Added to YB: 2026-05-11
Pitch date: 2026-01-07
APO [bearish]
Apollo Global Management, Inc.
+6.76%
current return
Author Info
Shitty situations is an emerging manager. Investor in distressed and unconventional (together, 'Shitty') situations. Strong preference for process-driven risk. Sign up for the newsletter.
Company Info
Apollo Global Management, Inc. is a private equity firm specializing in investments in credit, private equity, infrastructure, secondaries and real estate markets.
Market Cap
$76.8B
Pitch Price
$142.86
Price Target
N/A
Dividend
1.69%
EV/EBITDA
N/A
P/E
84.31
EV/Sales
N/A
Sector
Financial Services
Category
special_situation
Inside Apollo's German Insurance Playbook: The €1.1B Conflict of Interest
APO (short): Apollo's €1.1B German commercial real estate portfolio (HREL) collapsed, deconsolidated from Athora Apr 2023. Apollo held conflicting roles: advisor recommending acquisitions, board member approving deals via Morelli, property mgr collecting €2.3M fees during deterioration, then acquired GP control post-collapse. 69% Germany, 59% office concentration hit by remote work/rate hikes. IFRS 10 decon crystallized loss in single Q, cleaned balance sheet for Athora's Jun 2024 €750M Tier 2 debt raise. Minimal disclosure on €800-900M est equity loss, no info on Apollo's GP acquisition terms, recovery prospects, or regulatory probes. Case study in PE conflicts & strategic loss timing.
Read full article (10 min)