BlackRock’s Head of Asia Pacific Private Credit, Celia Yan, is set to leave the firm to join Apollo Global Management as a Partner, according to a report by Bloomberg citing sources familiar with the matter.
Based in Hong Kong, Yan will assume her new role at Apollo at the end of June, where she will lead the firm’s hybrid capital strategies in the Asia Pacific region. Apollo’s hybrid capital platform provides debt and structured equity solutions to businesses seeking growth financing while retaining control. These instruments typically have a shorter investment horizon than traditional private equity but a longer duration than private credit.
Yan is expected to remain at BlackRock until mid-June to facilitate a smooth transition of responsibilities. This includes overseeing the firm’s ongoing integration with HPS Investment Partners, according to an internal BlackRock memo.
Following Yan’s departure, Maheshwar Nataraj (India), Stephen Allan (Australia), Yik Ley Chan (Southeast Asia), Simon Chan (North Asia), and Yue Lu (Head of Execution and Portfolio Monitoring) will continue leading their respective teams. Lu will also assume an expanded leadership role within BlackRock’s Asia Private Credit Investment Committee during the transition period, the memo stated.
Yan joined BlackRock in 2020 and was appointed Head of APAC Private Credit in 2023. Under her leadership, the team has deployed over $200m in 2024 and more than $1.8bn historically. The Asia Pacific Credit Opportunities II fund, managed by Yan’s team, has generated a 16% gross internal rate of return, according to the internal note.
