Accord+ closes on $2.4bn

Apollo has held a final close for the latest iteration of its flagship Accord private credit strategy.

Fund name: Apollo Accord+ Fund
Amount raised: $2.4 billion
Stage of fundraising: Final close
Time on the road: 11 months
Predecessor Fund: Apollo Accord Fund IV ($2.34 billion)

Apollo Global Management has held a final close on $2.4 billion in commitments for the Apollo Accord+ Fund, according to a press release from the $523 billion asset manager.

The fund primarily targets performing, dislocated, privately originated and asset-backed credit opportunities across North America.

The new capital commitments bring total fundraising for the overarching Accord strategy to approximately $11 billion since inception in 2017, of which approximately $4.5 billion was raised in the past 12 months. Investors have targeted the Accord strategy in the last couple of years as a consequence of seeking credit investment opportunities during periods of volatility.

Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Apollo in the formation of and fundraising for Accord+, as well as for the previous fund in the series, Apollo Accord Fund IV, which closed on $2.34 billion in commitments from investors including the Florida Retirement System Trust Fund and the Oklahoma Police Pension Retirement System.

Paul, Weiss maintains a long-standing partnership with Apollo, advising on fundraising activity across many of Apollo’s private credit, private equity, real estate and infrastructure vehicles.

Both LPs have also committed to the other Accord fund in the market, Apollo Accord Fund V, which launched in December 2021 and had raised $677 million as of 30 June, according to Private Debt Investor data.