Blackstone CEO Stephen Schwarzman was among the biggest financial backers of Trump’s re-election campaign.
Despite Apollo’s stellar performance, some investors are backing away from the alternative investment management firm.
The Loan Source aims to eke out a small profit from servicing the debt.
It’s the first acquisition by Blackstone’s largest ever private equity fund.
The deal will give the alternative asset manager a major presence in the insurance industry.
Cash-rich private equity firms that benefited from PPP loan money face public wrath.
Blackstone has been “aggressively” looking to put some of its $150 billion in dry powder to use, he said.
The lack of private equity dealmaking shows how the virus’s spread has upended the economic outlook.
It’s a sign of the uncertainty coursing through corporate America as the coronavirus outbreak and an oil price war take their toll.
The firm is one of the success stories among active investment managers.
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