Apollo Global Management, ICICI Venture to end joint venture AION Capital

In a sudden move, US private equity giant Apollo Global Management has parted ways with ICICI Venture in their joint venture AION Capital Partners, which specialises in stressed assets.

The two firms will continue with AION fund 1, which had raised $850 million, till their investments are redeemed and the fund wound up in the next few years. Apollo and ICICI Venture, a subsidiary of ICICI Bank, will pursue their future business opportunities in special situations and credit independently from each other.

Apollo is seeking to start its own credit investment business in India, Bloomberg quoted people familiar