Andrew Hedlund
The new $45m bid comes after NexPoint Advisors made an offer for combining MCC into its sister BDC, Sierra Income Corporation.
The firm’s new investments were still tilted toward unitranche loans, but senior secured loans made up a larger share than in the third-calendar quarter.
Eric Hansen’s departure late last year followed that of Chet Zara, another senior-level investment professional who left last February.
The US-headquartered firm’s initial vehicle posted better results in its $377m of senior debt investments than when also taking mezzanine positions into account.
Apollo is in the vanguard of the trend as managers seek to lessen their reliance on drawdown vehicles.
The firm joins the ranks of other business development companies that have successfully sought approval to do so.
The firm’s recent initiatives include the acquisition of aircraft leasing investment firm Apollo Aviation Group and the launch of an opportunistic credit fund, distinct from its distressed debt vehicles.
The exec will oversee the latter firm’s alternatives business, which includes an emerging markets private debt fund.
The firm also reiterated its plan to not begin its investment period on its latest distressed vehicle because of fee concerns.
The lower mid-market lender will receive additional capital to increase its hold-size and the breadth of its origination capabilities.