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Apollo to Acquire Griffin Capital’s Wealth Distribution, Asset Management Units
Apollo said Thursday it would acquire the U.S. wealth distribution and asset management businesses of Griffin Capital. Terms weren’t disclosed. The acquisition will integrate Griffin’s distribution team into Apollo’s Global Wealth Management Solutions business, which is focused on the development and distribution of alternatives to individual investors and their wealth advisors.
Additionally, Apollo will acquire Griffin’s asset management business, which includes a strong investment team and more than $5 billion of assets under management in individual investor-focused products. Los Angeles-based Griffin was among the earliest firms to launch the interval fund structure.
Apollo CEO Marc Rowan said, “The democratization of finance brings tremendous opportunity for individual investors to access alternatives. With the acquisition of Griffin, we will significantly advance our US wealth market growth plans that we presented at our recent Investor Day.
“As one of the first firms to bring alternative strategies to the individual investor and advisor market in the U.S., Griffin has built trusted relationships over 20-plus years, and in combination with Apollo can offer the market a broader set of solutions,” he continued.
Kevin Shields, chairman and CEO of Griffin Capital, said, “Apollo is committed to building its Global Wealth business, and they have the resources to foster growth of our existing interval fund business and bring creative, new alternative solutions to individual investors. I could not be more thrilled that Apollo recognizes the talent of the Griffin team, across distribution, asset management and supporting functions.”
The acquisition is subject to customary closing conditions, including approval by stockholders of the Griffin Institutional Access Real Estate Fund and the Griffin Institutional Access Credit Fund, and also to the closing of the previously announced merger of Apollo with Athene Holding Ltd. The Griffin deal is expected to be completed by the first half of 2022.
Pictured: Apollo headquarters at 9 W. 57th St. in Manhattan. Photo credit: Alex Maisuradze/Wikipedia.
- ◦Sale/Acquisition
