Leon Black’s Apollo Global Management Raises $722 Million CLO

Apollo Global Management LLC (APO) raised a $722 million collateralized loan obligation, the largest CLO sold this year.

ALM VII, is the third such fund Apollo has issued this year, the firm said today in a statement distributed by Business Wire. Leon Black’s Apollo sold a $436.7 million fund in February and a $514 million deal in June, according to data compiled by Bloomberg.

CLOs are a type of collateralized debt obligation that pool high-yield, high-risk loans and slice them into securities of varying risk and return.

The deal for New York-based Apollo surpassed Ares Management LLC’s $718.9 million fund issued in August as the largest CLO backed by widely syndicated loans arranged this year, according to data compiled by Bloomberg.

To contact the reporter on this story: Kristen Haunss in New York at khaunss@bloomberg.net

To contact the editor responsible for this story: Faris Khan at fkhan33@bloomberg.net