After a rough stretch for what had been a hot corner of credit, Apollo is paring back specific strategies at Eliant Trade Finance LP, according to people who asked not to be identified because the plans are not public. Eliant's mainstay is inventory finance, essentially lending against a company's stock of goods, and that remains the core of the platform.
According to people familiar with the plans, Eliant is pulling the plug on strategies targeting mid-market receivables financing and supply-chain funding. Those strategies involved purchasing invoices and advancing payments to suppliers so companies could move goods without locking up cash. The initiatives being closed account for under 10% of Eliant's total assets. An Apollo representative declined to comment.
Apollo launched Eliant in 2022, when Covid-era supply chain upheaval fueled demand for high-yielding trade finance instruments. Athene, Apollo's insurance subsidiary, is the primary capital provider to the Eliant platform. Since then, the trade-finance niche has come under tighter scrutiny following a string of high-profile failures - including First Brands Group - and that collapse last year translated into heavy losses for other funds that had previously posted steady returns. In July, Bloomberg reported that several major commodity traders cut business ties with Radiant World, an iron-ore trading firm, after worries it had used falsified documents to obtain financing; Radiant World denied any wrongdoing and said it operates in line with the most rigorous commercial and legal norms.
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For everyday investors, the takeaway is simple: pockets of private credit can shift quickly when risk perception changes. If you have exposure to strategies tied to trade flows, keep an eye on how managers are adjusting to tighter scrutiny and where they're concentrating their effort.
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