Alteri launches second fund

Founded as a joint venture between US-based Apollo and the former management team of retail restructuring firm GA Europe, Alteri is a specialised retail investor.

The fund closed on double the raised capital of its predecessor fund. Alteri's debut vehicle closed in 2014 and is currently tracking at returns of 2x, according to a statement. The fund volume was not disclosed.

Alteri investments include Germany-based CBR Fashion and Versandhaus Walz, and UK-based Brighthouse.

Investors
The fund's capital has been committed by Apollo, which is investing from its Hybrid Value Fund. The fund held its first close on $2.2bn in August 2018 and is a debt-equity hybrid vehicle.

Investments
Alteri invests exclusively in the retail sector in western Europe. Its funds offer equity and senior and junior debt to its portfolio companies. With a focus on distressed situations in Germany, Switzerland, the Netherlands and the UK, Alteri Investors II is expected to expand into the Spanish and Italian markets.

The firm typically invests in companies with revenues of €100m-3bn, with a preference for management buyouts. The fund also invests in management buy-ins, secondaries and carve-outs.

People
Apollo Global Management – Rob Ruberton (partner).
Alteri Investors – Gavin George (CEO).

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