Apollo Global Management Inc. has made a $500 million investment in Cengage Group, a global education technology company, through funds managed by affiliates of Apollo.

Cengage is an edtech portfolio company that supports students from middle school through graduate school and skills education, with content and technology. Apollo Funds will purchase $500 million of a new series of convertible preferred stock of Cengage Group. With the investment, Cengage Group looks to continue its focus on Education for Employment by investing in products and services to help students use education to gain the skills and competencies to be job ready.

“By replacing debt with equity capital from Apollo Funds, we are meaningfully reducing outstanding debt giving us optionality to invest in our portfolio of growing businesses,” states Michael Hansen, CEO, Cengage Group.