Financial Data and Key Metrics Changes - The company anticipates 15% to 20% growth in fee-related earnings (FRE) for the current year and over 20% in the long term, driven by strong asset management performance and growing retirement needs globally [78][80] - The company manages over $800 billion in assets, with a significant portion generating fee-related earnings [78][79] Business Line Data and Key Metrics Changes - The asset-based finance (ABF) business is highlighted as a clear market leader, with strong origination capabilities and a favorable investment-grade backdrop [22][23] - The hybrid business, which combines elements of credit and equity, is seen as underappreciated but poised for significant growth due to macroeconomic trends [25][26] Market Data and Key Metrics Changes - The company notes a shift in LP allocations, with traditional investment-grade managers beginning to embrace alternative strategies, particularly in asset-backed securities (ABS) [30][31] - There is a growing demand for private credit solutions, with the company seeing strong performance in NAV lending and capital solutions for financial sponsors [68][69] Company Strategy and Development Direction - The company is focused on four major industry drivers: global pension deficits, growth in retail wealth channels, industrial renaissance needs, and public-private convergence [13][14] - The company anticipates continued consolidation in the alternative investment industry, with larger firms capturing a greater share of the market [14][17] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in navigating the current economic environment characterized by higher rates and sticky inflation, viewing it as an interesting time for investment [5][10] - The company is optimistic about its long-term growth strategy, emphasizing the importance of robust risk management and the ability to adapt to changing market conditions [12][74] Other Important Information - The company is actively developing new products to address the global retirement crisis, including lifetime income products and capital-efficient solutions [42][43] - The company is positioned as a key player in the wealth management space, with a strong focus on semi-liquid and evergreen products [48][50] Q&A Session Summary Question: What areas of your asset management business are scaling the fastest right now? - The asset-based finance and hybrid business lines are scaling rapidly, driven by strong market demand and the company's early positioning in these areas [22][25] Question: Are you seeing any major changes in LP allocations geographically? - While there is some initial concern regarding geographic allocations post-Liberation Day, the majority of LPs continue to engage with the company without significant impact on fundraising [36][38] Question: How is the company addressing the global retirement crisis? - The company is developing a variety of products aimed at providing lifetime income and addressing the needs of retirees, leveraging its established distribution channels [42][43] Question: What is the outlook for competition in the annuity channel? - The company acknowledges increased competition but remains confident in its ability to execute effectively and maintain market share through strategic partnerships [76][77] Question: How does the company view the current investment environment? - Management sees a broad and diverse pipeline of opportunities, particularly in NAV lending and high-grade capital solutions, despite potential regulatory changes impacting banks [68][71]

据知情人士透露，英国石油公司（BP）的Castrol润滑油业务吸引到Reliance Industries Ltd.等能源公司的 的收购意向。 阿波罗和Lone Star Funds等买断公司也感兴趣。（彭博） ...

Group 1 - The article promotes iREIT on Alpha as a source for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs, highlighting its positive testimonials [1] Group 2 - The article includes a disclosure stating that the author has no stock or derivative positions in any mentioned companies and has no plans to initiate any such positions in the near future [2] - It emphasizes that past performance is not indicative of future results and that no specific investment recommendations are provided [3]

Core Insights - Apollo Global Management is a high-growth global alternative asset manager with approximately $785 billion in assets under management as of March 31, 2025 [2] Group 1: Company Overview - Apollo seeks to provide clients with excess returns across the risk-reward spectrum, from investment grade credit to private equity [2] - The company has over three decades of investing expertise and offers innovative capital solutions for business growth [2] - Through its retirement services business, Athene, Apollo specializes in providing retirement savings products and solutions for financial security [2] Group 2: Upcoming Events - Jim Zelter, President of Apollo, will participate in a fireside chat at the Bernstein 41st Annual Strategic Decisions Conference on May 29, 2025, at 8:00 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]

Core Insights - Tiger Global's total market value for Q1 2025 reached $26.6 billion, a slight increase from $26.5 billion in the previous quarter, reflecting a quarter-over-quarter growth of 5.36% [1][2] - The fund added 5 new stocks to its portfolio, increased holdings in 14 stocks, reduced holdings in 2 stocks, and completely exited 9 stocks during the quarter [1][2] - The top 10 holdings accounted for 62.74% of the total portfolio value [1][2] Holdings Overview - The largest holding is Meta (META.US) with approximately 7.47 million shares valued at about $4.3 billion, representing 16.18% of the portfolio [2][3] - Microsoft (MSFT.US) is the second-largest holding with around 6.24 million shares valued at approximately $2.3 billion, which is 8.81% of the portfolio, showing a 16.78% increase in shares from the previous quarter [3][4] - Other significant holdings include Sea (SE.US), Google (GOOGL.US), and Amazon (AMZN.US), with respective portfolio percentages of 7.87%, 5.99%, and 4.71% [3][4] Trading Activity - The top five new purchases included Applovin (APP.US), Zillow-C (Z.US), GE Vernova (GE.US), Block (XYZ.US), and Zillow-A (ZG.US) [4][5] - The top five sold-out positions were Apollo Global Management (APO.US), Qualcomm (QCOM.US), Uber (UBER.US), Datadog (DDOG.US), and Atlassian (TEAM.US) [5][6] - The turnover rate for the portfolio was 25.93%, indicating a relatively active trading strategy [2]

Core Insights - Doral Renewables LLC has successfully closed construction project financing for three solar projects in Indiana, part of the larger 1.3 GW Mammoth Solar facility, which will power approximately 275,000 households annually [1][2] Financing Details - The total construction debt financing amounts to $1.3 billion, comprising $412 million in construction-to-term loan facilities, $614 million in tax equity bridge loans, and a $259 million letter of credit facility [3] - Doral has secured an additional tax equity commitment exceeding $200 million for the Mammoth South project from Truist Bank [3] Project Specifications - The Mammoth South, Central I, and Central II projects will utilize ground-mounted single-axis PV systems and approximately 20,000 tons of Indiana steel, contributing tens of millions of dollars to the local economy [2] - Over 1 million US-made solar modules will be used in these projects, which are expected to reach commercial operations in the fourth quarter of 2026 [2] Agrivoltaics Initiative - Doral plans to implement agrivoltaics practices in the project area, allowing for the integration of farming activities such as livestock grazing and food production [2] - The agrivoltaics efforts have been recognized as the "Dual-Use Plan of the Year" at the North American Agrivoltaics Awards [2] Partnerships and Relationships - KeyBanc Capital Markets, Banco Santander, and HSBC acted as Coordinated Lead Arrangers for the financing, highlighting their ongoing relationships with Doral [3][4] - Doral's CFO expressed satisfaction with the partnerships and the successful financing, indicating a strong foundation of trust with the banks involved [4][5] Company Overview - Doral Renewables operates a renewable energy portfolio of nearly 18 GW across 22 states, with a focus on community engagement and agrivoltaics practices [7] - The company has secured over $2.5 billion in long-term wholesale power purchase agreements with U.S. customers [7]

Core Insights - PK AirFinance has successfully closed its largest aircraft loan asset-backed securitization (ABS) to date, issuing approximately $729 million in debt through the PK ALIFT LOAN FUNDING 6 Series 2025-1 [1][4] - This transaction marks PK's third commercial aircraft loan ABS issuance since July 2024, contributing to a cumulative total of approximately $2 billion in ABS transactions over the past nine months [2][5] - The issuance was oversubscribed, indicating strong demand from capital markets participants, and is secured by a portfolio of 114 senior-secured aviation loans with first priority liens on over $1.1 billion in underlying metal value [3][4] Company Strategy and Market Position - The CEO of PK AirFinance emphasized the company's commitment to the ABS market and its strategic funding advantage, which allows for flexible and competitive financing solutions for airline and lessor clients [4][5] - The transaction involved collaboration with several financial institutions, including Redding Ridge Asset Management, RBC Capital Markets, and others, showcasing the integrated platform's strength and broad investor support [5][6] - PK AirFinance is recognized as a premier specialized aircraft lending business with extensive expertise in aviation finance, supported by a team of experienced professionals [7]

Group 1 - Johnson Fistel, PLLP has initiated an investigation into potential breaches of fiduciary duties by the board members of Landsea Homes Corporation regarding the proposed sale to New Home Co, an Apollo Global Management portfolio company [1] - Landsea Homes announced a definitive agreement for New Home Co. to acquire all outstanding shares in a go-private transaction, offering $11.30 per share, which is below the previous 12-month high of $14.04 and a Wall Street analyst's target of $18.00 [2] Group 2 - Shareholders of Landsea who believe the buyout price is too low are encouraged to contact lead analyst Jim Baker for more information about the investigation [3] - Johnson Fistel, PLLP is a nationally recognized law firm specializing in shareholder rights and has a history of representing investors in securities class action lawsuits [4]

Core Insights - Apollo Funds have agreed to acquire a majority stake in PowerGrid Services (PGS), a leading provider of electric utility maintenance and construction services in the US, to support its growth in response to increasing power demand and necessary grid improvements [1][3] Company Overview - PowerGrid Services (PGS) provides essential utility services, including routine construction, maintenance, and emergency response, with over 1,400 skilled in-house professionals and a national vendor network [2][5] - PGS operates a hybrid service model that supports the entire power grid lifecycle, including transmission, distribution, substations, and vegetation management, and has established a safety-first culture [2][5] Strategic Goals - The partnership with Apollo is expected to enhance PGS's capabilities and growth while maintaining its commitment to safety and reliable service [3] - Apollo aims to leverage its resources to accelerate PGS's geographic expansion and targeted acquisition strategy, positioning PGS to meet the growing demand for power and contribute to grid stability [3] Historical Context - The Sterling Group has supported PGS since 2021, helping the company triple in size and deliver critical electric grid services [3][8] Financial Advisory - J.P. Morgan Securities LLC acted as the financial advisor for Apollo Funds, while Lincoln International served as the financial advisor for PGS and its shareholders [4]

Core Insights - Three alternative asset managers are increasing their dividends, indicating a strong commitment to returning capital to shareholders in a volatile market environment [3][12]. Industry Overview - Over the past 20 years, alternative assets have grown from 6% to 15% of global assets under management (AUM), with expectations of continued growth at around 10% annually through 2029 [2]. Company Summaries KKR & Co. Inc. - KKR announced a 5.7% increase in its quarterly dividend, bringing the annual dividend to $0.74, resulting in a dividend yield of 0.6% [3][4]. - The company has a diversified portfolio with credit strategies (38%), real assets (26%), and private equity (33%) [5]. - KKR aims to reach $1 trillion in AUM by 2030 and has grown its AUM by 15% and annual adjusted net income (ANI) by 37% over the last 12 months [6]. Apollo Global Management - Apollo increased its dividend by over 10% to $2.04 annually, yielding approximately 1.42% [8][10]. - The company primarily focuses on credit investments, which constituted around 88% of its nearly $600 billion in fee-bearing capital [9]. - Apollo reported record fee-related earnings of $559 million in Q1 2025 and significant AUM inflows [9][11]. Blue Owl Capital - Blue Owl raised its dividend by 25%, resulting in an annual dividend of $0.90 and a yield of 4.59% [12][14]. - The company has raised its quarterly dividend eight times since going public in 2021, with credit strategies making up 51% of its $273 billion AUM [15]. - Blue Owl's strategy includes taking minority ownership in other private equity and hedge fund companies, allowing it to benefit from their profits [16].