The Former Trader Leading Apollo’s $500 Billion Threat to Banks

-- When used-car seller Carvana Co. was in deep financial trouble last summer, Apollo Global Management Inc. tapped a former hedge fund trader to salvage one of its credit group’s most prominent missteps.China Scrutinizes PwC Role in $78 Billion Evergrande Fraud Case

Apollo aims to raise its annual origination of private credit to $200 billion to $250 billion in five years — up from about $100 billion. Zito helped raise capital from Middle East sovereign wealth funds for Apollo’s first dedicated large-scale direct lending fund. In July 2020, the firm formed Apollo Strategic Origination Partners with Mubadala, a $12 billion deal that spawned other partnerships between Apollo and the Abu Dhabi sovereign wealth fund. Apollo filed with regulators this month to create a new private credit fund seeded with money from a Mubadala affiliate.

Marc Rowan took over as CEO in 2021 after co-founder Leon Black left the top post amid scrutiny over his ties to the late convicted sex offender Jeffrey Epstein. Co-founder Josh Harris also stepped back that year after he didn’t get the top job. Apollo wielded its influence to broker the Carvana pact, but Zito will need to ensure the firm’s size doesn’t work against it, one person who has worked with Apollo observed. Big players can muscle through in the short term, but might lose if the market goes against them, the person said.Raised in Miami, Zito graduated from Ransom Everglades, a prep school in leafy Coconut Grove. He later enrolled at Amherst College, a selective liberal arts school in western Massachusetts.

The firm showcases the Hertz trade as a reflection of the growth of its credit business under Zelter and Zito. Apollo will have to maintain strong relationships with banks and other counterparties if it wants to become the go-to provider of investment-grade private credit.

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