Apollo launches €10 billion European credit platform

LONDON, Nov 2 (Reuters) - ‌Global asset ​manager ​Apollo launched a €10 billion ($11.2 billion) European credit platform on Monday, targeting growing ‌demand for private financing as the continent ⁠boosts investment in defence, energy and infrastructure.

• The ‌platform, European Credit Company (ECC), ‌will provide corporate and asset-backed lending to companies, sponsors and real asset owners, Apollo said ​in a statement

• The platform is the latest example of a boom in ⁠private credit funds, with rating agency Moody's predicting assets under management ​exceeding $2 trillion in 2026 and approaching $4 trillion by 2030

• ECC is also ​backed by sovereign wealth fund ‌Abu Dhabi Investment Council, European insurance group Athora, Japanese bank Norinchukin, UK-based ⁠Standard Chartered and US alternative investment firm Aranda

• ECC has a presence in Frankfurt, Jersey, London, Luxembourg ⁠City and Milan, Apollo said

• The platform will be ​led by Chief Executive Officer Giacomo Petrobelli and Chairman Christian Meissner and work with the larger Apollo ‌franchise, the statement said

• "The formation of ECC is driven by a generational ‌opportunity to mobilise global pools of capital ⁠to finance Europe’s ‌long-term growth agenda," ​Petrobelli said in the statement($1 = 0.8948 euros)

(Reporting by Muvija M; Editing by Xevi ‌Fontdegloria)

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