BNP Paribas and Apollo Global Management are nearing an agreement to partner in Europe’s private credit market, according to a report by Bloomberg citing people familiar with the discussions.
Under the proposed tie-up, the two firms would jointly arrange loans for corporate and private equity-backed borrowers across the region.
The talks follow Apollo’s push to replicate its US private credit partnerships in Europe, after the firm agreed a $25bn arrangement with Citigroup in 2024 to target North American borrowers.
BNP Paribas is one of the largest arrangers of investment-grade and leveraged finance credit in Europe, ranking first in European bond issuance and second in EMEA leveraged loans, according to Bloomberg data. Apollo, meanwhile, operates one of the largest private credit platforms globally among alternative asset managers.
The potential partnership comes as banks increase their balance sheet commitments to compete in the $1.8tn private credit market. Bank of America has pledged $25bn of its own capital to private credit transactions, while JPMorgan Chase & Co reportedly set aside an additional $50bn last year.
