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Apollo Global Management, ICICI Venture to end joint venture AION Capital
- In a sudden move, US private equity giant Apollo Global Management has parted ways with ICICI Venture in their joint venture AION Capital Partners, which specialises in stressed assets.
- The two firms will continue with AION fund 1, which had raised $850 million, till their investments are redeemed and the fund wound up in the next few years.
- Apollo and ICICI Venture, a subsidiary of ICICI Bank, will pursue their future business opportunities in special situations and credit independently from each other.
- A representative for Apollo said the firm continued to see private equity, credit, and real estate opportunities in India.
- The firm will invest in the country from various pools, including its global flagship fund, where it can be “the most effective and opportunistic” and partner with “the largest groups in the country.
- AION was also in the race to buy part of the assets in crisis-ridden DHFL, but the deal got stuck.
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