Apollo Signs Onto InvestCloud’s Private Markets Account NetworkApollo Signs Onto InvestCloud’s Private Markets Account Network
The firm is the first asset manager to sign onto the InvestCloud product that launched in December.
InvestCloud, a tech provider for the advisory and wealth management market, announced alternative asset manager Apollo Global Management as a founding partner in InvestCloud’s Private Markets Account Network, an initiative the firm launched three months ago, combining public and private assets within a single platform.
This deal gives InvestCloud’s wealth management clients access to Apollo’s private market model portfolios and multi-manager models in their managed account programs through its APL platform.
The PMA Network aims to connect asset managers, wealth managers, intermediaries, distributors and model creators. Within PMA accounts—essentially unified managed accounts that also include private assets—eligible clients can hold, value and rebalance alternative investments. It uses the InvestCloud platform to connect wealth managers to an array of alternative asset managers, making private markets products available for inclusion in portfolios.
“By combining Apollo’s deep private market expertise with our leading technology, we are dramatically accelerating the integration of private markets into the wealth management landscape.” InvestCloud Chairman and CEO Jeff Yabuki said in a statement.
“Today’s announcement is the culmination of months of deep collaboration with InvestCloud, a partnership we believe marks a pivotal step for the wealth management industry to broadly manage true total-market portfolios,” Stephanie Drescher, partner and chief client & product development officer at Apollo, said in a statement. “Leveraging InvestCloud’s world-class platform, and client base of leading wealth management firms, Apollo and other general partners within the PMA Network can gain unparalleled access to distribution channels, creating new possibilities for the entire ecosystem.”
InvestCloud launched PMA in mid-December, describing the product as a “fully dedicated sleeve within the managed account structure geared to holding and managing alts for consumers.”
It is designed to allow for centralized management and seamless integration of alternative investments into portfolios alongside traditional investments.
The move came shortly after InvestCloud announced a new strategic direction, updated its corporate logo and website, and introduced a tagline: Wealth Connected. At the time, InvestCloud said it planned to begin including alternative investments within its managed account platform and providing advisors with a discretionary account structure.
It’s also the latest in a series of moves by Apollo as it aggressively targets the wealth channel.
Two weeks ago, iCapital added new capabilities to its Architect portfolio construction tool, including making a customed version available on Apollo’s website.
Apollo began targeting the wealth channel in 2021. In the past three years, it has spent $1 billion to build its wealth business, including growing its internal wealth team to more than 100 staff members, increasing its annual pace of fundraising from the wealth channel globally to more than $10 billion, raising a cumulative $27 billion and developing 30 investment vehicles ranging from traditional drawdown structures to newer semi-liquid strategies.
By 2029, Apollo has set a goal of doubling the size of its internal wealth team, raising $30 billion annually from the wealth channel globally and achieving $150 billion in AUM for its wealth-centric products.
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