Apollo buys 50% stake in Broad Reach at $600m EV, committed up to $400m additional investments with other shareholders | AltAssets Private Equity News
Summary
Apollo, together with other existing shareholders, have committed a up to $400m additional equity investment to fund the company’s expansion and growth pipeline. It made a $150m equity commitment in August to FlexGen Power Systems, an integration services and software tech provider for energy storage solutions. Over the past two years, it had also invested in offshore wind developer US Wind, entered into a new venture with Johnson Controls to provide sustainability and energy efficiency services, formed a joint venture to accelerate the growth of renewables royalties company Great Bay Renewables and invested in electric-driven gas compression company TOPS, among other energy efficiency deals. Over the summer, the firm was reportedly raising $500m for a new fund dedicated to backing special purpose acquisition companies. It raised more than $2.3bn for the final close of its latest Accord fund targeting dislocated credit deals.
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