(Bloomberg) -- Apollo Global Management Inc. Co-President Scott Kleinman said the firm is selling about $1 billion a month across its so-called semi-liquid products as the alternative asset manager expands its offerings for wealthy individuals.
The firm has 10 products spanning credit, real assets, infrastructure and equity, he said Tuesday at the Barclays Global Financial Services Conference. Apollo has added about 200 people who work in wealth in the past three years, according to Kleinman.
Private equity firms are racing to build and sell products for wealthy individuals and insurers as fundraising remains challenging among their traditional investor base such as pension funds and endowments. The industry has created a category known as semi-liquid funds, which typically allow individual investors to cash out a portion of their holdings each quarter or month.
Apollo debuted an infrastructure product earlier this year, and it will reach about $1 billion of assets by year-end, according to Kleinman. The firm also launched an asset-backed finance vehicle and expects to break escrow on a secondaries product next month, he said.
“We are only in the first or second inning of this global wealth revolution accessing alternatives,” Kleinman said.
The firm is raising more than $200 million a month for its flagship equity wealth product, Apollo Aligned Alternatives, according to Kleinman. Chief Executive Officer Marc Rowan said at the product’s launch that he expects it to become the biggest fund across the Apollo platform.
The alternative asset manager said Tuesday that it had filed to launch a private credit exchange-traded fund with State Street Corp.
Read More: Private Equity Fights Traditional Insurers for $15 Trillion Haul
