Apollo Division to Invest $1 Billion in Online Student Loans
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A unit of Apollo Global Management LLC plans to invest $1 billion in the market for online student loans, committing to buy the debt from LendKey Technologies Inc.
“This is the biggest commitment from a single investor in an online platform for future purchase that we know of across the marketplace and student-loan space,” LendKey Chief Executive Officer Vince Passione, who started the company in 2009, said by telephone from New York.