Redding Ridge Asset Management (RRAM), an independently managed affiliate of Apollo, announced it has agreed to acquire Irradiant Partners, an alternative investment manager specializing in liquid credit, private credit, and renewables.
With this deal, RRAM will add $10.7 billion of CLO AUM, further scaling the business and creating a top five CLO manager with approximately $38 billion of AUM. In addition, Apollo will add $2.2 billion of private credit and renewables AUM from Irradiant. The financial terms of the acquisition have not been disclosed.
Irradiant was created in 2021 and was founded by Michael Levitt, John Eanes and Jon Levinson. Following the closing of the deal and achieving all regulatory approvals, Eanes will be named Chief Investment Officer of RRAM US and Levitt and Levinson will join Apollo.
Redding Ridge Asset Management was launched in 2016 as an independently managed affiliate of Apollo. And in less than a decade has grown to become one of the largest collateral managers for CLO transactions and related warehouse facilities in the US and Europe. RRAM is in two principal businesses of CLO management and partnership investments, and it maintains a credit-first, disciplined investment strategy to serve its investors.
The deal is subject to regulatory approval; a first close of a majority of the business, including liquid and private credit, is expected in Q2 2025. And RRAM will fund the acquisition with cash on its balance sheet. RRAM and Apollo expect to retain a majority of Irradiant’s employees, which will provide continuity of management for Irradiant’s existing funds as well as expand RRAM’s US portfolio management team and provide complementary operations and support capabilities to help drive RRAM’s continued growth.
Sidley Austin is serving as legal counsel and Greensledge Capital Markets is serving as financial advisor to RRAM and Apollo. And Weil, Gotshal & Manges is serving as legal counsel and Piper Sandler is serving as financial advisor to Irradiant Partners.
These are the leadership bios
1.) John Eanes, incoming CIO for RRAM US, is currently co-CEO and head of liquid investments at Irradiant. Previously, Eanes spent over a decade at Ares and started his career at Lehman Brothers. Eanes is a graduate of the University of Pennsylvania.
2.) Jon Levinson is currently co-CEO and head of private investments at Irradiant. Previously, he was a Partner at TPG-Axon Capital Management and started his career in private equity at TPG Capital. Levinson is a graduate of Yale University.
3.) Michael Levitt is currently the Chairman of Irradiant. And he previously founded Stone Tower Capital in 2001 and grew it into a $17 billion AUM platform before its acquisition by Apollo in 2011. He began his career in banking and private equity and holds a BBA and JD from the University of Michigan.
KEY QUOTES:
“We are in a market where scale and operating leverage are critical to portfolio management as well as the business model. This acquisition of Irradiant creates one of the best capitalized global CLO managers with over $38 billion of AUM. The addition of their leadership team, including John Eanes as RRAM US CIO, will strengthen our franchise and solidify Redding as one of the most recognized and trusted issuers.”
– Bret Leas, RRAM Board Member and Apollo Partner and Co-Head of ABF
“With my partners Mike and Jon and our dedicated team, we are proud to have built Irradiant into a leading alternative credit business. 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.”
– John Eanes, Co-CEO of Irradiant and incoming Chief Investment Officer of RRAM US
