Apollo Unit Backs Hong Kong Insurer FWD’s $3bn U.S. IPO

Hong Kong tycoon Richard Li’s FWD Group Holdings landed a $400m investment as part of the Asian insurer’s plans for a multibillion-dollar U.S. listing.
 
The capital will come via a private placement to a unit of Athene Holding Ltd., an insurance company backed by U.S. investment giant Apollo Global Management Inc., according to a filing. The share sale will be conducted at the same price as FWD’s planned initial public offering.

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Apollo is a high-growth, global alternative asset manager. They seek to provide clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid and opportunistic. As of June 30, 2021, Apollo had approximately $472 billion assets under management.

Source: Reuters

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