Apollo’s ATLAS SP Announces Investment from MassMutual
- MassMutual becomes a minority equity owner in ATLAS SP Partners and a capital partner to the ATLAS platform.
- The multi-billion-dollar investment allows MassMutual to access investment-grade asset-backed credit originated by ATLAS SP and Apollo's ABF franchise.
- The partnership strengthens ATLAS SP's capacity to provide asset-backed solutions to its financing clients.
- MassMutual's investment aims to generate additional earnings for policyowners and customers.
- ATLAS SP has originated $24 billion in assets since its launch in February 2023.
- Apollo believes there is a generational opportunity in asset-backed finance to provide excess return per unit of risk for investors.
- None.
NEW YORK, April 24, 2024 (GLOBE NEWSWIRE) -- Apollo (NYSE: APO) and MassMutual today announced that MassMutual has become a minority equity owner in ATLAS SP Partners (ATLAS) and a capital partner to the ATLAS platform. ATLAS is the warehouse finance and securitized products business majority owned by Apollo funds. As part of the multi-billion-dollar commitment, MassMutual has also agreed to invest in Apollo’s Asset-Backed Finance (ABF) franchise.
These investments will allow MassMutual to access predominately investment-grade, asset-backed credit originated by ATLAS SP and across the broader Apollo ecosystem, alongside Apollo’s retirement services businesses. The commitments will also bolster ATLAS SP’s capacity to provide warehousing and other investment grade asset-backed solutions to the more than 200 financing clients of ATLAS SP.
Apollo CEO Marc Rowan said, “We are delighted to partner with MassMutual, a like-minded financial services company that recognizes the opportunity to generate excess spread in the vast private investment grade market, including asset-backed finance. As one of our country’s most respected protection and retirement planning providers, this transaction creates an opportunity for MassMutual to generate additional earnings to benefit policyowners and their families.”
MassMutual Chief Investment Officer Eric Partlan said, “This transaction is a unique market opportunity that enables MassMutual to access a scaled origination ecosystem and complements the capabilities of our wholly owned asset manager, Barings. Importantly, it represents a strategic investment within our broad portfolio that helps us deliver on our long-term commitments to our policyowners and customers.”
More on ATLAS SP and Apollo ABF
Since its launch in February 2023, ATLAS SP has originated approximately
Apollo Co-President Jim Zelter said, “We believe that there is a generational opportunity to originate excess return per unit of risk for our investors in asset-backed finance. ATLAS SP is a key driver of our asset-backed finance franchise, and MassMutual’s commitment to the business reaffirms our focus of being a solutions provider in this massive, primarily investment grade market.”
ATLAS SP is part of Apollo’s broader ABF franchise which originates credit backed by tangible assets, such as auto, aviation and equipment finance, as well as financial assets, including secured cash flows from royalties, mortgages and more. Apollo believes the private ABF market is a
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Apollo and affiliated entities in these transactions, while Simpson Thacher & Bartlett LLP was legal counsel MassMutual.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2023, Apollo had approximately
About MassMutual (Massachusetts Mutual Life Insurance Company)
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.
About ATLAS SP
ATLAS SP is a global investment firm providing stable capital, financing, advisory and institutional products to market participants seeking innovative and bespoke structured credit and asset backed solutions. We’re proud to build upon a legacy of client excellence that includes certainty of execution, deep expertise and full-service capabilities across the asset management landscape. For more information, visit www.atlas-sp.com.
CONTACTS
Apollo:
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com
Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com
MassMutual Media Relations:
Chelsea Haraty
413-426-2008
chelseaharaty@massmutual.com
ATLAS SP:
atlas-sp@joelefrank.com
FAQ
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