Apollo Global Management has traded more than $35bn of private credit since launching a market-making operation for the asset class, according to Private Equity Wire, citing a Bloomberg report that referenced comments from Apollo co-head of corporate credit John Cortese.
Cortese said the trading desk has handled around 500 assets with 160 counterparties, according to Private Equity Wire.
Market-making desk activity and counterparties
Apollo’s trading desk has handled around 500 assets with 160 counterparties, according to Cortese.
Cortese said about one-third of the transactions involved loans originated by other lenders rather than Apollo.
Cortese oversees Apollo’s trading businesses, according to the report.
Daily valuations across Apollo’s credit platform
The trading activity is taking place as Apollo expands efforts to provide more frequent pricing across its $850bn credit platform.
Apollo began introducing daily valuations across its credit business this month, marking a shift from quarterly pricing traditionally associated with private credit, according to Private Equity Wire.
Liquidity, transparency, and valuation concerns
Cortese said broader participation from different pools of capital would ultimately require greater liquidity and transparency in private credit.
The report said the move reflects growing efforts among major private credit managers to address concerns over loan valuations and to 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.
Private credit expansion and a potential SpaceX financing
The report said Apollo’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, according to the report.
Cortese declined to comment on the potential SpaceX transaction, according to the report.
