Apollo seeks to double India assets to $4 bn

The company aims to tap the booming private credit market—an opening also attracting other global giants

- Bloomberg

Apollo Global Management Inc. plans to double its assets under management in India to $4 billion over the next three years, as it looks to capitalize on the booming private credit market—an opening also attracting other global giants.

"India is a big opportunity for global private credit funds like us as traditional banks cannot fund the entire economic growth story," Matthew Michelini, head of Apollo's Asia-Pacific business, said in an interview. The New York-based asset manager, which has about $2 billion assets in India, mainly in private credit, is targeting sectors including infrastructure, financial services, leading industrials and supply chain finance. Local firms are also tapping it to help finance overseas acquisitions, Singapore-based Michelini said.