For Apollo’s New CEO, Insurance Is In—Racy Buyouts, Not So Much
May 3, 2021 by Miriam Gottfried
Apollo Global Management Inc. made its name scoring double-digit returns on debt-laden buyouts. Under new Chief Executive Officer Marc Rowan, the firm’s future will become increasingly about finding ways to eke out a few percentage points more than corporate and government bonds pay.
The shift reflects Apollo’s evolution from a leveraged-buyout shop to a credit-investing powerhouse catering primarily to insurance companies looking to park reams of cash from selling retirement-savings products known as fixed annuities.