AUSTIN, Texas, Jan. 18, 2022 /PRNewswire/ -- Petros PACE
Finance, LLC (or the "Company") today announced the completion of
its acquisition by Athene Holding Ltd., positioning the Company to
take advantage of the significant tailwinds supporting the rapidly
growing commercial PACE industry. Petros PACE Finance, the leading
provider of Commercial Property Assessed Clean Energy ("C-PACE")
financing to owners and developers of U.S. commercial properties,
will continue to be led by its co-founders Mansoor Ghori, Chief Executive Officer, and
Jim Stanislaus, Chief Financial
Officer, who will retain a minority interest in the Company. The
investment in Petros PACE Finance will be managed by the asset
management team at Apollo (NYSE:
APO), the global alternative asset manager with $481 billion in assets under management.
Petros PACE's acquisition-investment by Athene/Apollo accelerates clean energy financing for
commercial real estate.
"We're thrilled the acquisition is now complete. We can now take
advantage of the strategic support and capital from our partners at
Apollo and Athene to substantially
accelerate our growth trajectory," said Mansoor Ghori, CEO.
"Looking ahead, we're especially excited by the synergies with
Apollo's leading investment
platform to provide financing solutions across the full capital
stack. Our ability to bring a broader set of solutions to market
helps developers and owners make their buildings more energy
efficient and resilient, and meet growing climate change mandates,"
said Ghori.
Petros CFO Jim Stanislaus added,
"With our capital partner, Athene, we have the potential to access
significant amounts of capital to support our growth. In
addition, with Apollo's
substantial experience and access to the capital markets, Petros
will be able to structure and provide new products to our customers
and continue to serve as a partner of choice for all things "green"
financing."
Since 2016, Petros PACE has provided long-term, fixed-rate
financing for energy efficiency, water efficiency, renewable energy
and resiliency projects in 14 states. C-PACE financing is active in
27 states and the District of
Columbia and is secured by a special property tax assessment
that provides distinct advantages to property owners, including
serving as a more affordable financing alternative to mezzanine
debt and equity across virtually all commercial property types,
such as office, hospitality, retail, multi-family, industrial,
mixed-use real estate and more. In June
2021, Petros closed the largest-ever single C-PACE
transaction and the first in New York
City of $89 million, opening
what is estimated to be the largest C-PACE market in the country
and helping institutional sponsors fund commercial properties'
carbon reduction plans.
Apollo and Athene expect that
the Company will accelerate its rapid growth in C-PACE financing
driven by new market expansion, sustainable construction and
regulatory climate mandates. Petros PACE Finance is complementary
to Apollo's larger portfolio of
origination platforms diversified across commercial and consumer
finance.
CIBC Capital Markets served as financial advisor to Athene, and
Gibson, Dunn & Crutcher LLP and Sidley Austin LLP served as
legal advisors to Athene. Barclays served as financial advisor to
Petros, and Skadden, Arps, Slate, Meagher & Flom LLP and
Winston & Strawn LLP served as legal advisors to Petros.
About Petros
Petros PACE Finance, LLC is the national
leader in the C-PACE marketplace, dedicated solely to providing
long-term C-PACE financing to commercial property owners seeking to
lower energy costs, reduce their carbon footprint and increase
property values and meet environmental, social and governance (ESG)
goals. Its leadership team has decades of executive-level
experience in private credit and structured finance, with direct
long-term institutional investor relationships. With billions in
committed capital, Petros is able to close transactions in eligible
C-PACE markets nationwide. To learn more about Petros PACE Finance
visit our website at www.petros-pace.com.
About Athene
Athene, a subsidiary of Apollo, is a leading retirement services
company with total assets of $224.4
billion as of September 30,
2021 and operations in the United
States, Bermuda, and
Canada. Athene specializes in
helping its customers achieve financial security and is a solutions
provider to institutions. Founded in 2009, Athene is Driven to
Do More for our policyholders, business partners, and the
communities in which we work and live. For more information, please
visit www.athene.com.
About Apollo
Apollo is a global, high-growth 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 business 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 September
30, 2021, Apollo had
approximately $481 billion of assets
under management. To learn more, please visit www.apollo.com.
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SOURCE Petros PACE Finance, LLC