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Apollo raises $35bn through Asia expansion

Alternative asset management major Apollo Global Management has raised $35bn from Asian investors since implementing a plan to revamp its business in the region at the beginning of 2022, according to a report by Bloomberg.

Under the leadership Matthew Michelini, the man tasked with reshaping Apollo’s Asia operation, the firm has focused on meeting client demand for more reliable private market yields, including credit and hybrid financing.

And its efforts have been rewarded with the company attracting significant capital from insurers and institutions that handle retirement funds in the region. Insurance companies alone account for around $14bn of the total raised.

The $651bn company, which traditionally focused on private equity and real estate deals in the region, has also bolstered its regional investment teams in private credit and hybrids, while shutting its Asia real estate equity fund business.

Apollo has reportedly recruited over 50 investment staff in the region since 2021, doubling its headcount ahead of the five-year timeframe initially set. Overall APAC-based full-time staff now number more than 650, according to a Apollo, with nine additional senior appointments having been made, including regional heads of wealth and insurance as well as senior credit investment executives.

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