Singapore's GIC in Talks to Invest in Apollo's Atlas SP Partners

According to Yahoo News, Singaporean sovereign-wealth fund GIC is in discussions to invest in Atlas SP Partners, the securitization business acquired by Apollo Global Management Inc. from Credit Suisse Group AG. The terms of the agreement, including the size of GIC's planned investment in the platform, remain undisclosed. Representatives for Apollo and Atlas SP declined to comment, and a GIC representative did not immediately respond to a request for comment. A potential capital injection from GIC would follow Apollo's efforts to raise capital to expand Atlas SP's balance sheet to over $50 billion from around $40 billion in February. The platform bundles debt, such as car loans and mortgages, into bonds that it sells and requires funding to temporarily finance assets that are packaged into securities. In June, Apollo announced that the Abu Dhabi Investment Authority provided a cornerstone capital commitment to Atlas SP and that it had 'substantial additional capital raising underway.' Atlas SP, led by CEO Jay Kim, has been active in recent months. In October, the firm was part of an investor group that agreed to provide a $1.1 billion delayed-draw mortgage facility to open-air shopping center landlord Site Centers Corp. Atlas SP also led a $200 million warehouse facility for Above Lending, which specializes in consumer installment loans, and separately led a securitization for equipment-financing company Equify Financial.