Apollo, a high-growth, global alternative asset manager, is slated to acquire Bridge Investment Group Holdings in an all-stock transaction with an equity value of approximately $1.5 billion.
Founded in 2009, Bridge Investment Group is a leader in residential and industrial real estate, including the multifamily industry. The Salt Lake City-based firm ranked No. 18 on the National Multifamily Housing Council’s top 50 apartment owners list in 2024, with 54,999 units, and No. 29 on the managers list, with nearly 59,000 units.
According to the firms, Bridge Investment Group, which manages $50 billion of assets under management, will provide Apollo with immediate scale to its real estate equity platform and enhance Apollo’s origination capabilities in both real estate equity and credit. These moves are expected to benefit Apollo’s suite of hybrid and real estate product offerings.
“We are pleased to announce this transaction with Bridge, which is highly aligned with Apollo’s strategic focus on expanding our origination base in areas of our business that are growing but not yet at scale,” said David Sambur, partner and co-head of equity at Apollo. “Led by a respected real estate team, including executive chairman Bob Morse and CEO Jonathan Slager, Bridge brings a seasoned team with deep expertise and a strong track record in their sectors. Their business will complement and further augment our existing real estate capabilities, and we believe we can help scale Bridge’s products by leveraging the breadth of our integrated platform.”
Upon the transaction’s closing, which is expected in the third quarter, Bridge Investment Group will operate as a standalone platform within Apollo’s asset management business; the firm will retain its existing brand, management team, and dedicated capital formation team.
“We are proud to be joining Apollo and its industry-leading team, who share our commitment to performance and excellence,” said Morse, who will become an Apollo partner and lead its real estate equity franchise. “This transaction will allow the Bridge and Apollo teams to grow on the strong foundation that Bridge has built since 2009 as we work to pursue meaningful value and impact for our investors and communities.”
Morse added: “With Apollo’s global integrated platform, resources, innovation, and established expertise, we are confident that Bridge will be positioned for the next phase of growth amid growing demand across the alternative investments space.”
For Apollo, BofA Securities, Citi, Goldman Sachs & Co., Morgan Stanley & Co., and Newmark Group are acting as financial advisers; Paul, Weiss, Rifkind, Wharton & Garrison as legal counsel; and Sidley Austin as insurance regulatory counsel. For Bridge Investment Group, J.P. Morgan Securities is serving as financial adviser and Latham & Watkins as legal counsel. Lazard is serving as financial adviser and Cravath, Swaine & Moore as legal counsel for the special committee of the Bridge board of directors.
