The Carlyle Group and Goldman Sachs Private Credit have extended a $1.1bn payment-in-kind loan to global fund administrator Apex Group, according to a report by Bloomberg.
According to a statement, the newly secured funds are expected to support Apex Group’s growth initiatives.
PIK debt is typically secured against assets held by a company’s holding entity rather than its revenue-generating operating unit. This arrangement allows businesses to increase their debt load without breaching covenants that restrict leverage levels.
Carlyle and Goldman Sachs have previously financed Apex Group, beginning in 2020, when they provided a preferred equity note, followed by additional debt financing in 2021. Genstar Capital holds the majority ownership in Apex Group, while minority stakes were sold to TA Associates, Carlyle and Mubadala Investment Company in 2021.
Last week, Apex Group appointed Katie Baxter as Head of Private Clients and Family Office. In her new role, Baxter will lead Apex’s private clients and family office service offering.
