Apollo Completes Acquisition of Griffin Capital, Renames Griffin Interval Funds

Global asset management firm Apollo (NYSE: APO) has completed its acquisition of the US asset management business of Griffin Capital.

Global asset management firm Apollo (NYSE: APO) has completed its acquisition of the US asset management business of Griffin Capital. As a result of the final close, Apollo has added two investment products to its platform as well as the associated asset management team.

This follows the March 2022 close of Griffin’s wealth distribution business, through which Apollo added approximately 60 client-facing distribution professionals to its Global Wealth business.

As a result of the final close, the Griffin Institutional Access Real Estate Fund and the Griffin Institutional Access Credit Fund, both closed-end interval funds, are now advised by Apollo and have been renamed the Apollo Diversified Real Estate Fund and Apollo Diversified Credit Fund, respectively. The two interval funds have approximately $6.5 billion in total assets under management, as of April 30, 2022.

“We are excited to close the Griffin Capital acquisition, which has added significant scale, new capabilities and additional investment products to our fast-growing Global Wealth business,” Stephanie Drescher, chief client and product development officer of Apollo. “We continue to execute against our ambitious global growth plans to bring more of Apollo’s alternative strategies to individuals and their wealth advisors.”

Apollo has also been building its pipeline of alternative products for individual investors. In January 2022, it launched a non-traded perpetual-life business development company, Apollo Debt Solutions BDC, which has raised more than $1.5 billion of equity.

Apollo shares closed at $51.73 on Tuesday, down $0.19 or 0.37 percent from the previous close.

As of December 31, 2021, Apollo had approximately $498 billion of assets under management.

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