SoFi adds private credit funds to retail platform

US-based investment platform SoFi has added alternative investments including credit funds for the first time.

Retail investors using the SoFi Invest platform can now access funds from private credit managers such as KKR and Franklin Templeton.

Initially, the platform will list more than 6,000 different mutual funds, alongside alternative investments such as the Carlyle tactical credit fund, KKR’s credit opportunities portfolio, Franklin Templeton’s Clarion Partners real estate income fund, and the Franklin BSP private credit fund.

“Our goal at SoFi is to empower our members to get their money right so they can achieve financial independence,” said Anthony Noto, chief executive of SoFi.

“We know investing is critical to building wealth, but many investment vehicles are still not accessible to everyday investors.

“Introducing access to alternative investments continues our focus of offering access to investments that are usually reserved for the ultra wealthy, and allows us to provide our members with even more choice and flexibility when it comes to investing their hard-earned money.”

SoFi is also launching an education hub which will help investors understand the risks and rewards of alternative investment vehicles. All investors will also be offered free access to certified financial planners where they can discuss their financial plans and set new investing goals.

Furthermore, for the first 60 days, SoFi is waiving all transaction fees for mutual funds and alternative funds. After this promotional period, a 0.5 per cent purchase fee will be applied to alternatives funds with a low minimum investment.

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