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Apollo Credit Fund Posts 10% Gain on Hertz, Grocery Bets (1)

Jan. 14, 2022, 7:39 PM

Apollo Global Management Inc.’s flagship credit hedge fund posted a double-digit gain last year largely on the back of Hertz Global Holdings Inc., according to people with knowledge of the matter.

The $4.2 billion Apollo Credit Strategies Fundreturned a net 10% through December 2021, said the people, who asked not to be identified because the matter is confidential. The return easily bested the ICE Bank of America High-Yield Index, which gained 5.4% last year.

A representative from Apollo declined to comment.

Apollo, which committed $1.5 billion of preferred equity to Hertz, reaped a windfall after the ...

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