Apollo Raises $2.4bn Credit Fund to Buy Hung Bank Loans

Marc Rowan

Apollo announced that it has closed on $2.4bn in commitments for the Apollo Accord+ Fund, its commingled multi-asset opportunistic credit offering. These new commitments bring total fundraising for the overarching Accord strategy to approximately $11bn since inception, of which approximately $4.5bn was raised in the past 12 months.

Accord+, a closed-end fund, follows a multi-asset opportunistic credit strategy, investing in Apollo’s highest conviction themes from across its Credit platform. The fund primarily targets performing, dislocated, privately originated and asset-backed credit opportunities centered on what Apollo, which you can meet at the Switzerland Privat Equity Conference, believes represents the most attractive relative value based on prevailing market conditions.

“Accord+ is designed to provide investors with an efficient, streamlined offering that harnesses the depth and breadth of expertise resident within Apollo’s Credit platform. The fund builds upon our significant experience and established track record in managing our Accord strategy and other related mandates,” said Apollo Partners Chris Lahoud and Tristram Leach.

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Apollo’s Deputy CIO of Credit John Zito added, “We are excited to bring Accord+ to the market, allowing investors to leverage our extensive history and expertise investing across the credit spectrum. Apollo’s platform spans asset classes, geographies and public and private markets, positioning us to dynamically invest across asset categories based on relative value. The strategy further utilizes our proven asset allocation framework.”

Apollo intends to continue to build out its Accord strategy family of funds with its global institutional and wealth management investor base.

Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Apollo in connection with the closing of the Apollo Accord+ Fund.

Source: Press Release

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