Dutch pension fund APG completes $600 million MaxCap agreement
Dutch pension fund APG has completed the $600 million mandate with non-bank lender MaxCap Group it agreed to three years ago and given itself the option to double that exposure to $1.2 billion, tapping the growing demand for funding at a time when banks are holding back.
The asset manager has exercised the option it took out in 2019 to invest a second tranche of $300 million for first-mortgage loans across all real estate asset classes with MaxCap, which last year sold a half stake in itself to US Apollo Funds Management.
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