Co-founder of Apollo Global Management’s European Principal Finance (EPF) business David Abrams has reportedly decided to move into a senior advisor role.
Apollo’s head of Europe and managing partner of EPF Sanjay Patel, pictured, is now in charge of the unit, said PeHUB, citing two people with knowledge of the situation.
The division’s second vehicle was closed on €2.5bn in 2012 and was generating a return multiple of 1.05 times as at the end of last year.
One of the sources said that the fund is currently 50 per cent deployed.
EPF’s first fund raised €1.3bn in 2007 and was generating an IRR of 16 per cent as at the end of the first quarter.
Prior to joining Apollo, Abrams worked as a managing director in in the leveraged finance group of Credit Suisse.
Last month AltAssets revealed that Apollo was more than halfway to the adjusted $2.5bn target for its latest credit fund.
At that time, Apollo Credit Opportunity Fund III had commitments of of $1.43bn from 84 LPs with more than $400m of that having come in the previous six months.
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