Apollo-managed funds, affiliates and other long-term investors provided $585 million to The Executive Centre, a premium flexible-office operator headquartered in Hong Kong with more than 260 centres across 38 cities in 15 APAC and Middle Eastern markets. The proceeds will refinance existing debt and support TEC’s expansion plans. Bloomberg reported last month that TEC had been seeking about $500 million to refinance debt and fund capital expenditures. Apollo described the transaction as a tailored hybrid capital solution, while TEC said it addressed its refinancing needs and growth ambitions. The deal adds to Apollo’s hybrid capital activity in Asia.