Apollo Investment Corporation functions as an externally managed, non-diversified, closed-end investment firm, designated as a business development company (BDC) under the Investment Company Act of 1940. The firm specializes in private equity opportunities, targeting leveraged buyouts, corporate acquisitions, recapitalizations, growth capital, refinancing, and privately-held middle-market enterprises. Its financing solutions are comprehensive, encompassing direct equity, mezzanine capital, various secured loan structures (such as first lien, stretch senior, unitranche, second lien, and senior secured), along with unsecured and subordinated debt. Furthermore, Apollo Investment Corporation participates in Private Investments in Public Equity (PIPEs). The fund's portfolio may also include thinly traded public company securities, secondary market acquisitions, and structured financial products. It shows a preference for preferred equity, common equity/interests, and warrants, often engaging in equity co-investments. The corporation's broader investment mandate extends to cash equivalents, U.S. government securities, short-term high-grade debt instruments, high-yield bonds, distressed debt, non-U.S. investments, and publicly traded securities that are not thinly traded. It also focuses on structured credit products like collateralized loan obligations (CLOs) and credit-linked notes (CLNs). Apollo Investment Corporation directs its capital across a diverse array of sectors, including construction and building materials, business services, plastics & rubber, advertising, capital equipment, education, cable television, chemicals, consumer products (durable and non-durable), customer services, direct marketing, energy (oil & gas, electricity, and utilities), aerospace & defense, wholesale, telecommunications, financial services, hospitality (hotels, gaming, leisure, restaurants), environmental industries, healthcare and pharmaceuticals, high technology, beverages, food and tobacco, manufacturing, diversified media and production, printing and publishing, retail, automation, aviation and consumer transport, transportation, cargo, and distribution. Primarily focused on the United States, the fund typically allocates between $20 million and $250 million per portfolio company, aiming for investments with stated maturities ranging from five to ten years.
