Special Situations Strategy

The AION fund, with approximately $825 million in committed capital, was established in 2012 through a strategic partnership between ICICI Venture and Apollo Global Management. Apollo is a leading US-based alternative asset manager. As of 2020, AION was fully deployed in over 10 assets. This includes Monnet Ispat (a large Indian steel producer), the first PE backed resolution of an asset under India’s new Insolvency and Bankruptcy Code (IBC) which was undertaken through a joint initiative of AION together with JSW Steel, one of India’s largest players in the steel sector. During the last decade, AION emerged as a pioneering player in the somewhat nascent but rapidly developing Indian special situations investing space.

AION is positioned to deploy flexible capital in its investee companies in the form of equity, debt or hybrid instruments. It is able to play in an underserved but emerging segment of the Indian Alternative Assets market. Through Apollo, AION has access to deep industry-specific knowledge, creative financial structuring skills and extensive global relationships. ICICI Venture brings to AION its strong India-focused private equity investment and divestment experience and the strength of ICICI’s institutional platform.

AION has matured since its inception alongside the India special situations investment market. In light of such evolution, ICICI Venture and Apollo have jointly agreed to a revised format for their relationship as of April 1, 2020. AION Capital Partners Limited will continue to be managed by Apollo and advised by ICICI Venture until the end of its term. Each of ICICI Venture and Apollo are free to pursue future investment opportunities independently.