Article
Apollo’s New €10B European Credit Co. to Raise Funds From SWFs; Senior Execs From Rival Lenders Set to Join
By: Nick Krause
Alternative asset manager Apollo’s new €10 billion direct lending strategy, dubbed the European Credit Co., will fundraise from multiple sources to invest in lower mid-market assets across Europe, sources told Octus.
The strategy will be backed by institutional investors including sovereign wealth funds as well as other sources of capital available to Apollo, sources said.
Apollo has previously raised capital via the corporate bond market and BDCs for its private markets strategies.
The new strategy will be led by Giacomo Petrobelli and Christian Rothhardt, who join from Oldenburgische Landesbank, or OLB, as will three other London-based employees of the German bank, sources said. Earlier this year Apollo sold OLB to French banking group Crédit Mutuel.
Helen Lucas, Co-Head of UK Sponsors Origination at Investec will also join the strategy later in the year, sources said.
In 2023, Apollo launched infrastructure capital platform Apterra, hiring its two co-CEOs Michael Pantelogianis and Ralph Cho from Investec where they were the co-heads of power and infrastructure finance.
The strategy will provide financing to both private equity-backed and non-sponsor assets, sources said.
Apollo has been active in Europe securing 10 deals this year alone via its existing direct lending strategy, according to Octus’ Deal Origination Private Credit database.
The asset manager aims to recreate the strategy of MidCap Financial Investment Corp., a U.S.-based subsidiary which operates as part of Apollo’s direct origination platform in the United States, sources said.
Apollo has reportedly been in talks to sell MidCap, which it bought in 2013, this year.
Apollo is an alternative asset management and retirement services platform that provides credit, equity, real assets, capital solutions and financial services, according to its website.
Founded in 1990, the firm is publicly listed on the New York Stock Exchange.
Apollo declined to comment.
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