CION and Apollo Restructure Relationship for BDC
July 14, 2017 | by Jared Schneider | Blue Vault
On July 11, 2017, CION Investment Corp. terminated its sub-adviser agreement with Apollo Investment Management in order to structure a 50%-50% joint venture between CION Investments and Apollo. The adviser, CIM, is now owned 50% by CION Investments and 50% by Apollo Investment Management. This restructuring most likely creates alignment between the two companies. Although the sub-adviser agreement was terminated, Apollo will serve in the same investment management capacity as it did before with the CION BDC.
The Company also increased the number of Board of Directors with the addition of appointed director, Joseph Glatt. Mr. Glatt, serves as General Counsel, Secretary and Vice President for Apollo Capital Management, L.P. He also holds a number of positions with other Apollo related entities.
CION Investment Corporation is the largest nontraded BDC currently offered in the independent broker-dealer community with over $1.5 billion in assets as of March 31, 2017. CION Investments has sponsored a number of alternative investment offerings, and currently offers a global credit interval fund, CION Ares Diversified Credit Fund, in addition to its BDC.
Learn more about CION Investment Group on our Sponsor Focus page.
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