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 Apollo Global Management is moving into distressed debt in a big way as it bets that banks will be willing to part with loans to under performing companies at deep discounts. The private equity firm has already received $2.3 billion for distressed investing in the U.S. from Calpers, but has plans to raise a further £1.1 billion ($2 billion) for a European-focused distressed fund.
Over the weekend, the Daily Telegraph reported
that the new Apollo partnership plans to buy non-performing loans at large
discounts from European banks, repackaging it and then selling it later
on at a hefty profit. Other buyout shops with funds buying up
distressed debt in Europe include a $1.35 billion Carlyle Group partnership and
$1.35 billion Blackstone fund.
Apollo has been moving to expand aggressively ahead of an initial public offering expected later this year. The firm recently announced that it was forming a partnership with investment bank Lazard to make deals in Europe and is in the midst of raising its eighth private equity fund targeted at $15 billion. -- George White See Daily Telegraph story See Dealscape post on Apollo/Calpers See story on Lazard/Apollo on TheDeal.com See Dealscape post on Apollo's earnings Categories Deal Video
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