Phoenix Holdings (Phoenix), an Israel-based insurance, asset management, and financials group, and Apollo are launching a partnership for the deployment and co-investment of Phoenix client and corporate assets as part of their ongoing collaboration.
This partnership will be based on an evergreen structure allowing Phoenix to participate in up to $2bn of investments as a strategic partner for Apollo in Israel. The partnership also provides Phoenix with access to privately originated global credit opportunities.
The Phoenix group is the largest asset manager in Israel with over $100bn in assets under management. Phoenix says this partnership with Apollo “underscores its commitment to build scale and support its future growth in the Israeli market by investing globally, and to provide its clients with access to distinctive investment opportunities”.
Last year, Apollo directly originated approximately $100bn of assets, primarily senior, secured lending opportunities. The partnership allows Phoenix access to those origination flows, co-investment opportunities and new investment strategies in a manner that is aligned with Apollo’s retirement services platforms globally. In addition, Phoenix and Apollo will explore additional investment, savings, and insurance collaboration opportunities.
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Apollo.