, a portfolio that accounts for 40% of Apollo's total managed assets and 30% of the firm's fee-related revenue.
"Insurance companies are ideally situated to take a certain amount of liquidity and structuring risk," Apollo Chief Executive Officer Marc Rowan told Reuters. "Excess return through accepting less liquid securities rather than taking on credit risk." Athene's Hertz loan is 85% investment grade and 15% speculative, or junk, grade. The loan earns an interest rate of 3.75%, according to loan documents reviewed by Reuters and two people familiar with the matter.
The Middle Eastern real estate provides a revenue stream for 24 years, after which ownership reverts to ADNOC, which kept a 51% stake. Reuters could not determine the return, but brokers said occupancy has been falling from relatively high levels.The build up of difficult-to-sell investments has drawn attention from U.S. regulators and raised concerns that insurers may lack cash to pay a surge of claims in a crisis. The Federal Reserve recently flagged this as a concern.
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