PPP payback deadline; Apollo shifts focus to distressed

Update on PPP returns; Apollo earnings call

PPP: Private equity firms and hedge funds that took Paycheck Protection Program money have until May 7 to return it, according to this piece, courtesy of sister title Regulatory Compliance Watch. PE funds were deemed ineligible for the program in a rule issued April 24. The RCW article benefits from a short cameo from former Trump spokesman Anthony Scaramucci.

Apollo: Q1 earnings showed the firm’s private equity portfolio depreciated 21.6 percent, and that the firm is facing $937.6 million in clawbacks from certain PE funds, including Fund VIII (as well as some clawback obligations from other asset classes). But chief financial officer Michael Kelly says he doesn’t expect those clawbacks to be realized, and executives highlighted the market recovery so far and the abundance of distressed opportunities.

Email prepared by Graham Bippart