Infrastructure
Our Approach
Our infrastructure business is fully integrated with the Apollo platform and follows the same rigorous, flexible approach to investing as our other businesses. In addition to a strong investment track record across private equity in general, Apollo-managed funds and accounts have invested more than $14 billion across infrastructure and infrastructure-related opportunities since our firm’s inception. Our disciplined approach to infrastructure focuses on control-oriented acquisitions, corporate carve-outs, and opportunistic and structured solutions that tap into our deep capital markets experience. Many of our infrastructure investments are focused on renewable energy.
Apollo’s infrastructure team manages complexity through creative structuring and conservative underwriting. Our team includes over 25 dedicated infrastructure investment professionals across North America and Europe with deep sector experience. Apollo takes an integrated approach, allowing the infrastructure team to benefit from the firm’s capabilities across yield, hybrid and equity strategies.
At-A-Glance
$14B
Capital Deployed Across Infrastructure and Infrastructure-related Opportunities Since Inception
25+
Investment Professionals
As of June 30, 2024
Leading North American franchise in the mid-market
Value-oriented mindset and risk-mitigated strategy
Bilateral origination across Apollo’s integrated platform
How We Transact
Control Equity
Control equity transactions applying value creation experience
Corporate Carve-outs
Corporate carve-outs leveraging Apollo's proprietary skillset
Structured Solutions
Bespoke structured investments across the capital structure with potential downside protection
Case Studies
Apollo Funds’ joint venture with New Fortress Energy formed Energos Infrastructure, a maritime platform with critical infrastructure to power countries around the world.
Carving out Opportunities in Communications
In October 2020, Apollo-managed funds acquired Lendlease’s US-based telecom unit. The platform included a portfolio of operating cell towers and towers under development. The entity soon rebranded itself as Parallel Infrastructure, the name it held prior to being acquired by Lendlease in 2017.
Parallel Infrastructure is a leading Build-to-Suit (BTS) tower operator with close to one thousand macro cell towers across the US. The company counts major wireless carriers as customers including AT&T, Verizon, T-Mobile, and Dish.
The 2020 transaction leveraged Apollo’s deep carve-out expertise and marked the further expansion of Apollo’s investment activity in communications infrastructure via an established platform with strong industry credibility. Additionally, it represented a rare cell tower portfolio acquisition opportunity – with a strong asset base and a robust contract backlog – that also offered the potential for strong future growth.
Investment to Expand Renewable Energy in Maryland
In August 2020, Apollo-managed funds committed to invest up to $265 million to acquire an equity stake in US Wind, and fund development and construction costs associated with a major offshore wind energy project off the coast of Maryland.
Partnership to Promote Sustainability
In August 2021, Johnson Controls – a global leader for smart, healthy and sustainable buildings – and funds managed by Apollo formed a strategic partnership to provide sustainability and energy efficiency services to help customers address decarbonization and operating cost goals for their buildings.
The venture is intended to provide customers across the United States and Canada with performance-based energy efficiency and smart buildings services at no upfront costs and with predictable monthly fees.
The sustainability services will leverage Johnson Controls' decades of experience in energy efficiency performance contracting, along with its OpenBlue smart buildings technology and services, including the recently launched OpenBlue Net Zero Buildings as a Service. Apollo brings its infrastructure expertise and fund capital to offer customers flexible solutions to meet their energy savings and decarbonization objectives.
Related Insights
In a new episode of The View from Apollo podcast, Apollo Chief Economist Torsten Slok speaks with Randy Anderson, a partner in the Real Assets Group at Apollo, about how surging interest rates have contributed to unprecedented conditions in the US real estate market, and what might come next for real estate if rates stay higher for longer.
Higher interest rates have pressured real estate prices, but fundamentals remain stable across most property types. In this class, Scott Weiner, Global Head of RE Credit, examines the state of the real estate market and discusses the opportunity in RE debt in light of wider spreads, more lender-friendly terms, and significant refinancing needs.
Apollo Chief Economist Torsten Slok and Vice Chairman of Global Real Estate Philip Mintz discuss investment opportunities amid a still-volatile economic environment. They cover a lot: credit, equity, and real estate valuations, portfolio allocations, and much more.
