Apollo’s RRAM Buys CLO Manager Irradiant, Adding $11 Billion

Redding Ridge Asset Management, an affiliate of Apollo Global Management Inc., is purchasing collateralized loan obligation manager Irradiant Partners LP, as credit firms continue to merge as part of their growth efforts.

Apollo will assume about $2.2 billion of private credit and renewable assets from Irradiant as part of the deal, while RRAM will add almost $11 billion of CLO assets to its firm. With the deal, RRAM will become one of the largest CLO managers in the US with about $38 billion of assets, according to a statement. RRAM will fund the purchase using cash on ...