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Redding Ridge Asset Management to Acquire Irradiant Partners

1. RRAM acquires Irradiant Partners, adding $10.7B in CLO assets. This bolsters APO's affiliate scale. 2. Total AUM rises to ~$38B, enhancing RRAM's market position. Scale is vital for credit portfolio management. 3. Acquisition brings additional $2.2B in private credit and renewables AUM to Apollo. This diversifies APO’s asset mix. 4. John Eanes appointed as incoming CIO of RRAM US. Leadership change signals continuity and growth potential.

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Why Bullish?

The transaction reinforces APO's footprint in structured credit markets, similar to past successful scale-enhancing deals, which historically buoyed stock performance. Enhanced AUM and diversified assets are expected to improve revenue streams over time.

How important is it?

The acquisition directly enhances APO’s asset management scale and market reach, which is pivotal for its long-term growth and competitive positioning. The integration of Irradiant’s leadership and assets is a transformative move likely to have a meaningful impact on APO's valuation.

Why Long Term?

The deal strategically positions APO for sustainable growth by significantly expanding its asset base and operational capabilities. Comparable long-duration acquisitions have yielded performance improvements that materialized over several quarters.

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February 21, 2025 16:30 ET  | Source: Redding Ridge Asset Management RRAM, an Affiliate of Apollo, to add ~$11 billion of CLO assets bringing total AUM to ~$38 billion Irradiant’s John Eanes Named Incoming CIO of RRAM US NEW YORK, Feb. 21, 2025 (GLOBE NEWSWIRE) -- Redding Ridge Asset Management (RRAM), an independently managed affiliate of Apollo (NYSE: APO), today announced it has agreed to acquire Irradiant Partners, an alternative investment manager specializing in liquid credit, private credit and renewables. As a result of the acquisition, RRAM will add $10.7 billion of CLO AUM, further scaling the business and creating a top five CLO manager with approximately $38 billion of AUM. In addition, Apollo will add $2.2 billion of private credit and renewables AUM from Irradiant. Irradiant was established in 2021 and was founded by Michael Levitt, John Eanes and Jon Levinson. Following close of the acquisition and achieving all regulatory approvals, Eanes will be named Chief Investment Officer of RRAM US and Levitt and Levinson will join Apollo. Bret Leas, RRAM Board Member and Apollo Partner and Co-Head of ABF, said: “We are in a market where scale and operating leverage are critical to portfolio management as well as the business model. This acquisition of Irradiant creates one of the best capitalized global CLO managers with over $38 billion of AUM. The addition of their leadership team, including John Eanes as RRAM US CIO, will strengthen our franchise and solidify Redding as one of the most recognized and trusted issuers.” John Eanes, Co-CEO of Irradiant and incoming Chief Investment Officer of RRAM US, said: “With my partners Mike and Jon and our dedicated team, we are proud to have built Irradiant into a leading alternative credit business. As part of Redding, we will benefit from additional scale, resources and a like-minded investment philosophy. I look forward to leading the US business, working with the teams at Redding and Apollo to serve an expanded investor base and continue our growth journey.” Redding Ridge Asset Management was founded in 2016 as an independently managed affiliate of Apollo, and in less than a decade has grown to become one of the largest collateral managers for CLO transactions and related warehouse facilities in the US and Europe. RRAM is in two principal businesses of CLO management and partnership investments, and it maintains a credit-first, disciplined investment strategy to serve its investors. The acquisition is subject to regulatory approval; a first close of a majority of the business, including liquid and private credit, is expected in Q2 2025. RRAM will fund the acquisition with cash on its balance sheet. Financial terms of the acquisition are not disclosed. RRAM and Apollo expect to retain a majority of Irradiant’s employees, which will provide continuity of management for Irradiant’s existing funds as well as expand RRAM’s US portfolio management team and provide complementary operations and support capabilities to help drive RRAM’s continued growth. Sidley Austin is serving as legal counsel and Greensledge Capital Markets is serving as financial advisor to RRAM and Apollo. Weil, Gotshal & Manges is serving as legal counsel and Piper Sandler is serving as financial advisor to Irradiant Partners. Leadership Biographies John Eanes, incoming CIO for RRAM US, is currently co-CEO and head of liquid investments at Irradiant. Previously, Eanes spent more than a decade at Ares and started his career at Lehman Brothers. Eanes is a graduate of the University of Pennsylvania. Jon Levinson is currently co-CEO and head of private investments at Irradiant. Previously, he was a Partner at TPG-Axon Capital Management and began his career in private equity at TPG Capital. Levinson is a graduate of Yale University. Michael Levitt is currently the Chairman of Irradiant. He previously founded Stone Tower Capital in 2001 and grew it into a $17 billion AUM platform before its acquisition by Apollo in 2011. He began his career in banking and private equity and holds a BBA and JD from the University of Michigan. About Redding Ridge Asset ManagementRedding Ridge Asset Management is an independently managed affiliate of Apollo specializing in structured credit, with over $27 billion in AUM and two principal businesses: CLO Management and Partnership Investments. Our credit-first philosophy, disciplined investment strategy and strategic relationships help to set us apart in the industry. For more information about Redding Ridge, please visit www.rram.com About Irradiant PartnersIrradiant Partners is an employee-owned alternative asset manager focused on liquid credit, opportunistic credit, and renewable private equity and credit. Irradiant manages nearly $13 billion primarily for institutional investors including public and corporate pensions, endowments, foundations, and insurance companies. For more information, please visit www.irradiantpartners.com. About Apollo Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com. Contacts Redding Ridge ContactErik GobboHead of Investor RelationsRedding Ridge Asset Management646-969-2593egobbo@apollo.com Irradiant Partners ContactZach Axelrod, Managing Director, Head of Investor Relations424 222 8380info@irradiantpartners.com Apollo ContactsNoah GunnGlobal Head of Investor RelationsApollo Global Management, Inc.(212) 822-0540IR@apollo.com Joanna RoseGlobal Head of Corporate CommunicationsApollo Global Management, Inc.(212) 822-0491Communications@apollo.com

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