Apollo names new BDC head

Howard Widra, formerly the head of Apollo-owned MidCap Financial, is taking over the reins from Ted Goldthorpe.

Apollo Investment Corporation (AINV) announced Monday (6 June) that it has named Howard Widra as its president. Widra replaces Ted Goldthorpe, who resigned from his roles as president of AINV and chief investment officer of Apollo Investment Management (AIM), according to the statement.

“We thank Ted for his significant contributions over the last several years and wish him well in his future endeavors,” said AINV chief executive James Zelter in the statement. “We are excited about the opportunity for Howard and his team to further the company's strategic plan amid the pullback of traditional financial institutions and the recent credit market volatility,” he said.

 An AINV representative declined to comment on Goldthorpe's future plans.

Widra joined Apollo Global Management in 2013, serving most recently as co-head of direct origination. Previously, he was chief executive officer and co-founder of MidCap Financial, which Apollo acquired that year through its insurance subsidiary Athene. Prior to MidCap, he was the founder and president of Merrill Lynch Capital healthcare finance and president of GE Capital commercial finance.

The statement announcing Widra's appointment also revealed two other related personnel changes.

AIM deputy chief investment officer Tanner Powell has been named chief investment officer of that unit, replacing Goldthorpe. Powell is currently a direct origination portfolio manager at AINV. Before joining Apollo in 2006, he held positions at Goldman Sachs and Deutsche Bank.

In addition, Patrick Ryan has been named chief credit officer of AIM in order to formalise his existing role, according to the statement. Prior to joining Apollo in 2015, Ryan served as chief credit officer at Citigroup and vice president at Chemical Bank, according to his LinkedIn profile. 

On its May conference call discussing a disappointing first quarter, AINV executives said that energy investments had been a drag on earnings and the main reason for a recent decline in net asset value. Zelter said on the call, however, that recently-granted co-investment relief from the SEC would benefit the company going forward by allowing it to make bigger loans and exert more influence on portfolio companies.

AINV is the BDC of Apollo Global Management and is managed by AIM. The firm provides secured and unsecured debt to private mid-market companies, typically with an aggregate tranche size of less than $250 million.

Overall, Apollo Global Management is an alternative investment manager with $173 billion in assets in private equity, real estate and credit platforms. Its credit platform manages about $124 billion and includes performing and non-preforming loans, distressed debt, mezzanine debt, structured credit and other instruments. Founded in 1990, the firm maintains offices throughout North America, Europe and Asia.