Bermudian-based Athene Holding Ltd, the financial services company focused on retirement savings solutions, has completed its acquisition of Petros PACE Finance LLC.

Petros is a provider of commercial property assessed clean energy financing to owners and developers of commercial properties throughout the United States.

The company said its acquisition positions Petros to take advantage of the significant tailwinds supporting the rapidly growing commercial PACE industry.

Petros will continue to be led by its co-founders Mansoor Ghori, chief executive officer, and Jim Stanislaus, chief financial officer, who will retain a minority interest in the company.

The investment in Petros will be managed by the asset management team at Apollo, the global alternative asset manager with $481 billion in assets under management.

Mr Ghori said: "We're thrilled the acquisition is now complete. We can now take advantage of the strategic support and capital from our partners at Apollo and Athene to substantially accelerate our growth trajectory."

He added: "Looking ahead, we're especially excited by the synergies with Apollo's leading investment platform to provide financing solutions across the full capital stack.

“Our ability to bring a broader set of solutions to market helps developers and owners make their buildings more energy efficient and resilient, and meet growing climate change mandates.”

Mr Stanislaus added: "With our capital partner, Athene, we have the potential to access significant amounts of capital to support our growth.

“In addition, with Apollo's substantial experience and access to the capital markets, Petros will be able to structure and provide new products to our customers and continue to serve as a partner of choice for all things ‘green’ financing."

Apollo and Athene expect that the company will accelerate its rapid growth in C-PACE financing driven by new market expansion, sustainable construction and regulatory climate mandates.

Petros said it is complementary to Apollo's larger portfolio of origination platforms diversified across commercial and consumer finance.

Athene, a subsidiary of Apollo, is a retirement services company with total assets of $224.4 billion as of September 30, 2021 and operations in Bermuda, the United States, and Canada.