Fee earnings up 9%, GAAP profit down, individuals two-thirds gone from the fundraising mix, and redemption requests at 38% of one fund. A close read of the politest crisis in private credit.
ECP asked for $5 billion and closed on $8.1 billion. The label says energy transition; the purchases say LNG, nuclear and fuel distribution; the LPs say AI.
Carlyle, TPG and Brookfield all reported records this week. The footnotes: doubled deal fees, $35 million of realised carry, and $40 billion of Brookfield's own insurance money.
Record FRE, record SRE, record inflows, and $16 million of principal investing income. Apollo's quarter was superb everywhere except the line the industry is named after.
Two US buyout firms are in a shootout for an airline the London market priced at £4 in May. The winner gets easyJet. Stelios gets 0.25% of revenue either way.
