Key Facts
• Apollo Global Management raised its NAV loan to SoftBank Group to $5.4 billion.
• The loan, initially executed in December 2021, was refinanced in 2025.
• SoftBank Vision Fund 2 (SVF2) received a $900 million increase in funding.
• Loan-to-portfolio value ratio for SVF2 is in the low teens percentage range.
• NAV financing uses investment assets across multiple companies as collateral.
• NAV financing is gaining popularity for low-cost capital among private equity firms.
• Funds will be distributed to SVF2 investors, including SoftBank founder Masayoshi Son.
• SVF2 invests in tech startups, including $2.2 billion in OpenAI as of April 2025.
Summary
Apollo Global Management has increased its net asset value (NAV) loan to SoftBank Group to a record $5.4 billion, marking the largest NAV financing deal to date. This $900 million increase supports SoftBank Vision Fund 2 (SVF2), which invests in tech startups, including OpenAI. NAV financing, a method using investment assets as collateral, is becoming a preferred low-cost funding option for private equity firms. The funds will be distributed to SVF2 investors, including SoftBank founder Masayoshi Son. The loan, originally executed in 2021, was refinanced in 2025, highlighting Apollo’s growing influence in NAV financing.
