It’s BlackRock vs. Apollo in war to bank corporate America
With a little-noticed deal this week for senior-care clinics, BlackRock entered the lending space, which Apollo has had to itself until now.
BlackRock and Apollo are locked in a fierce financial battle to capture corporate America, according to a recent deal involving senior-care clinics. This marks Larry Fink's entry into a domain previously dominated by Apollo, which had previously ventured into this space with its "capital solutions" business, established in 2024. The idea behind this venture was to provide asset managers with opportunities that banks couldn't access due to post-2008 regulations.
Apollo has made significant strides in this arena, securing $800 million in loans for companies like Intel and Keurig Dr Pepper last year, bringing its total capital solutions business to a $1 billion target. This move came two years after the two financial giants were predicted to emerge victorious in the unconventional debt landscape that had emerged from the aftermath of the global financial crisis.
Larry Fink's BlackRock seems keen to make its presence felt in this sector with a recent $2.8 billion loan to Humana, a senior-care clinic operator. While Apollo had a head start in this turf war, BlackRock's foray into this space with this deal suggests that Fink's firm is ready to assert its dominance.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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