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Laxman Pai, Opalesque Asia: The alternative investment manager Apollo Global Management has closed its fourth dislocated credit fund at about $2.34 billion in capital commitments.
The Apollo Accord Fund IV, the latest investment vehicle in the New York City-headquartered investment manager's flagship Accord series, brings total assets raised for the commingled Accord strategy to $4.1 billion over the last ten months.
The private debt fund purchases high-quality, secured cross-asset credit risk, said a press release.
Fund IV investors included both existing LPs as well as new, global institutions seeking credit investment opportunities during periods of volatility, as experienced in early 2020, the release added.
Investors in the fund include the $235 billion Florida State Board of Administration, Tallahassee; and $2.7 billion Oklahoma Police Pension & Retirement System, Oklahoma City.
John Zito, Deputy CIO of Credit at Apollo said: "We are excited by the strong investor response to partner with Apollo and believe dislocation strategies are an important allocation within a diversified portfolio."
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, said the release.
The previous fund in the series, Apollo Accord Fund III B, closed on $1.75 billion in commitments in May and it drew down on 75% of its capital in nine business days to t...................... To view our full article Click here
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