Apollo Snaps Up Portfolio Company Debt, Touts 250 Ways to Profit

In an upbeat call with investors, Apollo Global Management Inc.’s co-heads of private equity investing said they are tracking more than 250 potential opportunities to scoop up distressed assets, and pursuing chances to enhance returns by snapping up its own portfolio companies’ discounted debt.

In a private briefing of limited partners Tuesday, Matt Nord and David Sambur said the firm has spent more than $1 billion pouncing on opportunities linked to 10 distressed companies, and that they’re drawing on additional funds from investors to pursue more, according to a person with knowledge of the call. The market turmoil caused by the Covid-19 pandemic has presented a “time to shine,” the duo said repeatedly, even if it’s inflicting pain on some of Apollo’s holdings.