Apollo Snags $5 Billion From BNP to Expand Private Credit Bets [BNN Bloomberg (Canada)]
Citigroup, Inc. (C)
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Source: BNN Bloomberg
The French bank is committing funding for investment-grade, asset-backed deals originated by Apollo, as well as the Atlas SP arm it acquired from Credit Suisse. BNP will start by pledging a $5 billion facility and plans to increase that over time. “This is one of – if not the – largest-ever, long-term private credit financings,” said Jim Zelter, Apollo's co-president. If securitizations follow, the companies will partner on them. Atlas SP is central to Apollo Chief Executive Officer Marc Rowan's ambitions to build a credit machine that rivals Wall Street banks. He wants Apollo's 16 origination platforms — which offer mortgages, aircraft loans and other debt that can be structured into private credit investments — to generate $200 billion to $250 billion in annual volume in five years. Apollo bundles private credit that can be sold to Athene, its annuities business, and other insurance companies. Atlas was a securitized-products unit at Credit Suisse that goes back to Wall Stree
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