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Credit Segment

Since Apollo’s founding in 1990, we believe our credit and capital markets expertise has served as an integral component of our company’s growth and success.  Our credit funds leverage Apollo's integrated platform and utilize the same disciplined, value-oriented investment philosophy that we employ with respect to our private equity funds.  We seek to participate in high margin credit businesses where our industry expertise can be used to generate attractive investment returns.  Our credit activities span a broad range of the credit spectrum, including performing and non-performing loans, distressed debt, mezzanine debt, senior bank loans, structured credit and other value-oriented fixed income products.

As of March 31, 2014, our credit funds had total assets under management of approximately $101 billion across six areas we define as U.S. Performing Credit, Structured Credit, Opportunistic Credit, Non-Performing Loans, European Credit, and Athene Asset Management, which is described further below.

The value-oriented fixed income portion of the credit spectrum is a recent area of growth for Apollo, which is characterized by its ability to generate attractive risk-adjusted returns relative to traditional fixed income investments.  An example of our value-oriented fixed income investments includes Athene Asset Management, which we established to provide asset management services to Athene Life Re, Ltd.  We founded Athene Life Re, which is substantially owned by a subsidiary of Apollo, to capitalize on favorable market conditions in the dislocated life insurance sector.  Athene Life Re sources, analyzes, and negotiates the acquisition of fixed annuity policies from primary insurance companies, and in partnership with Athene Asset Management, we are able to utilize our alternative investing and risk advisory expertise to manage the corresponding assets of Athene Life Re. 

As of March 31, 2014, Athene Asset Management had $59.2 billion of total assets under management in accounts owned by or related to Athene, of which approximately $9.8 billion was either sub-advised by Apollo or invested in Apollo funds and investment vehicles.  Of the approximately, $9.8 billion of assets, the vast majority were in sub-advisory managed accounts that manage high grade credit asset classes, such as CLO debt, commercial mortgage backed securities, and insurance-linked securities.