Apollo in Talks to Offer Funds on Revolut

- This potential deal aligns with Apollo's strategic shift to tap into the retail investor market, a key growth initiative for the firm which established a dedicated "New Markets" division led by Neil Mehta to cultivate new distribution partnerships. - Apollo's push into retail comes as the firm's assets under management (AUM) approach $1 trillion, reaching $938 billion as of December 2025, with record 2025 inflows of more than $225 billion. - For Revolut, this would expand its investment offerings beyond the current platform which already provides access to over 2,200 US-listed companies, 70+ European-listed stocks, and more than 150 Exchange Traded Funds (ETFs) to its European user base. - The partnership would give Apollo access to Revolut's rapidly growing customer base, which reached 65 million globally by 2025. - This collaboration is part of a larger Financial Institutions Group (FIG) trend where major asset managers acquire or partner with fintech platforms to gain digital distribution; notable examples include JPMorgan's acquisition of OpenInvest and Fidelity's strategic partnership with Moonfare. - The structure of the fund offerings will be influenced by European regulations such as the Alternative Investment Fund Managers Directive (AIFMD) and the Markets in Crypto-Assets (MiCA) regulation, which govern the sale of alternative and digital asset products on retail platforms. - Apollo has previously created simplified products for retail investors, including partnering with State Street on a private credit ETF and with Lord Abbett on an interval fund, suggesting the types of vehicles that could be offered through Revolut.