Key Takeaways
- Sector: Artificial Intelligence (AI), Technology Software & Gaming.
- Geography: United States.
Analysis
Apollo Global Management has increased the size of its net asset value (NAV) loan to SoftBank’s Vision Fund 2 to $5.4 billion, creating the largest known NAV-backed financing facility in the market to date. The upsizing, worth $900 million, reflects growing institutional appetite for NAV-based lending structures and Apollo’s expanding leadership in this fast-growing segment of private credit.
The facility, originally structured in late 2021 and refinanced earlier in 2025, is secured against a diversified portfolio of more than 150 technology investments. This includes a reported $2.2 billion stake in OpenAI, as well as stakes in other high-growth tech companies within Vision Fund 2’s portfolio.
According to market sources, the loan represents a low-teens percentage of the total net asset value of Vision Fund 2. Proceeds from the financing are expected to be distributed back to SoftBank Group and its founder Masayoshi Son, providing liquidity while preserving long-term equity positions.
The deal also demonstrates Apollo’s ability to leverage the balance sheet of its insurance platform Athene to fund large-scale, investment-grade, yield-enhanced credit facilities. The SoftBank loan carries an investment-grade rating and is held within Apollo’s insurance portfolios, aligning with regulatory capital requirements and insurer demand for high-quality, floating-rate assets.
The global NAV loan market is currently estimated at around $150 billion, with projections from Fund Finance Partners suggesting it could double by the end of 2026. NAV loans have become a strategic financing tool for private equity and venture funds, enabling managers to unlock liquidity from portfolios without exiting assets prematurely.
Recent comparable transactions include Blue Owl Capital’s $2 billion NAV facility to a large-cap buyout fund and Goldman Sachs’ $1.5 billion NAV loan to a European infrastructure fund. These deals highlight a competitive push among major private credit providers to capture share in the NAV-backed lending market.
With its expanded deal for SoftBank, Apollo not only cements its position as a dominant lender in this niche but also sets a new benchmark for transaction scale in the NAV financing space.