Deals
Apollo’s RRAM Buys CLO Manager Irradiant, Adding $11 Billion
- Apollo to assume private credit, renewable assets in deal
- Irradiant’s Eanes to become RRAM’s chief investment officer
The acquisition comes as alternative asset managers continue to merge or be bought out, boosting firms’ CLO and private credit assets in the process.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Redding Ridge Asset Management, an affiliate of Apollo Global Management Inc., is purchasing collateralized loan obligation manager Irradiant Partners LP, as credit firms continue to merge as part of their growth efforts.
Apollo will assume about $2.2 billion of private credit and renewable assets from Irradiant as part of the deal, while RRAM will add almost $11 billion of CLO assets to its firm. With the deal, RRAM will become one of the largest CLO managers in the US with about $38 billion of assets, according to a statement. RRAM will fund the purchase using cash on its balance sheet.