Apollo Closes on $1.75 Billion in Commitments for Apollo Accord Fund III B
NEW YORK, May 21, 2020 (GLOBE NEWSWIRE) -- Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo” or the “Firm”) today announced that it has closed on approximately $1.75 billion in commitments for its dislocated credit offering, Apollo Accord Fund III B (the “Fund”). The Fund is the latest investment vehicle in its flagship Accord series, launched in 2017. Commitments for the Fund were raised over approximately 8 weeks, driven by institutional demand for strategies that invest amid the volatility and market conditions seen in the first quarter of 2020.
“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 & 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 focuses on acting as a liquidity provider during times of broad-based market stress by purchasing high-quality, secured cross-asset credit risk. Accord is one of several strategies the Firm has designed to address opportunity sets across dislocation, distressed, origination and capital solutions.
Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Apollo in connection with the closing of Accord Fund III B.
About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $316 billion as of March 31, 2020 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.
Contact Information
For investors please contact:
Gary M. Stein
Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0467
gstein@apollo.com
Ann Dai
Investor Relations Manager
Apollo Global Management, Inc.
(212) 822-0678
adai@apollo.com
For media inquiries please contact:
Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
jrose@apollo.com
Released May 21, 2020