Core Viewpoint - Apollo has signed an agreement to invest up to £4.5 billion in fixed-rate callable notes issued by Électricité de France (EDF) to primarily finance EDF projects in the UK, particularly the Hinkley Point C nuclear power station, marking one of the largest sterling-denominated note issuances on record [1][2]. Group 1: Investment Details - The investment will be used mainly for EDF projects in the UK, with a focus on the Hinkley Point C nuclear power station [1]. - This transaction is noted as the largest-ever capital funding transaction executed by EDF and the largest private credit transaction in the sterling market [2]. - Apollo has a history of investing in French companies, having provided €2.5 billion of High-Grade Capital Solutions to Air France-KLM in recent years [2]. Group 2: Apollo's Investment Strategy - Since 2020, Apollo has originated over $100 billion of bespoke capital solutions for leading companies, including Intel, Air France-KLM, BP, Sony, and AB InBev [3]. - Apollo aims to provide clients with excess returns across the risk-reward spectrum, from investment-grade credit to private equity [5]. Group 3: Legal and Financial Advisory - Latham & Watkins, LLP and Kirkland & Ellis LLP acted as legal counsel to Apollo, while Apollo Capital Solutions Europe B.V. provided structuring and arrangement services for the transaction [4]. - BNP Paribas and Hogan Lovells, LLP served as financial and legal advisors to EDF, respectively [4].

Group 1 - Apollo, a major US private equity firm, will provide £4.5 billion (approximately $6 billion) in financing for the delayed Hinkley Point C nuclear power station in the UK [1] - This transaction is expected to become one of the largest private credit deals in the UK [1] - The private market is focusing on the opportunities arising from the anticipated boom in European infrastructure projects over the next decade [1]

Core Insights - Mosaicx has launched its next-generation Engage platform, which is an AI-native, omnichannel virtual agent solution designed for modern enterprises, showcasing its commitment to innovation and customer experience [3][4] - The company received the CCWomen's Best Workplace for Gender Equity Award, highlighting its dedication to fostering an inclusive workplace culture [2][4] Company Developments - The Engage platform aims to enhance customer interactions by enabling adaptive, voice-led, and personalized experiences, moving beyond traditional intent-based workflows [3] - Mosaicx's strategic priorities include leading with breakthrough technology, delivering measurable customer outcomes, and cultivating a high-performing, inclusive culture [4] - The new Engage platform is set to be generally available in Q3 2025, indicating a timeline for market introduction [4] Industry Impact - Mosaicx's innovations are positioned to improve customer retention, reduce operational costs, and provide faster time to value for clients across various sectors, including healthcare, financial services, and retail [4][5] - The company is part of WestCX under the West Technology Group portfolio, which is managed by affiliates of Apollo Global Management, indicating strong backing and resources for its initiatives [5]

Apollo's Overview - Apollo has \$733 billion in Assets Under Management (AUM) [13] - The company has approximately \$29 billion in regulatory capital [13] - Apollo's private equity business has achieved a gross IRR of 39% and a net IRR of 24% since inception [13] - Apollo's total earnings growth from 2022 to 2023 was 26% [13] Financial Performance and Targets - Apollo's last twelve months (LTM) 3Q'24 deployment was \$248 billion [20] - Total origination for LTM 3Q'24 reached \$194 billion [22] - Total inflows for LTM 3Q'24 were \$151 billion [22] - Apollo's record fee-related earnings for 3Q'24 were \$531 million [23] - Apollo is targeting \$275 billion+ in annual origination by 2029 [59] - The company aims for \$150 billion+ in cumulative organic capital raise in Global Wealth from 2025 to 2029 [59] - Apollo targets approximately \$1 billion in annual fee-related revenue from Capital Solutions by 2029 [59]

Core Viewpoint - Apollo, a leading private equity firm managing $785 billion in assets, is discontinuing its controversial recruiting practice for the 2027 associate class, which has faced criticism from industry leaders like JPMorgan Chase CEO Jamie Dimon [1][4]. Group 1: Recruitment Changes - Apollo communicated via email that it will not participate in recruiting for the 2027 associate class this year, encouraging candidates to take time to understand the business world and reflect on their career passions [2][8]. - This decision contrasts with the industry norm of "on-cycle" recruiting, where first-year investment bankers compete for future positions shortly after starting their jobs, often leading to stressful situations [3][5]. Group 2: Industry Reactions - JPMorgan recently warned its incoming first-year bankers that accepting pre-dated jobs would result in termination, highlighting a growing concern over the ethics of early recruiting practices [4]. - Apollo's CEO, Marc Rowan, stated that the change aims to improve the quality of recruits and address concerns raised by Wall Street leaders regarding the rushed decision-making process for candidates [5][6]. Group 3: Future Outlook - Rowan emphasized that Apollo is in a strong position to attract talent and that avoiding rushed decisions will help reduce turnover, benefiting both candidates and the firm [7][6].

Summary of Apollo Global Management (APO) Conference Call Company Overview - Apollo Global Management is one of the world's largest alternative investment managers with nearly $800 billion in assets under management [2] Macro Economic Insights - Recent months have shown a normalization of investor sentiment and a fading uncertainty regarding the trade war, which is reflected in market performance [5] - The market anticipates fewer interest rate cuts than previously expected, with a likelihood of higher rates persisting for an extended period [6][7] - Higher interest rates are generally favorable for credit markets, leading to a constructive outlook for Apollo's portfolio [8] Capital Solutions Business - Apollo has successfully built a capital solutions revenue stream, which is now a significant part of its business model [11] - The capital solutions business is expected to grow, with a target of achieving $1 billion in annual revenue within five years [14] - The business has shown stability with consistent revenue generation, having achieved over $100 million in revenue for ten consecutive quarters [14] Private Credit Expansion - Apollo views the private credit market as a vast opportunity, estimating it to be a $40 trillion marketplace, primarily in investment-grade and asset-backed financing [21] - The adoption of private credit is still in its early stages, with insurance companies being the most advanced adopters [22] Origination Strategy - Apollo has doubled its origination volume over the past few years, currently running at over $200 billion per year, with expectations to reach $275 billion in the next four to five years [26] - The origination strategy is supported by 16 platforms, which are crucial for driving growth and providing financing solutions [25][30] Fundraising Environment - The fundraising environment is evolving, with challenges in traditional institutional capital raising due to difficult exit conditions [31][34] - Apollo is focusing on expanding its global wealth opportunities and partnerships with traditional firms to access new markets [32] Private Wealth Strategies - Apollo has launched various strategies in the private wealth sector, raising $12 billion last year and continuing to see strong demand [40] - The firm is experimenting with different fund structures across various markets to optimize distribution [42] Annuity Sales Outlook - Annuity sales have tripled over the last five years, with Apollo being the number one writer of annuities [61] - The firm anticipates stable growth in annuity sales, supported by demographic trends and the increasing number of retirees [62] Spread-Related Earnings - Apollo expects mid-single-digit growth in spread-related earnings for the year, influenced by tight asset spreads and competitive pressures in the annuity market [66] - The pace of investments has been cautious, with a focus on deploying capital when favorable conditions arise [70] Conclusion - Apollo Global Management is well-positioned in the current economic environment, with a strong focus on capital solutions, private credit, and origination strategies, while navigating challenges in fundraising and market competition [8][31][66]

Core Insights - T.D. Williamson ("TDW") announced a strategic investment from funds managed by Apollo, while SCF Partners retains a majority ownership stake [1][6][5] Company Overview - TDW has been a leader in the pipeline maintenance and integrity industry for over 100 years, offering a comprehensive suite of maintenance and asset optimization solutions [5] - The company holds more than 500 registered patents, including innovations in advanced isolation, integrated pigging, and in-line integrity assessment and repair [5][7] Investment Details - The investment from Apollo Funds is seen as a significant milestone for TDW, aimed at supporting the company's growth and innovation in meeting customer needs [6][1] - Apollo's involvement is expected to accelerate strategic growth initiatives that enhance the safety, reliability, and efficiency of energy infrastructure [6][1] Strategic Partnerships - SCF Partners, which acquired TDW in June 2022, continues to play a crucial role in TDW's growth strategy alongside Apollo [1][6] - The collaboration aims to deepen customer relationships and expand TDW's technology and product portfolio [6][5]

Core Insights - Mosaicx is launching its next-generation AI-native platform, Engage, at Customer Contact Week (CCW) in Las Vegas from June 9-12, 2025, marking a significant advancement in customer engagement technology [1][4] - The Engage platform enables natural, personalized self-service conversations across multiple channels, including voice, SMS, email, and web chat, by embedding intelligence at every layer [2][3] - The platform aims to enhance customer satisfaction, reduce operational costs, and improve agent productivity through intelligent automation and empathetic interactions [3][4] Company Overview - Mosaicx is part of WestCX within the West Technology Group portfolio and has over 30 years of experience in delivering enterprise customer experience (CX) solutions [1][8] - The company is recognized as a finalist in two categories of the 2025 CCW Excellence Awards, highlighting its commitment to gender equity and self-service innovation [5] Product Features - Engage replaces traditional intent-based workflows with adaptive interactions, allowing for a more seamless customer experience [2][4] - The platform is designed to achieve faster time to value and lower total cost of ownership for enterprises [3] Upcoming Events - Mosaicx will lead three speaking sessions at CCW, focusing on various aspects of customer experience and innovation [6][7] - The Engage platform is expected to be generally available in Q3 2025 [4]

Group 1 - Apollo Global Management is transforming its asset management model by merging with its insurance and retirement services company, Athene, positioning itself as a principal investor rather than a third-party asset manager [1][11][12] - The company emphasizes a principal-oriented approach, focusing on long-term capital investments to support significant capital expenditure transformations, such as infrastructure and defense in Europe [2][12] - Apollo's strategy includes a diverse capital pool with annual returns ranging from 5% to 20%, allowing for flexible financing solutions tailored to specific company needs [2][27] Group 2 - Apollo manages approximately $800 billion in assets, with a significant portion allocated to credit markets, and has seen annual growth of about $150 billion [10][43] - The company has a unique asset allocation, with around 65% of its balance sheet in investment-grade assets, while its credit business includes both its own assets and third-party investments [43][44] - The firm is actively involved in creating customized financing solutions for major corporations, providing flexibility and off-balance sheet transactions that do not impact their current debt levels [59][60] Group 3 - The current macroeconomic environment presents challenges and opportunities, particularly with rising interest rates affecting investment strategies and asset returns [4][70] - Apollo's innovative approach to asset generation includes acquiring platforms and building capabilities to create a robust asset origination system, which has become increasingly valuable in the current market [36][41] - The company is exploring the potential for increased liquidity in private assets through technological advancements and structural reforms in the European capital markets [81][84] Group 4 - The relationship between limited partners (LPs) and general partners (GPs) is evolving into more collaborative partnerships, reflecting a shift in how investment strategies are developed and executed [48][50] - Apollo's focus on understanding the unique needs of issuers has allowed it to establish itself as a viable alternative financing option for large corporations, diversifying their funding sources [56][58] - The firm anticipates that private assets will become more accessible to retail investors, with a focus on creating semi-liquid structures and risk profiling to meet diverse investor needs [86][88]

Company Overview - Apollo is a high-growth, global alternative asset manager with approximately $785 billion of assets under management as of March 31, 2025 [2] - The company aims to provide clients with excess returns across the risk-reward spectrum, from investment grade credit to private equity [2] - Apollo's retirement services business, Athene, focuses on helping clients achieve financial security through a suite of retirement savings products [2] Upcoming Events - Martin Kelly, Chief Financial Officer of Apollo, will participate in a fireside chat at the Morgan Stanley 2025 US Financials Conference on June 11, 2025, at 7:30 am EDT [1] - A live webcast of the event will be available on Apollo's Investor Relations website, with a replay accessible shortly after the event [1]