Revolut to Offer Apollo and Ares Funds to Clients in Europe
(Bloomberg) — Revolut Ltd. will offer European customers access to funds spanning private equity, credit and infrastructure, one of the most high-profile examples of alternative asset managers teaming up with platforms to attract retail investors.
Clients in countries including France and Spain can invest in funds ranging from Apollo Global Management Inc. and Ares Management Corp. to Hamilton Lane Inc. and Partners Group Holding AG, the London-headquartered fintech said in a statement on Monday. Customers can start with as little as €1 ($1.14) in a Revolut-managed feeder to access the funds, Rolandas Juteika, Revolut’s head of wealth and trading in the European Economic Area, said in an interview.
The partnership with Revolut, which has more than 75 million users, marks the latest push by private capital giants to tap individual investors in an effort to seek new sources of funding. Bloomberg News reported in February that Revolut was in early-stage talks with Apollo about the offering.
The move comes at a turbulent period for many private markets vehicles that have faced a wave of withdrawal requests in recent months, largely from wealthy retail investors that helped fuel recent growth. Apollo and Ares are among the various firms that have restricted redemptions. Partners Group also decided to cap withdrawals last month from a major evergreen buyout fund in the face of elevated redemption pressure.
Revolut isn’t charging clients any extra platform or transaction commissions on top of the funds’ individual fees. Fund managers don’t pay Revolut placement fees to be featured on the platform but the fintech will receive so-called retrocessions for the fund’s relevant share class, a spokesperson said, adding that these payments are identical for all distributors of a given share class.
While many private capital managers have joined forces with firms catering to high-net-worth individuals, some are specifically targeting retail investors. German online broker Trade Republic last year teamed up with Apollo and EQT AB, while Robinhood Markets Inc. started launching a closed-end fund to give US retail investors exposure to private companies.
In its statement, Revolut stressed that the private markets funds it offers are designed specifically for investors with a “multiyear horizon” who don’t require immediate access to their capital.
The company has been building up a team of nine “core members” whose tasks include assessing managers’ performance track records and their ability to manage redemption requests. “If a fund manager was not able to show a history that they were able to manage the redemption requirements, that manager was not considered” for the offering, Juteika said.
Wealth Growth
Like many of its rivals, Revolut is looking to diversify its sources of income into fee-heavy sectors like wealth management and payments to help offset market volatility. Revolut’s revenue outside of interest is already high, with fee-based income accounting for 76% of the firm’s sales. Revenue growth in its wealth segment slowed last year after a rapid increase in 2024.
Revolut already offers checking and savings accounts, international money transfers, cryptocurrency and stock trading as well as bill-paying and budgeting tools. The fintech is targeting 100 million customers across 100 countries, and eyeing $100 billion of revenue.
(Updates with details on fund distribution in second paragraph.)
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