Apollo closed Apollo Origination Partnership Fund II (“AOP II” or “Fund II”) with approximately $4.8 billion of investable assets. This brings total assets raised for the Apollo Large Cap Direct Lending business to approximately $13.3 billion in just over 12 months, inclusive of the Fund II close and other product formats providing access to Apollo’s direct lending franchise. Apollo’s total direct lending and performing credit AUM has doubled to $238 billion over the past four years.

AOP II is designed to capitalize on growing demand for corporate and sponsor-backed large-cap lending. Under the strategy, Apollo aims to invest in senior corporate debt of issuers located predominantly in the United States and Western Europe that generate over $100 million of annual EBITDA.

“AOP II seeks to provide investors with a differentiated approach to corporate and sponsor direct lending. The convergence of public and private credit markets continues to create tremendous demand for scaled direct lending solutions led by a single counterparty who can offer price and execution certainty to borrowers,” said Apollo Credit Partner Jim Vanek.

“We believe that Apollo’s decades-long history and expertise investing in corporate credit, as well as the incumbency and broad reach of our Credit platform, make us uniquely situated to lead in this growing market,” said Deputy CIO of Credit John Zito. “Platforms with scaled and diversified sources of capital are well positioned to meet the increasing needs of large companies.”

Apollo’s Credit business has more than $500 billion of AUM, supported by highly diversified, stable inflows across institutional fundraising, Global Wealth, and Retirement Services.

Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Apollo in connection with the closing of Fund II.