Technical difficulty]. I just want to follow up on the existing portfolio companies, more so from the deployment angle. Through a shifting market landscape, we remain active looking for attractive asymmetric risk-reward and investing in high-quality, top of the capital structure opportunities. Do you see it being sort of early days or later days with regard to bespoke solution opportunities? I'll finish that he's at the tail end. At the beginning of the second quarter, Athora closed on its acquisition of VIVAT. Our net economic balance sheet value at the end of the second quarter, after debt and preferred equity financing obligations, was approximately $2 per share, growing meaningfully from the prior quarter. Just maybe one on the insurance landscape. Across the firm, we have responded quickly to this changing landscape with a focus on engagement and operations across our investment professionals, client and product solutions team and enterprise solutions group, which has helped us transition into a work-from-home environment smoothly. Mr. Glatt joined Apollo in 2007 and serves as General Counsel for Apollo Capital Management, L.P. Welcome to our second quarter 2020 earnings call. We have more permanent capital than anyone other than Berkshire Hathaway. But, Gary, do you want to add to that. I was just hoping maybe you could elaborate a little bit more on your aspirations there longer term and maybe talk about how you're approaching planning to originate in this larger part of the marketplace, maybe what are you building out in terms of headcount? Apollo Investment Corporation operates as part of Apollo’s Direct Origination Platform which provides full service debt solutions to U.S. middle market companies. First, maybe what kind of economic recovery do you see?
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