Apollo to Shutter Some Invoice-Financing Products at Eliant

Apollo Global Management is winding down some invoice-financing products at Eliant Trade Finance, a move that narrows the private credit firm's exposure to parts of the trade finance market after a difficult year for inventory financing. The products being discontinued focus on mid-market accounts receivable and supply-chain finance, according to people familiar with the matter cited by Bloomberg. Eliant's core inventory-financing business will continue. The decision gives investors another sign that Apollo is being selective about where it puts money in private credit. The products being closed make up less than 10% of Eliant’s assets, so the change affects only a small part of the business.

September 15, 2026

Apollo Pulls Back From Part of Eliant's Business

Eliant's invoice-financing products allow businesses to unlock cash tied up in unpaid invoices. In supply-chain finance, suppliers can also receive payment earlier while the buyer settles the amount later. These arrangements can give companies more working capital without relying solely on traditional bank lending.

Eliant was launched in 2022 by Apollo, Athene and BNP Paribas. The platform started with $1.3 billion in signed or awarded inventory programs. Athene supplied the capital at launch, while Apollo managed the investments. BNP Paribas handled the financing and structuring side of the business.

The strategy was built around a gap in corporate financing. Apollo said at the time that banks had reduced their activity in some trade-finance assets, creating an opportunity for alternative lenders to step in. Eliant was designed to provide inventory and working-capital financing to companies across industries and geographies.

What Apollo Is Keeping

The changes do not amount to a shutdown of Eliant. The platform's inventory-finance business remains in place, with Apollo continuing to operate Eliant as part of its alternative credit platform. The discontinued initiatives represent less than 10% of total assets, according to the people cited by Bloomberg.

That distinction matters when assessing the move. Apollo is not leaving trade finance altogether. Instead, it is cutting back on selected products while retaining the part of Eliant's business focused on lending against companies' inventory.

Apollo's wider credit operation remains large. The firm reported $849 billion in credit assets under management as of June 30, 2026, spanning direct origination, asset-backed finance, multi-credit and opportunistic credit strategies. Its origination platform includes 16 businesses covering areas such as trade finance, equipment lending and consumer credit.

Apollo Takes a More Selective Approach to Private Credit

Invoice financing gives lenders short-term exposure to money businesses are waiting to collect. But the risk still depends on whether those invoices are paid and on the financial strength of the companies involved.

Eliant's business also shows that private credit firms can change course when a lending strategy does not work as expected. Banks have pulled back from parts of trade finance in recent years, creating room for private lenders to step in.

Apollo is now keeping Eliant's inventory-financing business while closing some invoice-financing products. The products being closed account for less than 10% of Eliant's assets, so the change affects only a small part of the platform. For Apollo, the bigger point is where it chooses to keep deploying capital as it expands its private credit business.