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 [2] - 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 [3][4] - This strategic shift is occurring amidst signs of cracks in the private credit market, which is facing dual pressures of deteriorating fundamentals and shaken confidence [4][19] Group 2: Asset Management Adjustments - Apollo is specifically reducing exposure to high-risk areas, particularly in technology loans susceptible to disruption from artificial intelligence [11] - The firm is also retreating from the credit derivatives market, citing unattractive returns in many debt markets, especially in low-rated loan portfolios [12] - Apollo's insurance subsidiary, Athene, is building liquidity by purchasing hundreds of billions in government bonds and plans to cut its risk exposure in collateralized loan obligations (CLOs) by about half to $20 billion [13] Group 3: Leverage and Hedging Strategies - Apollo's flagship fund, Apollo Debt Solutions, has a net debt-to-equity ratio of 0.58, indicating a conservative leverage approach compared to competitors [15][16] - The company has increased hedging positions against floating-rate debt to protect profitability amid potential interest rate declines [17] Group 4: Regulatory Concerns - Rowan expressed concerns about systemic risks from regulatory arbitrage, particularly regarding insurance companies moving assets to offshore jurisdictions with less stringent regulations [18] - He warned that such practices could lead to significant industry repercussions if defaults occur in these offshore markets [18] Group 5: Market Context - Apollo's defensive measures are taking place during a "liquidation moment" in the private credit market, which has seen a collapse in investor confidence [19][20] - The market is experiencing rising default rates, with notable declines in stock prices for business development companies (BDCs) despite an overall increase in the S&P 500 index [22][23]

全球资产管理巨头阿波罗（Apollo Global Management）正在采取一系列激进的防御性举措，通过囤积 现金、降低杠杆率以及抛售高风险债务资产，为可能到来的市场动荡做准备。 12月22日，据英国《金融时报》报道，阿波罗首席执行官Marc Rowan本月在与投资者的私下会议中明 确表示，他当前的首要任务是打造"尽可能最好的资产负债表"，确立防御姿态，从而在信贷和股市面临 更大挑战、"坏事发生"之时，确保公司处于有利的盈利位置。 据与会人士透露，Rowan警告称，当前资产价格过高，长期利率不太可能大幅暴跌，且地缘政治风险加 剧。他直言不讳地指出："作为一家公司，不仅我们处于降低风险的模式，我们的资产负债表也在降低 风险。" 报道指出，阿波罗从激进投资转向保守防御，专注清理资产负债表并维持"现金为王"的避险模式，削 减AI相关贷款和CLO风险敞口，降低基金杠杆率，增加利率对冲，并警告离岸监管套利可能引发保险 市场系统性风险。 分析指出，阿波罗的这一战略转向正值私募信贷市场显现裂痕之际。作为该行业风向标，这一万亿级市 场正面临基本面恶化与信心动摇的双重冲击。据华尔街见闻文章，近期，另一大私募信贷机构Blu ...