Apollo prioritises debt over equity for $50bn-target clean transition platform

The firm has announced plans to raise private equity climate fund this year, but the lion's share of its energy transition strategy will be debt and 'hybrid' capital.

Apollo sees debt and ‘hybrid’ capital as the mainstay of its energy transition platform, with private equity forming a smaller component.

“The scale of money required [for the transition] is like nothing else we’ve ever seen,” said chief executive Marc Rowan during last week’s second quarter earnings call. “What kind of money is that? Most of what we see is debt and hybrid.

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