Warburg Pincus turned to investment giant Apollo Global Management Inc. for a $1 billion loan to pay down bank facilities involving an older fund.
The loan was secured by a portion of investments in a $15 billion fund that Warburg launched in 2018, according to people familiar with the matter. The private equity firm had been in talks with several lenders as it considered taking out this unorthodox yet increasingly popular type of borrowing known as a net asset value loan.