Mark Walter, a former farm‑grown Iowa accountant, began his Wall Street career at Liberty Hampshire, mastering short‑term debt in the commercial paper market. His knack for squeezing profits and managing interest‑rate risk set the stage for a meteoric rise.

In 1999 he co‑founded Guggenheim Partners with J Todd Morley and Peter Lawson‑Johnston, quickly growing to $300bn in assets. During the 2008 crisis he turned to the insurance sector, acquiring large insurers and channeling policyholder liabilities into alternative assets. The high‑profile purchase of the Los Angeles Dodgers for $2.15bn and the subsequent sale of a bundled TV deal turned profits that eclipsed the purchase price.

Walter’s model—buying annuity and life insurers, feeding them sports, film, and TV rights—was emulated by Apollo, KKR, Brookfield, and others, now managing over $1tn in insurance assets. The strategy relies on privately funded, illiquid loans that can yield higher returns than traditional payouts, but also raises capital and valuation concerns.

US prosecutors are probing Walter’s insurers for undisclosed related‑party loans, a probe that could shake confidence in the private‑credit industry. Meanwhile, Walter agreed to sell the Lakers for $10bn, a move that may shore up his finances amid growing scrutiny.