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Alternative Market Briefing

Apollo closes latest fund on $1.7bn as it expands distressed investing strategy

Friday, May 22, 2020

Bailey McCann, Opalesque New York:

Apollo Global Management has closed on approximately $1.75 billion in commitments for its dislocated credit offering, Apollo Accord Fund III B. 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'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. "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," said John Zito, Deputy CIO of Credit & Co-Head of Global Corporate Credit at Apollo.

Known investors in the fund include the Investment Management Corporation of Ontario, which committed $250 million and the Oklahoma Police Pension & Retirement System.

The firm announced bets on Cerberus Capital-backed grocery chain Albertsons and car rental firm Hertz this week.

Apollo made a $1.75 billion investment in Albertsons, which comes as Albertsons plans a public stock offering that could take place at any time now. Apollo said the grocer has compelling growth opportunities nationwide. Grocers have seen a significant spike in sales as locked down consumers pivoted to cooking at home. Forecasts suggest a strong sales growth......................

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