Apollo Global Management is aiming to double its India assets under management to $4bn within the next three years, as the global alternatives giant accelerates deployment in the country’s rapidly expanding private credit market, according to a report by Bloomberg.
The New York-based firm currently manages around $2bn in India, largely across private credit strategies. It is targeting sectors including infrastructure, financial services, industrials, and supply chain finance, according to Matthew Michelini, Head of Asia-Pacific at Apollo.
he move comes as India emerges as a key battleground for global credit managers, with firms such as Cerberus, Davidson Kempner, and Ares also ramping up activity. Apollo plans to double its local investment team to 50 professionals, focusing on credit origination and underwriting, as it scales deal activity.
The firm recently led a $750m debt refinancing for Adani Group’s Mumbai airport and has also backed Indian issuers including JSW Cement and Hero FinCorp. Domestic demand for structured credit continues to rise amid a slowdown in traditional lending: bank credit to NBFCs grew just 6.7% in 2024, down sharply from 15% in 2023, according to PwC.
Apollo is also positioning itself to benefit from India’s $1tn infrastructure investment programme, which has opened up a range of asset-backed lending opportunities. Infrastructure is a particularly compelling vertical for credit deployment, Michelini added.
Despite the structural growth story, Michelini acknowledged persistent regulatory sensitivities around foreign capital. Rather than restricting non-bank capital, we believe policymakers would benefit from integrating more of it into the system, he said.
Globally, Apollo manages $840bn in AUM.
In India, it operates with a team of over 800 employees across functions including investment support, tech, and operations, making the country Apollo’s second-largest employment base in Asia-Pacific. The firm opened a new 88,000 square feet Mumbai office in 2022 to accommodate continued regional expansion.
