Apollo Getting Dressed For Distressed

March 2008 | Private Equity News Alert

As global private equity firms reel from losses sustained in a deteriorating credit market, with private equity-backed mergers, buyouts and IPOs all dropping like flies, an alternative domestic option with some appeal in the US appears to be distressed debt. Apollo Management, is the latest giant PE house to get in on the action, announcing that it is investing US$1bn in distressed debt. The move follows news that Blackstone and Kohlberg Kravis Roberts raised similar sums for investment in distressed assets, Blackstone having raised US$1.4bn for a fund focusing on cheap loans and bonds while KKR is believed to have

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