Apollo Global Management has enlarged the loan it extended to SoftBank Group to $9.2 billion, according to people familiar with the matter.

The move gives the Japanese investment giant additional capital to support its growing investments in ChatGPT developer OpenAI.

The financing is secured by the assets of Vision Fund 2.

Even before this increase, it was already the largest so-called net asset value (NAV) loan in the world.

The loan was initially provided in 2021, and its size had grown to $5.4 billion last year.

The people familiar with the matter said Apollo led the financing and brought in a number of banks, including JPMorgan, Sumitomo Mitsui Banking Corporation, Goldman Sachs Group and Barclays, to help complete the transaction.

These people requested anonymity because they were discussing confidential information.