Apollo Global Management is reportedly looking through the books of bailed-out lender Kommunalkredit Austria (KA, )with a view to buying the business.
KA cost the country’s taxpayers more than €2bn when it required state support in late 2008 following the global financial crash, and is also subject to interest from Viennese lender Oesterreichische Kontrollbank, according to Bloomberg – citing four people with knowledge of the situation.
Apollo continued its diversification drive in January by launching a $750m-targeting credit fund amid a dearth of conventional lending.
The fund is the third of its type raised by Apollo since 2008, when large private equity investors began to see more opportunities in lending in the wake of the global financial crisis.
Apollo Credit Opportunity Fund III will continue its predecessors’ strategy of investing in senior secured debt instruments, including bank loans and bonds, as well as opportunistic investing in public and private instruments such as debtor in position financing and bridge financing.
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