Virginia Retirement System allocates $250m for Apollo European Principal Finance Fund IV

The Virginia Retirement System (VRS) has placed $250 million in Apollo European Principal Finance Fund IV, a distressed debt fund managed by Apollo Global Management

Apollo’s principal finance fund platform focuses on complex, misunderstood and mispriced real assets, according to Apollo’s website. The firm’s European Principal Finance business has grown to become the second-largest, closed-end fund product at Apollo.

The business is positioned to capture European deleveraging opportunities across non-performing loans, opportunistic and distressed real estate assets, and a variety of asset types that no longer work on regulated balance sheets.

Fund IV was launched in late 2021.