Apollo sets leadership of impact strategy after co-head’s death last year

Apollo closed its debut Impact Mission Fund on about $1bn in 2022, the firm said at the time.

Apollo Global Management formalised leadership of its impact investing business in recent months in the wake of the death of co-head Marc Becker last fall, sources told affiliate title Buyouts.

Apollo, like other mega-cap private equity firms, expanded into impact investing that looks for investments with strong risk-adjusted return potential along with measurable social, governance and environmental impact.

Limited partners have become much more focused on assessing their managers’ efforts around sustainability and investment impact. A Goldman Sachs survey last year found that 75 percent of LP respondents considered sustainability a focus.

Apollo launched the impact business in 2020, led by Becker and Joanna Reiss. Apollo closed its debut Impact Mission Fund on about $1 billion in 2022, the firm said at the time. The group focuses on investments in economic opportunity, education, health, safety and wellness, industry 4.0 and resource sustainability, according to an investment report from New York State Common Retirement Fund.

Becker died in August after a cancer battle. Apollo late last year introduced LPs to the impacting investing group’s new leadership slate, sources said. It shifted firm veteran Steve Martinez to work as co-head of the impact business, alongside existing co-lead Reiss. It also named Patience Marime-Ball as chairperson of the impact investing business, who moved into the role formerly held by Lisa Hall.

Martinez joined Apollo in 2000 and has worked in various capacities, including as head of Asia-Pacific and head of the Hong Kong office from 2011-21. He also focused on shipping, leisure, media and general industrial sectors, according to his biography.

Marime-Ball spent her early career working with the IFC, where she was an investment officer and global head of banking on women, according to her LinkedIn profile. She is founder of Women of the World Endowment and an advisory committee member of Racial Justice Scorecard, her profile said.

Investments out of the fund include United Living Group, which provides infrastructure, maintenance and construction services to the affordable housing sector, which the firm acquired last year.

The group also invested in Reno De Medici, a Milan-listed producer of recycled carton board, and 1A Smart Start, which makes vehicle ignition interlock devices.