Apollo and Belstar to Form Private Credit Joint Venture in Korea

Apollo and Belstar Group announced they have agreed to establish a 50/50 joint venture in Korea to provide a wide range of private credit solutions, bringing together the capabilities of Apollo’s global credit platform with Belstar’s longstanding expertise in investing and partnering with corporates and institutions in Korea.

The joint venture intends to provide large corporations, mid-sized enterprises and sponsors in Korea with asset-backed capital solutions, corporate lending and acquisition financing. In providing private lending solutions, in addition to the traditional financing sources in place today, the joint venture will look to address a liquidity gap borrowers face in the market.

The joint venture is a strategic extension of Apollo’s credit investment franchise in the Asia Pacific region and will support Apollo’s recently established Asia Pacific Credit Strategy. The investment program in Korea will be anchored by Apollo’s funds and its internal and affiliated insurance balance sheets, focusing on providing flexible and differentiated capital across the yield and duration spectrums.

Matt Michelini, Partner and Head of Asia Pacific at Apollo, commented, “We have been exploring the market opportunity in Korea with a heightened degree of interest for several years, and are delighted to partner with Belstar to address the market need for alternative forms of liquidity and credit in Korea. We are optimistic this joint venture will serve as a starting point for Apollo’s long-term presence in Korea.”