Apollo Alternative Assets has written down its co-investment in US casino company Harrah’s, implying a combined writedown with partner TPG Capital of $600m (€402m), the biggest public markdown of a buyout asset since the credit crunch.

The listed feeder vehicle for Apollo Management marked down its co-investment in Harrah’s by more than 20% from $179.5m in the quarter to the end of March to $134.3m in the three months to the end of June.