AION Capital Partners

AION was established as a joint venture between Apollo Global Management, one of the world's largest distressed-credit investors, and ICICI Venture, the private-equity arm of India's ICICI Group. This partnership gives AION a dual identity: it benefits from Apollo's restructuring expertise and global LP relationships while operating through ICICI Venture's on-ground origination network in India. The structure was designed specifically to target Indian special-situations and nonperforming-asset opportunities.

AION combines Apollo's institutional distressed-credit playbook with ICICI Venture's domestic origination network, giving it a window into India's banking-led NPA pipeline. This dual-track sourcing model is unusual among India-focused credit funds, many of which lack the same depth of cross-border restructuring experience or the same level of foreign institutional backing.

AION's mandate is focused on Indian special situations and structured credit. Its dual-office footprint in Mumbai and Grand Rapids reflects the cross-border capital flow — US LP capital routed into India — rather than a multi-jurisdiction deployment strategy. The firm has not publicly signaled geographic expansion beyond India.