Apollo Funds Acquire Minority Stake in Diameter Capital Partners
03 Oktober 2022 - 3:00PM
Apollo (NYSE: APO) and Diameter Capital Partners LP (Diameter)
today announced that funds managed by Apollo, including an
affiliate of Redding Ridge, have acquired an approximate 5% equity
interest in Diameter, a New York-based alternative asset manager
focused on global credit markets. The investment will support the
continued evolution of Diameter’s alternative credit platform, with
a specific focus on expansion into direct lending and European
credit.
Launched in 2017 by co-founders Scott Goodwin and Jonathan
Lewinsohn, Diameter invests across the credit spectrum globally and
manages structured credit vehicles. The team has significant
expertise deploying capital across credit cycles, a deep network of
institutional relationships and a proven track record of investing.
Diameter’s investment processes, management and day-to-day
operations will remain unchanged. Messrs. Goodwin and Lewinsohn
will retain their significant majority stake in the firm and all
proceeds from the transaction will be reinvested into Diameter’s
business.
Apollo Partner and Deputy CIO of Credit, John Zito, said,
“Diameter is a best-in-class credit manager that can successfully
scale with additional capital and strategic support. We’re pleased
to expand our partnership with Scott, Jon and the entire Diameter
team, all of whom are aligned with our investment strategy, share
in our focus on credit fundamentals, and know the value of speed of
capital.”
The minority investment builds on the existing strategic
relationship between Apollo and Diameter, and follows capital
commitments that helped launch Diameter’s US CLO business in 2021.
To date, funds affiliated with Apollo and Redding Ridge have
deployed more than $1 billion of debt and equity capital across
Diameter’s CLO and CBO investment strategies.
“We have longstanding relationships with Jim Zelter and John
Zito and are thrilled to further extend our business relationship
with Apollo, a likeminded, value-add partner,” added Goodwin and
Lewinsohn. “This strategic investment will allow Diameter to
accelerate the buildout of our credit offerings while maintaining
our focus on identifying and executing attractive investment
opportunities for our investors.”
For Apollo and its affiliates, Diameter is the latest
transaction in a growing list of third-party asset manager minority
stakes and partnerships. Through its manager partnerships and
stakes strategy, Apollo seeks compelling, diversified investment
opportunities that can bring strategic value and ongoing forward
flow opportunities to Apollo platforms. Apollo values
characteristics exhibited by Diameter, including a differentiated,
disciplined investment style, strong historical performance, and
management team alignment.
“This investment in Diameter demonstrates how Apollo can partner
with leading managers to support their strategic growth plans, in
this case launching new business lines, as well as geographic
expansion,” concluded Bret Leas, Apollo Partner and Head of
Asset-Backed Finance. “It also exemplifies just one of many
flexible capital solutions we have to offer managers, alongside
fund finance and secondary solutions.”
About Apollo
Apollo is a high-growth, global alternative asset manager. In
our asset management business, we seek to provide our clients
excess return at every point along the risk-reward spectrum from
investment grade to private equity with a focus on three investing
strategies: yield, hybrid, and equity. For more than three decades,
our investing expertise across our fully integrated platform has
served the financial return needs of our clients and provided
businesses with innovative capital solutions for growth. Through
Athene, our retirement services business, we specialize in helping
clients achieve financial security by providing a suite of
retirement savings products and acting as a solutions provider to
institutions. Our patient, creative, and knowledgeable approach to
investing aligns our clients, businesses we invest in, our
employees, and the communities we impact, to expand opportunity and
achieve positive outcomes. As of June 30, 2022, Apollo had
approximately $515 billion of assets under management. To learn
more, please visit www.apollo.com.
About Diameter
Diameter Capital Partners LP is a global credit manager founded
in 2017 by Scott Goodwin and Jonathan Lewinsohn. Diameter seeks to
combine trading and research, long and short, to invest across the
credit spectrum, from new issue and performing to stressed,
distressed, special situations, and equities. Diameter manages $11
billion across its flagship hedge fund, a series of delay draw
dislocation funds, and structured credit vehicles. It has offices
in New York, London, and Palm Beach.
Contacts
For ApolloNoah 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
For DiameterJonathan Gasthalter / Amanda
ShpinerGasthalter & Co (212) 257-4170
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