Deals
Apollo Said to Seek $3.5 Billion to Scoop Up Bad European Debt
- No better time for credit investors as banks hampered: Black
- Strategy to target bad loans held by institutions under stress
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Apollo Global Management LLC, the credit and private equity manager led by Leon Black, is seeking $3.5 billion to buy bad debt from European banks and asset managers, three people with knowledge of the plans said.
Apollo has started marketing the fund, European Principal Finance III, to potential clients and expects to complete the process around the end of the year, said the people, who asked not to be named because fundraising details are kept private. The New York-based firm’s previous fund for the strategy collected $3.5 billion and started investing in 2012, and the first vehicle got $1.5 billion and started deploying money in 2007.