Apollo Global Management has committed $585m in financing to flexible workspace operator The Executive Centre (TEC), marking the alternative investment firm’s largest hybrid debt-and-equity transaction in Asia to date, according to a report by Bloomberg.
The financing will primarily be used to refinance existing borrowings at TEC, according to a statement. The transaction followed a competitive process and combines debt and equity, underscoring Apollo’s growing role in Asia’s private capital and lending markets.
TEC was acquired in 2021 by a consortium led by KKR and Tiga Investments. The company operates flexible workspace locations across 38 cities in 15 markets spanning Asia Pacific and the Middle East.
The TEC transaction comes as private credit managers compete with banks for a larger share of corporate lending across Asia. Apollo has been building its regional presence through both direct investments and lending, with the latest deal highlighting the firm’s ability to structure financing combining different forms of capital.
Apollo has also recently committed $1.5bn to a fund managed by Singapore-based Keppel, which is targeting a portfolio of offshore energy assets.
