Finance
Apollo Snags $5 Billion From BNP to Expand Private Credit Bets
- Bank commits funding for investment-grade, asset-backed deals
- Financing will help Apollo’s new Atlas business fund assets
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Apollo Global Management Inc. clinched $5 billion in fresh firepower from BNP Paribas SA as it looks to grow a key lending business, muscling deeper into turf once dominated by banks.
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.