Apollo Global Management Inc. is setting up a company that will give investors exposure to asset-backed loans generated by its credit operations for an initial investment of as little as $2,500, according to a report by Bloomberg
The new company will offer its shares to accredited investors, a regulatory term that refers to individuals who either have a net worth exceeding $1mn — not counting their primary homes — or have recorded more than $200,000 of income in each of the two prior years.
Apollo Asset Backed Credit is structured as an operating company rather than an investment fund, a step that may allow it to take in more money from individual retirement accounts. Apollo in June filed to create an infrastructure investment company that has a similar setup.
