26th August 2019

– Capital commitment doubled, reflecting success of first venture
– Scope for further Apollo backing extends capacity for larger deals

London, 26 August 2019: Specialist retail sector investor Alteri Investors (“Alteri”) today announces the launch of its second investment vehicle, Alteri Investors II (“Alteri II”) with the backing of funds and accounts managed by affiiliates of Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo,” and such funds and accounts, “Apollo Funds”) (NYSE: APO).

Alteri has developed an impressive track record since its launch in late 2014, as a joint venture between Apollo Funds and Alteri management. With in-house operational expertise and a remit to source investment opportunities across the European retail sector, Alteri has built a broad portfolio of businesses. It has had particular success in Germany, including CBR Fashion, one of Germany’s leading womenswear businesses, and leading multi-channel retailer Versandhaus Walz, which has successfully undergone a comprehensive turnaround. The UK’s leading rent-to-own specialist Brighthouse remains the other current investment within the existing portfolio. Exited investments cover a range of equity, debt and direct lending transactions across multiple retail sectors and Western European geographies, notably in Germany, Switzerland, the Netherlands and the UK.

Following Alteri’s successful first venture, Apollo Funds have committed more than double the amount of capital to Alteri II. Additionally, Alteri II may have access to additional funds to co-invest in larger transactions with funds managed by Apollo, enabling it to target businesses with sales of up to c.£3 billion. Alteri II will continue to invest in European retailers with sales in excess of £100 million, targeting a broad range of opportunities from performing businesses facing structural or stakeholder issues, to companies which require fundamental financial and operational transformation.

Alteri II is expected to expand the Alteri platform’s geographic footprint with greater emphasis on the Spanish and Italian markets, alongside its existing core markets of the UK, DACH, Benelux and Nordic regions.

Alteri Founder and CEO Gavin George stated, “We are extremely excited about the launch of our second investment vehicle. We believe that Alteri’s unique combination of financial firepower and retail expertise can help management teams unlock the potential in their businesses. With the European retail market going through a truly transformational period we believe the time is right to launch our second venture. With continued backing from Apollo Funds, we look forward to an even more successful future.”

Rob Ruberton, Apollo Partner and co-head of the firm’s Hybrid Value strategy, commented, “We are delighted with Alteri’s performance to date, which has exceeded our expectations and delivered over 2x returns on capital. Doubling our capital commitment underlines our confidence in Gavin and the Alteri team’s ability to source and execute profitable, downside-protected investments in the retail sector.”

About Alteri Investors

Alteri Investors is an operationally driven specialist investor, focused exclusively on the European retail sector. It was launched in November 2014, as a joint venture between Alteri’s management and funds managed by affiliates of leading alternative investment manager Apollo Global Management, LLC.

Retail sector expertise, a hands-on style and deep transformational skills lie at the heart of Alteri’s approach, enabling it to support management teams and optimise value creation. Alteri’s proven expertise is combined with access to substantial capital for investment. Alteri is based in Mayfair, London.

About Apollo

Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $303 billion as of March 31, 2019 in private equity, credit and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit



Clinton Manning
Sam Cartwright

020 7379 5151

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