Apollo Wins $5 Billion Funding from BNP Paribas to Boost Lending Business
By Michael Susin
Apollo Global Management said it will receive $5 billion in funding from the European bank BNP Paribas to boost its investments and asset-backed deals along with its majority-owned warehouse finance and securitized products business Atlas SP Partners.
The asset manager on Friday said the funding, which is expected to increase over time, will support investment-grade, asset-backed deals originated by Apollo and Atlas, alongside a capital markets collaboration.
"We believe this strategic collaboration, which includes one of the largest-ever bilateral financings for directly-originated credit assets, is a testament to the strength of Atlas," Apollo Co-President Jim Zelter said.
The deal follows a partnership between Apollo and BNP in 2022 with the launch of Eliant Inventory Solutions LP, a platform to provide financing solutions for working capital and supply-chain needs.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
September 20, 2024 10:13 ET (14:13 GMT)
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