Apollo Global Management is buying the US $ 5 billion wealth distribution and asset management business from retail manager Griffin Capital, an Apollo spokesperson said in an email.

Terms of the contract are not disclosed.

Griffin has “one of the only large-scale distribution teams” in the United States exclusively focused on alternative investments. Apollo executives currently have relationships with private banks, communications agencies, registered investment advisers and family offices.

The acquisition would bring Apollo closer to its goal of raising $ 50 billion from retail investors through its global wealth management business over the next five years. Between 2018 and 2020, Apollo raised an average of $ 18 billion per year from retail investors, which averages about 5% per year of the total capital raised by Apollo during that period, according to a presentation by the Apollo Investor Day in October. Apollo expects retail investor capital to represent 30% of the capital raised by around 2026. Apollo is not disclosing the current assets under management of its World Heritage management business, the spokesperson said.

The acquisition would also provide Apollo with more investment products than they can offer high net worth and high net worth investors.

The transaction is expected to be finalized by the first half of 2022.

This isn’t Apollo’s only recent push into the retail investor market. In October, Apollo launched a non-traded perpetual life business development company, Apollo Debt Solutions BDC.