Apollo Hybrid Value; any details?
Apollo recently closed what they're calling a "hybrid value" platform, to invest "in senior and subordinated debt along with structured equity investments and buyouts. It typically makes non-control investments in financially stressed or distressed businesses and structured equity, either control or non-control positions that would fund myriad transaction types, including growth capital and deleveraging deals. It typically invests in companies with enterprise values between $750 million and $2.5 billion. It prefers to invest between $75 million and $250 million." (CapIQ)
Anyone have more color on the mandate? Is this just PE/Credit but with even more sophisticated financial engineering in the background? Seems interesting (a little reminiscent of BX Tac Opps) but would love more details. For the control deals, odd to see APO reaching into the LMM space; looks like HV did two transactions this year 2bn ish a piece.