I co-founded Apollo, then left to start Ares. Sometimes you have to leave something great to build something that is yours.
Credit investing is not glamorous. Nobody writes articles about a loan that paid back on time. But the returns are real and they compound beautifully.
Banks retreated from middle market lending after 2008. We walked right in. That gap has been the source of $400 billion in assets for us.
Owning the Hawks is the most fun investment I have ever made. Everything else generates returns. The Hawks generate joy.
The best risk management in credit is simple: only lend to companies that can pay you back. Everything else is window dressing.
Ares went from zero to $400 billion because we solved a real problem: who lends money to good companies that are too small for the bond market and too complex for banks?