Apollo has closed on $8.5bn (£6.4bn) in commitments for Accord+, a multi-asset credit strategy.
The commitments include $4.8bn for its second vintage fund, Accord+ Fund II, in addition to separately managed accounts and structures. The close of the second vintage exceeds targets and takes the total assets for Apollo’s hybrid credit business to around $40bn, Apollo said.
Read more: Apollo buys bonds linked to private credit funds
Accord+II invests in private corporate credit and asset-backed finance, as well as secondary opportunities. It counts pension funds, sovereign wealth funds, financial institutions and family offices among its investors.
Apollo said that it planned future funds and credit solutions for institutional and wealth clients as part of the Accord strategy.
Read more: Apollo partners with wealth management platform InvestCloud
“As rates stay higher-for-longer and volatility impacts capital flows, we see an attractive market for opportunistic credit investments, alongside our highest-conviction themes,” said Chris Lahoud, partner and head of opportunistic credit at Apollo. “We believe our scaled, integrated Credit platform positions us well to execute with speed and certainty in all market environments, including periods of dislocation.”
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