Apollo Global Management Inc. is opening some of its funds to individual investors in Europe, Asia and Latin America as it continues to grow its wealth management business.
(Bloomberg) — Apollo Global Management Inc. is opening some of its funds to individual investors in Europe, Asia and Latin America as it continues to grow its wealth management business.
The firm is launching Apollo Private Markets SICAV to allow those clients to invest in a broad private-market semi-liquid fund, as well as a US private credit fund, the alternative investment firm said in a statement. Clients will be able to invest in their local currency, and at a lower minimum than required for other products, the firm said.
Apollo plans to have nine wealth products available by year-end, up from five currently, Stephanie Drescher, the firm’s chief client and product development officer, said in a joint interview with Véronique Fournier, the head of its European wealth business.
“The strategy was not only to make sure that we provided institutional-quality access to the broader wealth channels, but also to ensure that those products were built for those buyers,” Drescher said.
Apollo debuted its global wealth business two years ago under Drescher. The unit had $30 billion of assets under management by the end of 2022.
Alternative investment firms have been bulking up their offerings for individuals as institutional clients run up against the limit of new capital they can allocate to certain private assets. Apollo’s wealth business sells a mix of debt, real estate and equity investment vehicles.
“European investors have been quite interested in enhancing income,” Fournier said, referring to investor appetite for private credit. “Having strategies that can complement traditional 60/40 portfolios and provide some interesting risk-return characteristics is certainly something we’re seeing a great demand for.”
–With assistance from Jan-Henrik Förster.
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