Apollo Takes $170 Million Loss on Perch Financing Exposure

Apollo Global Management has taken a $170 million loss on a portion of a US$500 million asset-backed financing for Amazon brand aggregator Perch. The loss represents a share of the commitment made by Apollo and Athene to credit facilities run by Victory Park Capital. The setback is notable because Apollo held indirect exposure to Perch through a layered structure with additional protections. The loss underscores the potential risks of asset-backed finance, despite the strategy being promoted as safer.