Apollo Global Management announced that it will purchase Griffin Capital's wealth distribution and asset management operations in the United States for an unknown sum in order to expand its offerings for high-net-worth individuals.

Griffin's alternative investment solutions in the wealth management area will be combined with Apollo's focus on private banks, broker-dealers, and family offices, according to a statement released by the asset management behemoth on Thursday.

Griffin's team will be integrated into Apollo's global wealth operation, which will include hundreds of distribution agreements.File:Apollo Management 201x logo.svg - Wikimedia Commons

Griffin's asset management division manages over $5 billion in assets in individual investor-focused solutions.

"We will considerably accelerate our U.S. wealth market expansion objectives that we discussed at our recent investor day with the acquisition of Griffin," Apollo Chief Executive Officer Marc Rowan stated.

The investment is Apollo's largest in its global wealth division, and it comes on the heels of a slew of new recruits. In addition, the buyout firm has been expanding its portfolio of alternative options for private investors.

The deal is expected to be completed in the first half of 2022.