Apollo Closes on New $1.75 Billion

Apollo Global Management has closed on $1.75 billion in commitments for Apollo Accord Fund III B LP, part of the firm’s dislocated credit strategy.

Commitments for the new fund were raised over the past eight weeks and were driven by institutional demand for a strategy that invests amid the volatility and market conditions seen in the first quarter of 2020 arising from the COVID-19 pandemic.

Apollo’s Accord strategy is focused on providing liquidity during times of broad-based market stress by purchasing high-quality, secured cross-asset credits. Accord is one of several strategies that Apollo uses to invest in markets and companies experiencing dislocation or distress.

“Apollo has a history of successfully investing during periods of dislocation, and we are pleased with the investor response to our Accord strategy that seeks to purchase mispriced credit risk,” said John Zito, deputy CIO of credit and co-head of global corporate credit at Apollo. “We saw significant investment opportunities in the first quarter driven by the volatile environment, and we expect volatility to continue as markets respond to the crisis and structural conditions.”

Apollo’s Accord strategy is focused on providing liquidity during times of broad-based market stress by purchasing high-quality, secured cross-asset credits. Accord is one of several strategies that Apollo uses to invest in markets and companies experiencing dislocation or distress.

Apollo’s (NYSE: APO) private equity funds have acquired more than 150 companies since its founding in 1990 and has more than $316 billion in assets under management. The firm is based in New York City.

Paul, Weiss, Rifkind, Wharton & Garrison provided legal services to Apollo for this fundraise.

Private Equity Professional | May 27, 2020

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