Apollo Announces Formal Launch of Sponsor and Secondary Solutions Business, “S3”, with Cornerstone Commitment from ADIA
04 August 2022 - 12:00PM
Apollo (NYSE: APO) today announced the formal launch of its Sponsor
and Secondary Solutions business, S3, which provides flexible
capital solutions to asset managers and limited partners across the
yield, hybrid and equity spectrum. Apollo also announced that ADIA,
a globally diversified investment institution and long-term partner
to the firm, has made, through a wholly owned subsidiary, a
cornerstone commitment to S3. This brings total new commitments for
S3 to approx. $4 billion, including affiliated capital. Together,
Apollo and ADIA see a significant and growing opportunity set
across private market secondary transactions and lending that can
be holistically served through S3.
S3, a natural extension of Apollo’s global investment platform,
offers a comprehensive set of secondary and fund finance capital
solutions, including private equity, credit, and real asset
secondary investments, net asset value (NAV) loans, GP lending,
staking and more. Apollo has already been highly active in these
solutions to-date, committing or deploying more than $13 billion of
capital to transactions of this nature over the last 12 months.
With the launch of S3, Apollo establishes a dedicated,
client-oriented business for these solutions, with operational
protocols that provide additional information safeguards.
Apollo Co-Presidents Scott Kleinman and Jim Zelter said, “As
private capital markets continue to grow, mature and evolve, so too
do the needs of market participants. We believe Apollo is well
positioned to provide a holistic suite of flexible, expedient
solutions across this landscape.”
They continued, “We are equally pleased to launch S3 in
partnership with ADIA, one of the world’s leading institutional
investors, who are aligned with our capital and vision. We expect
S3 can become the go-to platform for the vast and growing needs of
asset managers and investors across private market secondaries,
fund finance and other liquidity solutions.”
S3 will look to build upon Apollo’s significant momentum and
recent transactions such as its $5.1 billion NAV loan to Softbank
Group – estimated to be one of the largest-ever private fund
financings – and leading Behrman Capital’s $500 million
continuation fund for Micross Components. Apollo expects its
experience in navigating volatility to underwrite long-term
investments will be particularly meaningful in current and future
periods of market dislocation.
Apollo continues to invest in the team behind S3, most recently
hiring Veena Isaac, Steve Lessar and Konnin Tam as Partners to
co-lead hybrid and equity secondary solutions for the S3 business.
In 2021, Olga Kosters joined Apollo as a Managing Director focused
on credit secondary solutions, and Jasen Yang joined as a Managing
Director focused on fund finance and other structured lending
solutions.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal
counsel to Apollo for the transaction and establishment of S3.
About Apollo
Apollo is a global, high-growth alternative asset manager. In
the asset management business, Apollo seeks to provide its clients
excess return at every point along the risk-reward spectrum from
investment grade to private equity with a focus on three business
strategies: yield, hybrid, and equity. For more than three decades,
Apollo’s investing expertise across its fully integrated platform
has served the financial return needs of its clients and provided
businesses with innovative capital solutions for growth. Through
Athene, Apollo’s retirement services business, it specializes in
helping clients achieve financial security by providing a suite of
retirement savings products and acting as a solutions provider to
institutions. Apollo’s patient, creative, and knowledgeable
approach to investing aligns its clients, businesses it invests in,
its team members, and the communities it impacts, to expand
opportunity and achieve positive outcomes. As of March 31, 2022,
Apollo had approximately $513 billion of assets under management.
To learn more, please visit www.apollo.com.
Forward-Looking Statements
This press release may contain forward-looking statements that
are within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These statements include, but are not limited to,
discussions related to Apollo’s expectations regarding the
performance of its business, liquidity and capital resources and
the other non-historical statements. These forward-looking
statements are based on management’s beliefs, as well as
assumptions made by, and information currently available to,
management. When used in this press release, the words “believe,”
“anticipate,” “estimate,” “expect,” “intend,” “will,” “should,”
“could,” or “may,” and similar expressions are intended to identify
forward-looking statements. Although management believes that the
expectations reflected in these forward-looking statements are
reasonable, it can give no assurance that these expectations will
prove to be correct. These statements are subject to certain risks,
uncertainties and assumptions, including but not limited to those
described under the section entitled “Risk Factors” in Apollo's
Quarterly Report on Form 10-Q filed with the United States
Securities and Exchange Commission (“SEC”) on May 10, 2022, as such
factors may be updated from time to time in Apollo’s periodic
filings with the SEC, which are accessible on the SEC’s website at
www.sec.gov. These factors should not be construed as exhaustive
and should be read in conjunction with the other cautionary
statements that are included in Apollo’s filings with the SEC.
Apollo undertakes no obligation to publicly update or review any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as required by applicable
law. This press release does not constitute an offer of any Apollo
fund.
Apollo Contacts
Noah GunnGlobal Head of Investor RelationsApollo Global
Management, Inc.(212) 822-0540IR@apollo.com
Joanna RoseGlobal Head of Corporate CommunicationsApollo Global
Management, Inc.(212) 822-0491Communications@apollo.com
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