Apollo Global Management has launched a European private credit platform with more than 10 billion euros ($11.2 billion) in lending capacity, backed by several major global investors, including the Abu Dhabi Investment Council (ADIC).
The European Credit Company will invest in performing credit across large and mid-market businesses. Its activities will include corporate and asset-backed lending, as well as financing for owners of infrastructure and real estate assets.
The platform is led by Giacomo Petrobelli as chief executive officer and Christian Meissner as chairman. Petrobelli said the venture intends to support Europe's long-term growth by connecting the region with global sources of capital.
Apollo said other strategic partners include European insurance group Athora, Japan's Norinchukin Bank, Standard Chartered and U.S. credit investor Aranda Principal Strategies.
ADIC's participation follows Apollo's agreement, announced a week earlier, to acquire an almost 10% stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi sovereign wealth fund Mubadala Investment Co.
Apollo President Jim Zelter said financing demand in Europe was being driven by areas including the energy transition, power transmission, defense, and digital and traditional infrastructure. Petrobelli said the company aims to develop a pan-European credit platform focused exclusively on the region, with local relationships and lending solutions covering different types of credit.
Sources: CNBC Markets.