Apollo Global Management has traded more than $35bn of private credit since launching a market-making operation for the asset class, according to a report by Bloomberg citing comments made by the firm’s co-head of corporate credit John Cortese.
The trading desk has handled around 500 assets with 160 counterparties, according to Cortese, with about one-third of the transactions involving loans originated by other lenders rather than Apollo.
The activity comes as Apollo expands efforts to provide more frequent pricing across its $850bn credit platform. The firm began introducing daily valuations across its credit business this month, marking a significant departure from the quarterly pricing that has traditionally been associated with private credit.
Cortese, who oversees Apollo’s trading businesses, said broader participation from different pools of capital would ultimately require greater liquidity and transparency in the asset class.
The move reflects growing efforts among major private credit managers to address concerns over loan valuations and provide investors with more visibility into the assets backing private credit funds.
Apollo believes greater transparency and liquidity could help accelerate the development of the market by making private credit more accessible to a wider range of investors.
The firm’s market-making push comes as private credit expands beyond traditional corporate lending into increasingly complex financing requirements. Apollo is among a group of investors in talks to provide about $40bn of financing to SpaceX for the purchase of Nvidia chips, although Cortese declined to comment on the potential transaction.
