Apollo affiliate Redding Ridge AM acquires Irradiant Partners
Redding Ridge Asset Management – an independently managed affiliate of Apollo – has acquired liquid credit specialist Irradiant Partners.
The deal will add approximately $11bn (£8.7bn) of collateralised loan obligation (CLO) assets to Redding Ridge’s business, making it one of the top five CLO managers with assets under management (AUM) of approximately $38bn.
In addition, Apollo will add $2.2bn of private credit and renewables AUM from Irradiant.
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Irradiant was established in 2021 and was founded by Michael Levitt, John Eanes and Jon Levinson.
Once the acquisition has been formalised and all regulatory terms have been met, Eanes will be named chief investment officer of Redding Ridge Asset Management US. Meanwhile, Levitt and Levinson will join Apollo.
“We are in a market where scale and operating leverage are critical to portfolio management as well as the business model,” said Bret Leas, Redding Ridge Asset Management board member and Apollo partner and co-head of asset backed finance.
“This acquisition of Irradiant creates one of the best capitalised global CLO managers with over $38bn of AUM.
“The addition of their leadership team, including John Eanes as Redding Ridge Asset Management US chief investment officer, will strengthen our franchise and solidify Redding as one of the most recognised and trusted issuers.”
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Redding Ridge was founded in 2016 as an independently managed affiliate of Apollo, and has grown to become one of the largest collateral managers for CLO transactions and related warehouse facilities in the US and Europe.
“With my partners Mike and Jon and our dedicated team, we are proud to have built Irradiant into a leading alternative credit business,” said Eanes.
“As part of Redding, we will benefit from additional scale, resources and a like-minded investment philosophy. I look forward to leading the US business, working with the teams at Redding and Apollo to serve an expanded investor base and continue our growth journey.”
The acquisition is subject to regulatory approval. A first close of a majority of the business, including liquid and private credit, is expected in the second quarter of 2025.
Redding Ridge Asset Management will fund the acquisition with cash on its balance sheet.
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