Subject: Re: Deep dive on private equity and insurance


<<Apollo is a large, sophisticated and diversified private capital firm. As such, its elevated exposure to affiliates could simply be the result of Athene’s enviable access to the kind of diversified pool of higher-yielding private credit assets that every insurer would ideally want to hold.>>

On this hot humid day in the Detroit Area I was really amused to read this because I was taking a break
from reading a Munger book recommendation The Caesars Palace Coup: How a Billionaire Brawl Over the Famous
Casino Exposed the Corruption of the Private Equity Industry. I am on P.198 so I have another 100 pages or so
to go but Apollo figures prominently and I would want to count all my fingers after shaking hands with them on
a deal.

Long story short distressed debt restructures, guarantees and where you stand senior or junior in the debt
structure all meant nothing when it came to the "laws" of the Jungle.

Well worth a read.