Tiger global’s venture Capital gets loans from Apollo global

Apollo Global Management Inc. is helping to finance the growing venture capital business at Chase Coleman’s Tiger Global Management, one of last year’s most active investors in closely held technology companies.

Affiliates of Apollo’s Athene insurance business made at least $330 million of loans secured by assets in Tiger Global venture funds, primarily their stakes in private firms, during the first six months of this year, state regulatory filings show. While JPMorgan Chase & Co. had been the main provider of such loans, Tiger Global has sought to diversify lending sources for its VC operation.

Tiger Global raised more than $19 billion through its two most recent venture funds and is seeking $6 billion for its next pool. CB Insights ranked the money manager as the most active venture investor last year, based on the number of deals in which it participated.

The venture funds supplement their capital by borrowing against their holdings, an arrangement known as net asset value lending. At Tiger Global, the size of each loan typically equals about 10% of the assets pledged as collateral, a ratio that minimizes the lender’s risk.