Apollo Looks to Greece for New Investment Opportunity

21/11/2014

By Simon Clark

Greece Has Specific Opportunities Particularly in the Banking System, Says Apollo

Apollo Global Management LLC, a New York-based investment company that seeks opportunities in distressed economic situations, has started looking at Greece, whose economy has been ravaged since the global financial crisis began in 2008.

It is Apollo’s first foray into Greece.

“Greece is definitely on the map now,” Andres Rubio, a partner at the firm, said on Thursday at the Super Investor private equity conference in Paris. “It has a lack of depth compared to Italy or Spain, obviously, but it does have very specific opportunities, particularly coming out of the banking system.” He added that other funds are also looking at opportunities in Greece.

Mr. Rubio explained that Apollo can find money making opportunities even in challenging economic situations. “Bad macro is actually good for me because I can buy assets. There is more dislocation of the market, there are more noncore businesses that are weighing heavily on businesses that need to restructure,” he said. “Up-and-down macro is actually good because it creates volatility.”

Apollo has invested “very significantly” in southern Europe, particularly in Spain, where since 2008 the firm has acquired assets including nonperforming loans, discounted consumer loans and a bank.

“We are very cautious when it comes to Greece but we are spending more time there,” he said.

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