Atlas, Varde, Angelo Gordon Buy Credit Union Consumer Loans (1)

Apollo Global Management Inc.-backed Atlas SP, Angelo Gordon and Varde Partners — in partnership with Pagaya Technologies — are buying a pool of consumer loans from a US credit union to raise liquidity amid banking-sector turmoil.

The transaction is meant to “stabilize the credit union’s balance sheet,” the firms said in a statement Monday. The group didn’t identify the credit union involved but described it as “multibillion-dollar” institution in the Midwest. No terms were disclosed.

“We are pleased to bring private capital solutions to credit unions and other financial institutions looking to make room for growth in their balance ...