Apollo Global Management is in talks with SoftBank Group about increasing a loan backed by Vision Fund 2 assets to US$9 billion from US$5.4 billion to help fund SoftBank’s investment in OpenAI, according to a report.

The final size has not been decided. Apollo, a US-based asset manager, made the net-asset-value, or NAV, loan to SoftBank’s venture capital fund in 2021 and increased it by US$900 million last year.

NAV loans are fund-level borrowings based on the value of portfolio holdings and are often used to raise liquidity without selling assets.

Vision Fund 2 has made more than 300 investments since it launched, largely in AI and other technology sectors.

SoftBank has committed US$64.6 billion to OpenAI.

In August, it also raised a separate US$10 billion loan backed by its OpenAI stake from lenders including Apollo.

🔗 Source: Bloomberg

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