Apollo Took 100% Loss on Asset-Backed Loan Deemed Protected

Apollo Global Management Inc. took a roughly $170 million hit after an asset-backed financing for Amazon brand aggregator Perch was wiped out, a rare stumble for a strategy touted as...

By Davide Scigliuzzo, Laura Benitez · Bloomberg Markets

Apollo Global Management Inc. took a roughly $170 million hit after an asset-backed financing for Amazon brand aggregator Perch was wiped out, a rare stumble for a strategy touted as one of private credit’s safest and most promising.