Apollo announces $1.75bn close for credit fund

New York-based Apollo Global Management closed its Apollo Accord Fund III B with $1.75 billion in commitments, showing the popularity of its dislocated credit strategy.

The latest in Apollo’s flagship Accord series that began in 2017, the fund’s capital commitments were raised over approximately eight weeks due to institutional demand for strategies amid the volatility and deteriorating market conditions seen in the first quarter.

The strategy seeks to purchase mispriced credit risk, according to John Zito, deputy CIO of credit and co-head of global corporate credit at Apollo.

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