Apollo/Athene Dedicated Investment Program raises $3bn

The Apollo/Athene Dedicated Investment Program (ADIP), the investment fund managed by Apollo that will help fund Athene Co-Invest Reinsurance Affiliate (ACRA), raised $3 billion of capital commitments in the period through October 2019.

ACRA was formed in May 2019, giving Athene the flexibility to simultaneously deploy capital across multiple accretive avenues, while maintaining a strong balance sheet position.

Athene Life Re had risk based capital of 420 percent in Q3, it was revealed in Athene’s Q3 results.

Athene said it generated $609 million of new deposits in Q3 in its flow reinsurance business, in line with the prior year quarter. However it was meaningfully lower than the performance in Q2, driven by adjustments to quota share levels in response to lower interest rates as Athene maintained pricing discipline.