Apollo targets Japanese insurance license after failed TDFL bid, pivots to HALO assets
APO•Apollo Global Management is pursuing acquisitions of Taiyo Life and Orix’s insurance unit after regulatory resistance halted its TDFL bid, aiming for a direct Japanese license beyond its $19bn offshore reinsurance deals. Its deputy global head warns private equity software bets face a returns squeeze, shifting focus to HALO assets.
1. Japanese insurance license pursuit
Apollo Global Management aims to obtain a direct Japanese life insurance license by exploring acquisitions of Taiyo Life and Orix’s insurance unit after its TDFL bid collapsed due to regulatory resistance. The pursuit follows Athene’s $19bn offshore reinsurance agreements and reflects a shift from offshore deals to direct onshore underwriting.
2. Private equity software risk and HALO strategy
Antoine Munfakh, Apollo’s deputy global head of private equity, warns that returns for private equity software investments are under pressure as performance dispersion widens. He said the firm is prioritizing HALO assets—businesses resilient to technological disruption—to mitigate risks in high-exposure software portfolios.
