Apollo Acquires N.C.'s Gulf Stream Asset Management

Jul 8 2011 | 8:40am ET

New York-based private equity firm Apollo Global Management will acquire Gulf Stream Asset Management, which manages 10 collateralized loan obligations and has over $3 billion AUM.

The transaction, the value of which was not revealed, will bring Apollo’s assets under management in its capital markets business to about $27 billion. The deal is expected to close in Q3 2011.

Founded in 2002, Gulf Stream is a leading asset manager primarily focused on the U.S. corporate credit markets for institutional investors. The company is headquartered in Charlotte, N.C. with a corporate office in New York.

James Zelter, managing director of Apollo Global Management’s capital markets business, said, “This transaction is a strategic extension of our CLO franchise and we believe strengthens our position as a leader among the new breed of loan managers.

“We believe that scale is essential in our industry and, following our recent IPO for the Apollo Senior Floating Rate Fund and in closing several new CLO transactions over the past year, we are looking forward to working with members of the Gulf Stream team. We believe this transaction further solidifies our position as one of the largest loan managers in the world and expands the depth and diversity of our product offerings.”

Gulf Stream’s founder and president, Mark Mahoney, will join Apollo as a partner.

Apollo is a leading global alternative asset manager with offices in New York, Los Angeles, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo had assets under management of $70 billion as of March 31, 2011, in private equity, credit-oriented capital markets and real estate funds.

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