Nov 12, 2022
Q: What are the main differences between the two credit products?
Apollo Credit and CTAC are really quite similar - both funds issue capital (debt) in order to help companies grow or fund operations. Two of the main differences come down to liquidity and size of companies that they are allocating capital towards. Apollo allocates capital to credit investments that are generally more liquid. Carlyle's private credit fund generally allocates to companies with $100-$5 billion in revenues while Apollo's may be a bit bigger in size and scope. With this said, both funds generate consistent income for investors and have offered investors a good vehicle to diversify in a rising rate environment.
Q: What's going on with FTX and crypto?
What a whirlwind...We published a more in-depth commentary and rundown last week and I’d definitely recommend reading, but in the meantime here’s a high-level recap: Last week, Changpeng Zhao (CZ), CEO of Binance, Tweeted that they would be liquidating all of their FTT holdings (FTX’s native exchange token). Alameda Research, the proprietary trading firm co-founded by FTX’s Sam Bankman-Fried, had a significant amount of its capital in FTT. Panic among investors reached a fever pitch when the news spread, causing billions in outflows of FTT, which fell 35% overnight. FTX saw over $6B in net withdrawals. Tuesday morning withdrawals were paused and later it was confirmed Binance would be acquiring FTX. It’s clear the situation is still evolving, so stay tuned for updates.
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