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Laxman Pai, Opalesque Asia:

Apollo Global Management has closed on $8.5 billion in total commitments for its Accord+ strategy, which includes the $4.8 billion Apollo Accord+ II Fund, as well as separately managed accounts and other vehicles.

The successful close of the second vintage exceeds internal targets and brings total assets for Apollo's hybrid credit business to approximately $40 billion, said a media release from the American asset management firm that primarily invests in alternative assets.

Accord+ II is an opportunistic multiasset credit strategy that invests primarily in North America and Western Europe.

"Accord+ II employs an opportunistic strategy focusing on high-conviction investments across the credit spectrum. The Fund is expected to allocate to high quality tactically, top of the capital structure investments across both private corporate credit and asset-backed finance as well as secondary opportunities as informed by prevailing market conditions," said the release.

Backed by a broad global investor base-ranging from pension funds and sovereign wealth funds to financial institutions and family offices-the fund is designed to deploy flexible capital in market environments marked by volatility and dislocation, it added.

"As rates stay higher for longer and volatility impacts capital flows, we see an attractive market for opportunistic credit investments, alongside our highest-conviction themes," said Chris Lahoud, Partner and Hea......................

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