Apollo Global Management is launching European Credit Co (ECC), a €10bn ($11.2bn) private credit platform backed by investors including Abu Dhabi Investment Council, according to Private Equity Wire. The report describes the launch as based on a Bloomberg report and identifies ECC as a European private credit platform, according to Private Equity Wire.
Platform capital and named backers
ECC is starting with capital from Apollo vehicles and investors including Athora, Norinchukin Bank, Standard Chartered and Aranda Principal Strategies, according to Private Equity Wire. The article also lists Abu Dhabi Investment Council among investors backing the platform, according to Private Equity Wire.
Leadership and governance
Giacomo Petrobelli will lead the ECC business, according to Private Equity Wire. Former Credit Suisse investment banking chief Christian Meissner will serve as chairman, according to Private Equity Wire.
Strategy and target borrowers
ECC will provide asset-based finance and corporate lending, according to Private Equity Wire. The platform’s stated target borrowers include midsize and large businesses, financial sponsors, and owners of infrastructure and real estate assets, according to Private Equity Wire.
European footprint and Apollo’s existing scale
The launch expands Apollo’s European financing activities as borrowers seek funding beyond banks and public bond markets, according to Private Equity Wire. Apollo already manages approximately $250bn of assets in Europe, according to Private Equity Wire.
ECC has offices in Frankfurt, Jersey, London, Luxembourg and Milan, according to Private Equity Wire. The article says further ECC locations are planned, according to Private Equity Wire.
