Leon Black, Chairman and CEO, Apollo Global Management, LLC spoke at the Milken Conference this morning.
Steve Case the foudner of AOL, tweeted this pretty bearish quote from Leon Black:
A few years ago, crypto hedge funds were all the rage. As cryptocurrencies rose in value, hundreds of hedge funds specializing in digital assets launched to try and capitalize on investor demand. Some of these funds recorded double-digit gains in 2020 and 2021 as cryptocurrencies surged in value. However, this year, cryptocurrencies have been under Read More
“Market is pricey…great time to sell…so we’re selling everything that’s not nailed down” Apollo’s Leon Black #2013GC @milkeninstitute
— Steve Case (@SteveCase) April 30, 2013
H/T Sam Ro
After a flat 2012 in the private equity market, competitive deal-making has intensified worldwide. Aging assets requiring exit, restructuring and rebirth are waiting to be sold. The current period of low-cost financing, strong stock markets and accelerating growth bodes well for new directions in the industry. However, recent moves by banking regulators, including a redefinition of highly leveraged transactions, could dampen underwriting by financial institutions that participate in buyouts or refinancing leveraged firms’ debt. The costs of fixing companies could rise, and such investments could be deterred. Our panel will discuss how the PE industry is adjusting to change in the regulatory and fiscal environments. What sector and geographic trends are fueling these new directions in private equity?
The full video is embedded below: