In brief: Norinchukin Bank allocates impact Yen to Apollo

The Japanese bank plans to commit up to $120m from its impact strategy.

Japan’s Norinchukin Bank has chosen Apollo Global Management for its first impact allocation. Norinchukin said it will commit up to ¥15 billion ($120 million; €110 million) this year as part of the bank’s new impact strategy “dedicated to sustaining life”, according to a statement.

Apollo Global Management is raising its first impact fund, targeting up to $1.5 billion. In November, the firm’s impact strategy acquired 1A Smart Start, a provider of vehicle ignition interlock devices that aims to reduce drunk driving fatalities.