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The summaries look interesting but I'm sure what to make of it (like 58.85% net IRR on the Power Opportunties II fund -gimmie some of that!).

58.85% ... meh.

From Apollo Investor Day:

The top quartile in natural resources has earned on average 23% rates of return. We've earned 140%. And those returns are not -- that's just not just one great deal that has to do with the performance, it's been across industries. So it's energy, metals and mining, and agriculture and without exception have been great for us.

Admittedly, that 140% IRR does not describe a fund but "energy investments" across a variety of funds.

Others may describe this better than me, but from what I understand IRR can be misleading because it benefits from rapid cash return to limited partner.

Apollo, for example, uses hedging as a tool to drive up IRR and minimize risk (their point of view):

But we bought a single asset aluminum smelter based in the Midwest and what we did though was different from what others would have done was we hedged five years of aluminum production at that high price and that allowed us to re-capitalize the business almost immediately after we closed it and we've got our equity out without recapitalization. So if the goal is to create asymmetric risk return, having your money out of the deal early is a big help.

And resources, that's been a big driver for why the IRRs are so high because we've been recapitalizing early, which hedging can allow you to do. Of course, what happened after 2007 that we've ended for about a year and of course, our hedge -- we had a monster hedge gains as the price of aluminum collapsed. All of the debt we issued in the recapitalization after closing was then trading at cents on the dollar. So we unwound a hedge and re-bought the debt at a big discount and so that's a deal where we didn't risk a dime, we've made more than three times our money and I think that's just the best example based on risk return.


ET
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