Acquisition

Apollo Commercial Real Estate Finance this week sold the residential- and office-heavy portfolio to Athene, its insurance arm.

The move completes the integration of Alcentra and Benefit Street Partners, both of which are part of Franklin Templeton’s alternative credit platform.

The transaction marks EQT’s entrance into the secondaries market and expansion into insurance offerings, with secondaries doyen Jeremy Coller reporting to chief executive Per Franzén.

Silver Point partner writes that serial acquirers can overstate growth and camouflage costs.

The manager will expand its fixed income exposure through the all-cash transaction valued at $473m.