Funding
The Executive Centre Lands $585M Apollo-Backed Debt Package
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Apollo announced on September 15, 2026, that Apollo-managed funds, affiliates and other long-term investors provided a $585 million financing to The Executive Centre, a provider of premium flexible office space operating across Asia-Pacific and the Middle East.
The announcement, datelined New York and Hong Kong, said proceeds will be used primarily to refinance existing debt. Apollo said the financing positions The Executive Centre for further expansion to meet what the firm described as sustained demand for premium flexible office spaces in the region.
Apollo described The Executive Centre as one of Asia’s leading providers of premium flexible office space, with more than 30 years of operating experience and a portfolio of over 260 centres across 38 cities in 15 markets across Asia-Pacific and the Middle East.
“We are excited to deliver a tailored solution to The Executive Centre that supports their business needs and long-term strategic objectives,” said Celia Yan, Partner and Co-Head of APAC Credit & Hybrid at Apollo. Yan said bespoke hybrid solutions require deep cross-collaboration and the ability to understand both investors and management teams, adding that Apollo was pleased to serve as The Executive Centre’s partner of choice for the transaction.
“TEC has spent three decades building a trusted platform for multinational clients who need the flexibility to scale across Asia,” a spokesperson for The Executive Centre stated. The spokesperson said Apollo’s ability to deliver a solution signals confidence and addresses both the company’s refinancing objectives and its growth ambitions, reflecting the long-term, partnership-driven approach the company sought.
The Executive Centre’s Ownership
The Executive Centre was founded by Paul Salnikow in Hong Kong in 1994 and is privately owned and headquartered there, according to a June 1, 2021 announcement issued by the company together with KKR and TIGA Investments. That announcement disclosed the signing of definitive agreements under which a consortium led by KKR and TIGA Investments would acquire the company. Under the transaction, funds advised by HPEF Capital Partners and CVC Capital Partners exited their investments, while members of The Executive Centre’s management team continued to own shares. KKR invested through its investment funds, and additional details of the transaction were not disclosed.
At the time of the acquisition announcement, the company served more than 32,000 members across over 150 centres in 32 cities and 14 markets, with annual turnover in excess of US$237 million. Its offerings included enterprise solutions, premium private offices, coworking and virtual spaces, meeting and event facilities, full IT support and corporate concierge services, across markets including Greater China, Japan, South Korea, Southeast Asia, Australia, India, Sri Lanka and the Middle East. Salnikow said at the time that the business had increased sevenfold in size during the investment tenure of HPEF Capital Partners and CVC Capital Partners.
Apollo’s Prior Asia Hybrid Transactions
Apollo said the investment builds on its track record of hybrid capital solutions in Asia, citing prior transactions with JSW Cement (JSWCEMENT.BO ), Global Schools Group, Hero FinCorp, HMI/PanAsia Health, Molycop and Charles Monat Associates.
In an August 2, 2021 announcement, Apollo said funds within its Hybrid Value strategy had entered definitive agreements to invest $100 million in JSW Cement, described as one of India’s leading cement companies, and $155 million in Global Schools Group, a premium K12 education network headquartered in Singapore. The strategy had led more than $7 billion of investment commitments in the prior 18 months, Apollo said at the time, describing hybrid capital as most often non-control equity and debt capital solutions responsive to an organization’s specific needs. That release named WR Grace, US Acute Care Solutions, Alorica, Albertsons, Expedia and Cimpress among other companies backed by the strategy for purposes including mergers and acquisitions, pre-IPO financing, liquidity solutions and growth capital, and described Hybrid Value as a $12.5 billion business operating on an integrated basis with the firm’s private equity and credit teams.
In a February 7, 2022 announcement, Apollo said Hybrid Value funds had committed to invest $125 million in Hero FinCorp, one of India’s largest privately owned non-banking financial companies with a $3.7 billion loan book, as part of a $267 million fundraise in which the Apollo funds invested alongside the Hero Group. Apollo said the strategy had by then led more than $11 billion of investment commitments since inception, called the Hero FinCorp commitment its third Hybrid Value investment in Asia in nine months, and described the Hybrid Value business as a $14 billion business. The Hero FinCorp investment was subject to customary closing conditions, including receipt of certain regulatory approvals, and was expected to close in the second quarter of 2022, according to that release.
A&O Shearman acted as legal counsel to Apollo on the financing. Clifford Chance acted as legal counsel and Rippledot Capital as financial advisor to The Executive Centre.
