Apollo lends as OpenAI-backed Thrive buys ADT for $15bn (opens the source in a new tab)
- Thrive Holdings, spun out of Josh Kushner's Thrive Capital and backed by OpenAI, is buying home-alarm network ADT for $15bn including debt. Apollo, a past owner that made modest returns on it, is financing the deal.
- The FT's Lex column says a new breed of AI-focused owners is promising bold makeovers of old businesses, while firms like Apollo shift from buyouts to corporate lending: steadier interest, less risk and less upside.
Why it matters It shows where private capital is heading: AI-driven owners chase the equity upside, while the old guard collects interest. For investors in buyout and private-credit funds, the returns mix is changing.
Other side An AI-led makeover of an alarm company is still a theory, and a buyer paying a big premium has less room for error. Lenders also lose if a heavily financed bet goes wrong.