FUNDRAISING NEWS | September 26, 2024
Citigroup and Apollo have entered into an exclusive agreement to form a $25B private-credit, direct-lending program initially focused on North America, the companies announced September 26.
A subsidiary of Citi and certain affiliates of Apollo, including strategic partner Mubadala Investment Company and subsidiary Athene, will join together to form the program, which the companies said could ultimately expand to additional geographies and beyond the initial $25B program size. The companies said they expect the program will finance approximately $25B of debt opportunities “over the next several years.”
The program is designed to improve access for corporate and sponsor clients to the private lending capital pool and will join Citi’s banking client reach, origination and capital markets expertise, with Apollo’s scaled and sizable capital base.
Cravath, Swaine & Moore LLP is serving as legal counsel and Citigroup Global Markets Inc. is acting as advisor to Citi on the deal. For Apollo, Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel, and Sullivan & Cromwell LLP is serving as regulatory counsel.
View the press release here.
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