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Apollo fund to target Europe
A US private equity firm is looking to raise more than £1 billion to cash in on Europe’s current economic turmoil, according to reports.
Apollo Management is seeking £1.1 billion to buy distressed debt from European banks.
It is the latest US buy-out firm to implement this strategy after Blackstone raised $1.3 billion (£697 million) and Carlyle put together a $1.35 billion (£722 million) package to invest in the badly performing loan market.
According to reports, several US pension funds have already ready given their support to the fund, including CalPERS and the San Francisco City and County Employees’ Retirement Scheme.
The equity firm was established by Leon Black in 1990 and currently has some $22 billion under management at its offices in New York, Los Angeles, London and Singapore.
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