Apollo launches $11 billion private credit platform, backed by Abu Dhabi

Apollo Global Management has launched a European private credit platform with more than 10 billion euros ($11.2 billion) of lending capacity, backed by several blue-chip investors, including the Abu Dhabi Investment Council (ADIC).

The European Credit Company will invest in performing credit across the large and mid-market sectors, including corporate and asset-backed lending, as well as lending to real-asset owners in infrastructure and real estate.

The venture is led by Giacomo Petrobelli, serving as chief executive officer, and Christian Meissner, its chairman.

The venture's backing from ADIC comes a week after Apollo agreed to buy a nearly 10% stake in Mubadala Capital, the alternative asset manager subsidiary of Mubadala Investment Co., Abu Dhabi's sovereign wealth fund.

Other strategic partners in the new platform include European insurance group Athora, Japanese lender Norinchukin Bank, Standard Chartered and Aranda Principal Strategies, a U.S. credit investor, Apollo said in an announcement.

"We aim to build ECC into a premier pan-European credit platform, focused exclusively on the region, with deep local relationships, differentiated sourcing and flexible solutions that span all credit types," said Petrobelli.

"The Global Industrial Renaissance is creating tremendous financing needs around the world that are acutely felt in Europe, whether it's energy transition and transmission, defense, or digital and traditional infrastructure," added Apollo president Jim Zelter.