资管巨头阿波罗开启“避险模式”：囤现金、去杠杆，坐等“坏事发生”？

Core Viewpoint - Apollo Global Management is adopting aggressive defensive measures, including cash accumulation, reducing leverage, and selling high-risk debt assets, in preparation for potential market turmoil [1][2][3] Group 1: Strategic Shift - Apollo's CEO Marc Rowan emphasized the importance of building the "best possible balance sheet" to ensure profitability during challenging credit and equity market conditions [1] - The company is transitioning from aggressive investments to a conservative defensive posture, focusing on cleaning up its balance sheet and maintaining a "cash is king" strategy [1][3] - This strategic shift is seen as a significant change within the industry, given Apollo's substantial presence in the financial market [3] Group 2: Asset Management - Apollo is specifically reducing exposure to high-risk areas, particularly in technology loans susceptible to disruption from artificial intelligence [4] - The company is also retreating from the credit derivatives market, citing unattractive returns in low-rated loan portfolios, particularly collateralized loan obligations (CLOs) [5] - Apollo's insurance subsidiary, Athene, is building liquidity by purchasing hundreds of billions in government bonds and plans to cut its CLO risk exposure by about half to $20 billion [5][6] Group 3: Leverage and Hedging - Apollo's flagship fund, Apollo Debt Solutions, has a net debt-to-equity ratio of 0.58, indicating a lower leverage compared to competitors [6] - The company has increased hedging positions against floating-rate debt to protect profitability amid potential interest rate declines [6] Group 4: Regulatory Concerns - Rowan expressed concerns about systemic risks arising from regulatory arbitrage, particularly in the insurance market, where private capital groups are expanding without adequate oversight [7] - He criticized the practice of transferring assets to offshore jurisdictions like the Cayman Islands, warning of potential contagion risks in the event of defaults [7] Group 5: Market Conditions - Apollo's defensive measures come at a time when the private credit market, valued over $2 trillion, is experiencing significant challenges, including rising default rates and declining investor confidence [8][9] - The market is facing a "clearing moment," with notable declines in stock prices for major players like FS KKR Capital and BlackRock's BDC, despite the S&P 500's overall increase [8][9]