Bain Capital Closes Global Special Situations Fund

BainCapital

Creates one of the largest global special situations investment pools with $9 billion of investable capital

Continues growth of global strategy that delivers flexible capital solutions to meet the needs of companies, entrepreneurs, and asset owners

BOSTON – November 18, 2024 – Bain Capital today announced it completed fundraising for its latest Global Special Situations Fund, bringing the total amount raised for its second vintage of funds to $9 billion. This capital base includes Global Special Situations Fund II, which received $5.7 billion in total commitments, inclusive of co-investments and separately managed accounts, and $3.3 billion from the firm’s previously closed Special Situations Asia and Europe regional funds. The successful fundraise positions Bain Capital as one of the largest special situations investors in the world.

Bain Capital’s Special Situations strategy combines bespoke capital solutions with strategic partnership to meet the diverse needs of companies, entrepreneurs, and asset owners across all market cycles. The team brings together credit and equity expertise, as well as corporate and real asset capabilities, to provide solutions that cannot be met by traditional providers. With more than $20 billion total assets under management, the strategy brings a differentiated ability to provide both capital as well as operating value-add.

On a global scale, Special Situations pursues both structural and cyclical opportunities across three primary investment strategies:

  • Capital Solutions: Investing and partnering with companies around the world to fund growth and M&A, provide liquidity, or optimize a company’s capital structure.
  • Hard Assets: Supporting asset owners and operators across the capital stack to structure tailored investments and build platforms that address market inefficiencies.
  • Opportunistic Distressed: Investing in complex and often misunderstood assets in dislocated market environments.

“Structural shifts are creating significant opportunities for creative capital providers who can fill the gaps between traditional strategies and provide enhanced value for companies, entrepreneurs, and asset owners,” said Barnaby Lyons, Partner and Global Head of Special Situations. “These catalysts demand innovative and adaptable investment solutions, backed by a global team with deep industry insights and robust strategic support. We’ve built one of the largest and most global special situations teams with over 140 investment professionals across four continents, and we see a substantial opportunity to further expand our global strategy and capabilities.”

While leveraging Bain Capital’s 40-year legacy of differentiated value creation, the Special Situations team brings significant operational capabilities to each transaction. Its portfolio group of more than 40 professionals offer dedicated operating and functional expertise from their experience in corporate leadership roles.

Recent investments from the firm’s Special Situations strategy include AQ Compute, a European provider of green, flexible, and modular data center and colocation services powered by renewable energy; Tyger Capital, a lender seeking to empower entrepreneurs, borrowers, and homeowners in India; MRO Holdings Inc., a leading provider of aircraft maintenance solutions for the global commercial airline industry; and Sikich, a leading professional services firm specializing in accounting, tax, and IT services in North America.

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About Bain Capital

Bain Capital, LP is one of the world’s leading private investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic areas of focus. The firm has offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

Media Contacts:

Scott Lessne / Charlyn Lusk

Stanton

(646) 502-3569 / (646) 502-3549

slessne@stantonprm.com / clusk@stantonprm.com

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Apollo Funds Acquire Majority Stake in The State Group, A Leading Provider of Multi-Trade Services

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NEW YORK, Nov. 18, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds associated with its Impact and Clean Transition strategies (the “Apollo Funds”) have acquired a majority stake in The State Group (“TSG” or the “Company”) from Blue Wolf Capital (“Blue Wolf”). Blue Wolf will retain a minority stake in the business, alongside existing management shareholders.

Established in 1961, TSG is a leading provider of electrical, mechanical, robotics and automation services, with a strong presence across industrial end markets. TSG executes complex projects at facilities from newbuild to ongoing maintenance and retrofit with decades-long customer relationships across key markets. A substantial portion of the Company’s work enables customers to optimize, reduce and decarbonize their energy use, helping a wide range of industrial end markets abate future emissions. The Company plays an important role in enabling the energy transition through its expertise in industrial manufacturing plants as well as power and renewable facilities. TSG’s capabilities have clear applicability to a number of fast-growing end markets, including data centers, where the Company supports critical technology infrastructure by providing electrical contracting services and other specialized solutions.

“The opportunity to leverage Apollo’s expertise and resources marks a significant milestone for the next phase of our business’ growth,” said Michael Lampert, CEO of TSG. “The partnership with Apollo positions us well to enhance our capabilities and meet the evolving needs of our customers as they scale and optimize their North American operations.”

“TSG has a proven track record of providing quality and reliable service to its industrial customers, with a key role to play in driving energy efficiency and the energy transition,” said Christine Hommes, Partner at Apollo. “Our organizations have a shared vision for the continued growth of the business, and we are excited to partner with Michael and the broader team as they strengthen and expand their offerings.”

Apollo is a high-growth asset management firm with strategies dedicated to investing in companies that demonstrate strong environmental and social impact. Apollo-managed funds have deployed approximately $40 billioni into energy transition and sustainability-related investments over the past five years, supporting companies and projects across clean energy, sustainable mobility and infrastructure.

Financial terms of the transaction are not disclosed. Moelis & Company served as financial advisor, and Holland & Knight LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel for The State Group. Latham & Watkins LLP and Blake, Cassels & Graydon LLP acted as legal advisors to the Apollo Funds.

i As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.


About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About The State Group

The State Group is one of North America’s leading multi-trade industrial and specialty services contractor, providing electrical, mechanical, millwrighting, robotics and automation services to diverse industries. Headquartered in Franklin, TN, The State Group has offices across Canada and the United States and has built long-term relationships with Fortune 100 companies, property managers and original equipment suppliers who look to The State Group to complete complex building, manufacturing and engineering projects while staying on schedule and within budget.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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Rubicon Technology Partners Closes $500 Million Single-Asset Continuation Fund to Support the Continued Growth of Cin7

Rubicon

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First Dutch acquires Verwater with SI

FIrst Dutch

First Dutch, together with Standard Investment (SI), acquires Verwater. Verwater is a leading company in the construction and maintenance of petrochemical storage tanks and technical infrastructure. The transaction is still subject to approval by the Netherlands Authority for Consumers and Markets (ACM).

Verwater, originally a family business from Rotterdam with a rich history, distinguishes itself through its technical expertise and wide range of services in tank construction and maintenance. These core qualities have made Verwater an important player in the ARA region (Amsterdam-Rotterdam-Antwerp), the largest petrochemical hub in Europe with an estimated storage capacity of 40 million cubic meters. The company provides services to a diverse group of major energy and storage companies.

Peter Goedvolk, owner and CEO of First Dutch, is enthusiastic. “The combination of Verwater’s expertise and our joint experience in the (Rotterdam) energy sector provides a solid foundation for further growth and innovation. Together with Standard Investment and Verwater’s management team, we are determined to enter the next phase and strengthen their leading position in the market.”

Verwater will continue to operate under the leadership of the current management team, which will continue the successful strategy of the past two years with the support of Standard Investment and First Dutch. Marloes Oude Breuil, CEO of Verwater, adds: “We are excited about the future of Verwater and the collaboration with our new partners. With their support, we can further strengthen our customer proposition and continue to respond to the challenges in the market, especially in the context of the energy transition.”

Verwater is a global contractor for industrial and petrochemical installations, specializing in tank maintenance and construction. They also offer services such as tank jacking, civil works, piping, turnarounds, painting, E&I, E&A, panel building, and engineering. Verwater was founded in 1922 and has a long history in tank terminals and refineries. Today, approximately 1,200 experienced employees work for Verwater worldwide, generating an annual turnover of around € 200 million.

October 2024

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Rubicon Technology Partners Closes $500 Million Single-Asset Continuation Fund to Support the Continued Growth of Cin7

CVC Capital Partners

Boulder, CO – Rubicon Technology Partners (“Rubicon”), a private equity firm focused exclusively on middle-market software investments, today announced the successful completion of a $500 million single-asset continuation fund to extend its partnership with Cin7, a global leader in cloud-based inventory management software. CVC Secondary Partners served as the lead investor, with participation from other institutional investors including Ares Management funds, funds managed by BlackRock, funds managed by Goldman Sachs Asset Management, and Schroders Capital. This transaction allows Rubicon to provide liquidity to existing investors while enabling Cin7 to accelerate its growth through organic initiatives and targeted acquisitions.

Cin7 supports over 8,500 businesses worldwide, offering end-to-end inventory and order management solutions that streamline supply chain operations across retail, wholesale, and e-commerce distribution channels. By enabling seamless operation and visibility across the inventory lifecycle, Cin7 has become a pivotal solution for businesses looking to manage their supply chain operations and scale effectively.

“This continuation fund reinforces our commitment to Cin7’s vision and growth,” said Jason Winsten, Partner at Rubicon. “We’re thrilled to continue supporting Cin7 in its mission to help businesses grow faster and more efficiently with seamless inventory management solutions.”

“We’re excited to deepen our partnership with Rubicon as we embark on Cin7’s next phase of growth,” said Ajoy Krishnamoorthy, CEO of Cin7. “Over the past five years, Rubicon has been instrumental in helping Cin7 become a global category leader—driving accelerated growth, executing strategic acquisitions, and enhancing our business. They’ve been a true thought partner along the way, and we look forward to continuing this successful collaboration with Rubicon and our new investors as we accelerate product innovation and expand our reach.”

Quotes

Cin7 is well positioned for continued growth, and we’re excited to help accelerate its expansion and market leadership,

Rikesh MohandossPartner at CVC Secondary Partners

“Cin7 is well positioned for continued growth, and we’re excited to help accelerate its expansion and market leadership,” said Rikesh Mohandoss, Partner at CVC Secondary Partners. “Our partnership with Rubicon and Management is a testament to Cin7’s proven capabilities and Rubicon’s successful track record in driving value.”

Evercore acted as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Rubicon.

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Ratos company Speed Group expands its range of transportation services through acquisition of Nord Logistics

Ratos

Speed Group (Speed) logistics company is acquiring Nord Logistics and thereby expanding its offering of transportation services. The acquisition will strengthen Speed’s position as a global full-service provider and open up new markets and customer segments.

Speed is continuing to expand its range of services and, through the acquisition of Nord Logistics, can now offer its customers complete transportation services in sea and air freight. With a comprehensive solution for customers seeking a global transportation partner, Speed is strengthening its competitiveness.

“Speed Group is continuing to grow and expand its offering. This is very positive as it will make the company more attractive to more customers,” says Christian Johansson Gebauer, Chairman of the Board of Speed Group and President, Business Area Construction & Services, Ratos.

“The acquisition is a major step forward in our growth strategy. By integrating Nord Logistics’ services into our existing offering, we will become even broader in transportation, whether land, sea or air freight. The team from Nord Logistics is a perfect match for us because their strengths complement ours. With them on board, we can offer our customers the best in transportation and logistics,” says Jesper Andersson, CEO of Speed Group.

The acquisition is effective immediately and Nord Logistics’ employees are being integrated into Speed’s organisation.

About Speed Group
Speed offers sustainable, flexible and innovative solutions to complex logistics, transportation and staffing challenges. Sustainability permeates the entire business, and the aim of becoming carbon neutral by 2025 was already achieved by 2023. Speed has its head office in Borås, Sweden, and logistics centres in Borås, Gothenburg, Mölndal, Stenungssund and Stockholm covering a combined total of more than 220,000 square metres. The company has sales of approximately SEK 1 billion and employs around 800 people.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Jesper Andersson, CEO, Speed Group, +46 76 816 68 37

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Carisma Therapeutics Presents Promising New Preclinical Data on Engineered Macrophages for the Treatment of Liver Fibrosis at AASLD The Liver Meeting® 2024

Wellington

New preclinical results support the anti-fibrotic potential of engineered macrophages in multiple fibrosis models

Engineered TIM4-expressing macrophages correct defective efferocytosis in MASH, demonstrating potent anti-fibrotic activity 

PHILADELPHIANov. 17, 2024 /PRNewswire/ — Carisma Therapeutics Inc. (Nasdaq: CARM) (“Carisma” or the “Company”), a clinical-stage biopharmaceutical company focused on discovering and developing innovative immunotherapies, today presented promising preclinical data on engineered macrophages for treating liver fibrosis at the American Association for the Study of Liver Diseases (AASLD) The Liver Meeting® 2024. These results underscore the pre-clinical efficacy of Carisma’s engineered macrophages in multiple liver fibrosis models and offer a novel, off-the-shelf potential treatment option for patients with fibrotic liver disease including advanced metabolic dysfunction-associated steatohepatitis (MASH).

Liver fibrosis is a central late-stage pathway in multiple liver diseases, including MASH, acute liver injury, primary sclerosing cholangitis, primary biliary cholangitis, and others. Treatment options remain limited for advanced liver disease patients. Liver disease is characterized by defective efferocytosis (an anti-inflammatory process by which macrophages clear dead hepatocytes), activation of hepatic stellate cells which leads to collagen accumulation, and chronic inflammation.

New preclinical results demonstrate that macrophages can be genetically engineered to target specific key pathways underlying liver disease with factors including TIM4 (restores efferocytosis), relaxin (inhibits hepatic stellate cell activation), and IL10 (reduces inflammation). Notably, a single dose of macrophages expressing TIM4, alone or together with relaxin, significantly reduced liver fibrosis and hepatic stellate cell activation in the translationally relevant choline-deficient, L-amino acid-defined, high-fat diet (CDAHFD) MASH model. The engineered macrophages were well tolerated and outperformed non-engineered cells in all models.

“We are pleased to present compelling preclinical data supporting the therapeutic potential of our engineered macrophages to address a critical unmet need in liver fibrosis, which is found in advanced stages of MASH,” said Michael Klichinsky, PharmD, PhD, Co-founder and Chief Scientific Officer of Carisma. “These data underscore the efficacy of our engineered macrophages as a differentiated, off-the-shelf approach for treating advanced liver fibrosis. Based on these promising findings, we are committed to advancing our liver fibrosis program.”

Carisma expects to nominate a development candidate for its liver fibrosis program in the first quarter of 2025.

The poster presented at AASLD 2024 is now available online in the “Publications” section of Carisma’s website at https://carismatx.com/technology/publications/

About Carisma Therapeutics

Carisma Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on utilizing our proprietary macrophage and monocyte cell engineering platform to develop transformative immunotherapies to treat cancer and other serious diseases. We have created a comprehensive, differentiated proprietary cell therapy platform focused on engineered macrophages and monocytes, cells that play a crucial role in both the innate and adaptive immune response. Carisma is headquartered in Philadelphia, PA. For more information, please visit www.carismatx.com.

Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, anticipated discovery, preclinical and clinical development activities for Carisma’s product candidates, the potential safety, efficacy, benefits and addressable market for Carisma’s product candidates, and clinical trial results for Carisma’s product candidates. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The words “believes,” “anticipates,” “estimates,” “plans,” “expects,” “intends,” “may,” “could,” “should,” “potential,” “likely,” “projects,” “continue,” “will,” “schedule,” and “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are predictions based on the Company’s current expectations and projections about future events and various assumptions. Although Carisma believes that the expectations reflected in such forward-looking statements are reasonable, Carisma cannot guarantee future events, results, actions, levels of activity, performance or achievements, and the timing and results of biotechnology development and potential regulatory approval is inherently uncertain. Forward-looking statements are subject to risks and uncertainties that may cause Carisma’s actual activities or results to differ significantly from those expressed in any forward-looking statement, including risks and uncertainties related to Carisma’s ability to advance its product candidates, the receipt and timing of potential regulatory designations, approvals and commercialization of product candidates, clinical trial sites and our ability to enroll eligible patients, supply chain and manufacturing facilities, Carisma’s ability to maintain and recognize the benefits of certain designations received by product candidates, the timing and results of preclinical and clinical trials, Carisma’s ability to fund development activities and achieve development goals, Carisma’s ability to protect intellectual property, and other risks and uncertainties described under the heading “Risk Factors” in Carisma’s Annual Report on Form 10-K for the year ended December 31, 2023, its Quarterly Reports on Form 10-Q and other documents that Carisma files from time to time with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release, and Carisma undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof, except as may be required by law.

Investors:
Shveta Dighe
Head of Investor Relations
investors@carismatx.com

Media Contact:
Julia Stern
(763) 350-5223
jstern@realchemistry.com

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EQT sets hard cap for EQT Private Capital Asia’s BPEA IX at USD 14.5 billion

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eqt

THIS IS INFORMATION THAT EQT AB (PUBL) IS OBLIGED TO MAKE PUBLIC PURSUANT TO THE EU MARKET ABUSE REGULATION. THE INFORMATION WAS SUBMITTED FOR PUBLICATION, THROUGH THE AGENCY OF THE CONTACT PERSON SET OUT BELOW AT 6:00 PM CET ON 17 NOVEMBER 2024.

EQT has today set the hard cap for investor commitments of USD 14.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX (“BPEA IX”). A hard cap refers to an upper limit on the amount of investor commitments accepted as part of the fund. The actual fund size is dependent on the outcome of the fundraising process. As previously communicated, the target fund size for BPEA IX is USD 12.5 billion.

Contact

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA IX will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​246 billion in total assets under management (EUR ‌​​‌134 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedInXYouTube and Instagram

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Apollo Opens Seoul Office and Names Jay Hyun Lee Head of Korea as Part of Continued APAC Expansion

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Dr. Sam Young Chung to serve as Academic Advisor at Intersection of Retirement Solutions and Alternative Assets

NEW YORK, Nov. 17, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced it has opened an office in Seoul and that Jay Hyun Lee has joined the firm as a Partner and Head of Korea to help execute and build on its growth plans in the market.

Apollo has established a successful track record over more than 15 years in Asia Pacific, providing capital and retirement solutions to assist, support and partner with institutions across various geographies, including South Korea. The firm has grown its operational presence across Tokyo, Sydney, Hong Kong, Mumbai and Singapore since 2006.

As Head of Korea, Lee will help drive Apollo’s capital formation strategy, institutional relationships and team growth in the country. He brings 25 years of financial services experience to the role, having most recently served as Senior Executive Vice President for Samsung Securities where he led the integration and management of the firm’s M&A, securities underwriting and corporate investment functions.

“Korea is a leading financial hub where we see a tremendous opportunity to serve investors and retirees across the risk-return spectrum and meet businesses’ growing demand for flexible, creative capital solutions,” said Scott Kleinman, Co-President of Apollo Asset Management. “We are thrilled to welcome Jay Hyun as we continue to strengthen our presence across Asia Pacific and execute our global growth strategy.”

Apollo Partner and Head of Asia Pacific Matt Michelini added, “As we grow our franchise in Korea, we are excited to work alongside pensions, insurers and other institutions as a scaled provider of excess return. We expect our reach will extend across the region’s retirement ecosystem, where we also aim to deliver yield-oriented solutions to individuals and savers seeking duration-matched income products.”

“Apollo has an incredible platform delivering private capital and retirement solutions to clients globally and I am excited to lead their efforts on the ground in Korea. I look forward to working with Matt and the team across Asia Pacific and the globe to build upon the strong momentum in the region,” added Jay Hyun Lee, Apollo Partner and Head of Korea.

Prior to Samsung Securities, Lee served as Managing Director, Head of Korea in Private Equity and Growth Equity for Goldman Sachs. Previously, he held roles as Head of Korea Investment Banking for BNP Paribas, Executive Director of Investment Banking at Goldman Sachs and additional roles at J.P. Morgan, KPMG Korea and Korea Long Term Credit Bank. Lee received his DBA from Hong Kong Polytechnic University, his MBA from the University of Pennsylvania’s Wharton School of Business and his BA from Seoul National University.

In addition to Lee, the firm has appointed Dr. Sam Young Chung, Professor at Yonsei University and Head of AIF APAC, as an Academic Advisor in Asia Pacific to apply his academic expertise to the firm’s work at the intersection of retirement solutions and alternative assets.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

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Concord Closes $850 Million ABS to Fuel Strategic Growth and Acquisition

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This Marks the Company’s Third Securitization Offering, Strengthening its Position in the Music Industry

NASHVILLE AND NEW YORK – October 28, 2024 – Concord, the world’s leading independent music company, has successfully closed a new series of $850 million in senior notes backed by a diverse catalog of music assets.  This marks Concord’s third securitization offering and is cross-collateralized with the notes offered in 2022, which, taken together, now make up the largest music-backed asset-backed securitization to date. These issuances underscore Concord’s ongoing effort to strategically grow and monetize its music assets and position the company as a consequential force in the music industry. The notes will be secured by music royalties from a pool of catalogs containing over one million songs, including iconic works recorded by The Beatles, Carrie Underwood, Cheap Trick, Creed, Genesis, Kiss, Mike + The Mechanics, Otis Redding, Phil Collins, Plain White T’s, R.E.M., R.E.O. Speedwagon, and The Rolling Stones.

Apollo (NYSE: APO), through its Capital Solutions business, Apollo Global Securities, LLC, and together with its affiliate Redding Ridge Asset Management, structured the asset-backed securitization (ABS) and led an investor syndicate for the transaction.  ATLAS SP Securities, a division of Apollo Global Securities, LLC, acted as a joint bookrunner for the transaction.  Proceeds from the issuance will be used to retire the private 2023-1 note issuance, fund additional acquisitions, and support Concord’s continued growth.

“This transaction represents another significant milestone for Concord and the global music industry as we close our third music ABS offering, continuing our strategic efforts to elevate and support the artists and writers in our catalog,” said Bob Valentine, CEO of Concord. “We are proud to manage a catalog with such a remarkable depth of artistic talent and cultural importance. We are grateful to our financing partners, Apollo and ATLAS SP, for helping us create a long-term capital structure that supports our growth and strengthens the financial foundation that allows us to keep investing in the music industry. As we grow to new heights, our focus continues to be squarely on our artists and the incredible art they create.”

The catalog is valued at more than $5 billion, resulting in an approximate 52% loan-to-value ratio for the offering, and the notes are rated A+ by KBRA and A2 by Moody’s. Concord’s new 5-year notes issuance is backed by an actively managed catalog of more than 1 million unique music assets spanning a wide range of genres, including over 300 GRAMMY Award winners and more than 400 recordings with Gold, Platinum, Multi-Platinum, and Diamond Recording Industry Association of America (RIAA) certifications.

“Concord’s management has demonstrated exceptional vision in building a catalog that reflects the breadth and evolution of modern music, and we are pleased to work with Concord once again on this significant transaction,” said Bret Leas, Apollo Partner and Co-Head of Asset-Backed Finance. “By anchoring and structuring this ABS, we have helped Concord unlock the value of their extraordinary music catalog. We are proud to provide a customized solution to support their continued success,” added Paul Sipio, Principal at Apollo Global Management.

FTI Consulting served as the backup manager for the transaction, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.


CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history.

Concord is headquartered in Nashville with additional offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

CONCORD LABEL GROUP embodies a philosophy that places artists at the center of their own creative journey. With a global team committed to providing unparalleled resources and personalized support, Concord Label Group boasts a diverse roster across seven active labels; Concord RecordsEasy Eye SoundFearless RecordsLoma Vista RecordingsPULSE RecordsRounder RecordsConcord Theatricals Recordings, and Craft Recordings which manages legendary catalog labels such as StaxFaniaPrestigeTelarc, and Varèse Sarabande among others. Its portfolio of master recordings contains 300,000 active tracks by some of the world’s most influential artists who have earned over 300 GRAMMY Awards and more than 400 RIAA certifications.

Concord Label Group is also home to the KIDZ BOP brand, a global phenomenon beloved by kids and families, with 24 million albums sold, 11 billion streams, and a legacy of innovation in music, videos, consumer products, and live tours.

CONCORD MUSIC PUBLISHING represents over one million copyrighted works by the world’s most celebrated songwriters, composers, and lyricists. Spanning nearly two centuries of song, through a vast array of genres and territories, Concord Music Publishing also supports a diverse group of contemporary creators producing important and popular new songs and musical works by offering individualized creative support through its A&R, Synchronization, and Marketing teams and diligent administration by its in-house Copyright, Licensing, Income Tracking, and Royalty departments. Concord Music Publishing is home to the world’s leading classical music publisher, Boosey & Hawkes, and operates exclusive joint ventures with top pop music publisher, Pulse Music Group and Hillary Lindsey’s Hang Your Hat Music.

CONCORD THEATRICALS is the world’s most significant theatrical company, comprising the catalogs of Rodgers & Hammerstein TheatricalsSamuel FrenchTams-Witmark, and The Andrew Lloyd Webber Collection, plus dozens of new signings each year. Its unparalleled roster includes the work of Irving Berlin, Agatha Christie, George & Ira Gershwin, Marvin Hamlisch, Lorraine Hansberry, Kander & Ebb, Tom Kitt, Ken Ludwig, Marlow & Moss, Lin-Manuel Miranda, Anaïs Mitchell, Dominique Morisseau, Cole Porter, Rodgers & Hammerstein, Thornton Wilder, and August Wilson. It is the only company providing truly comprehensive services to the creators and producers of plays and musicals, including theatrical licensing, music publishing, script publishing, cast recording, and first-class production.

CONCORD ORIGINALS is the film and TV division of music and theatre juggernaut, Concord. The team develops and produces stories anchored by Concord’s artists, music and theatrical works, taking a proactive, narrative-driven approach to each project, and partnering with A-list storytellers to produce premium content for screen and beyond. The division’s slate is comprised of feature films, series, documentaries, and podcasts and its partners include HBO, Paramount, Netflix, Skydance, Telemundo Streaming Studios, Audible, Nuyorican Productions, White Horse Pictures, 3AD, Sky Arts, and many others.