LONDON, Nov 2 (Reuters) - Global asset manager Apollo launched a €10 billion ($11.2 billion) European credit platform on Monday, targeting growing demand for private financing as the continent boosts investment in defence, energy and infrastructure.
• The platform, European Credit Company (ECC), will provide corporate and asset-backed lending to companies, sponsors and real asset owners, Apollo said in a statement
• The platform is the latest example of a boom in private credit funds, with rating agency Moody's predicting assets under management exceeding $2 trillion in 2026 and approaching $4 trillion by 2030
• ECC is also backed by sovereign wealth fund Abu Dhabi Investment Council, European insurance group Athora, Japanese bank Norinchukin, UK-based Standard Chartered and US alternative investment firm Aranda
• ECC has a presence in Frankfurt, Jersey, London, Luxembourg City and Milan, Apollo said
• The platform will be led by Chief Executive Officer Giacomo Petrobelli and Chairman Christian Meissner and work with the larger Apollo franchise, the statement said
• "The formation of ECC is driven by a generational opportunity to mobilise global pools of capital to finance Europe’s long-term growth agenda," Petrobelli said in the statement($1 = 0.8948 euros)
(Reporting by Muvija M; Editing by Xevi Fontdegloria)