Oct. 4 (Bloomberg) -- Apollo Global Management LLC raised a $722 million collateralized loan obligation, the largest CLO sold this year.
ALM VII, is the third such fund Apollo has issued this year, the firm said today in a statement distributed by Business Wire. Leon Black’s Apollo sold a $436.7 million fund in February and a $514 million deal in June, according to data compiled by Bloomberg.
CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.
The deal for New York-based Apollo surpassed Ares Management LLC’s $718.9 million fund issued in August as the largest CLO backed by widely syndicated loans arranged this year, according to data compiled by Bloomberg.
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