Apollo to Launch Private Fund in Asset-Based Financing Buildout

Apollo Global Management Inc. is launching its first-ever fund dedicated to asset-based financing, laying the groundwork for what the firm is telling investors could be the largest vehicle of its kind in the market.

The new fund marks a move by one of the world’s largest alternative asset managers to expand its more-than-$100 billion platform for asset-based financing by tapping external investors directly, according to a person familiar with the matter who asked not to be named because the matter is private. The vehicle stands to climb to more than $5 billion in size, the person said.

The company is ...