Apollo Global Management Llc., which is a leading international alternative asset manager, has recently taken over as the new general partner and fund manager of JP Morgan Asset Management’s India real estate platform. Apollo Global Management and JP Morgan are both US-based companies that have European and US investors as their limited partners.
This latest deal has expanded Apollo Global Management’s assets under management in the country to nearly half a billion dollars. The asset manager, as part of this deal, has also inducted four employees from JP Morgan to its team in India.
JP Morgan’s real estate portfolio in India includes around 15 investments that are located across a total of 5 cities in the country. The company has also raised two funds, namely India Property Fund and India Property Fund II, to make investments in hotel and residential projects between the years 2006 and 2016.
Apollo Global Management, in the year 2010, had acquired Citi Property Investors, which is Citigroup Inc.’s real estate investment division. The company had appointed Mr. Nipun Sahni, who was employed as MD, Real Estate and Private Equity, Merrill Lynch, to take over its real estate investment division in India.
In 2016, the company had also invested structured debt of Rs.400 crore in Logix Group, a Noida-based company. Apollo Global Management has so far invested nearly Rs.1,200 crore across various projects in the National Capital Region (NCR) and Mumbai.
Sources: Livemint, The Economics Times