Key Takeaways
- • State Street Corporation (NYSE: STT) has implemented a daily net asset value (NAV) operating model for certain private markets strategies, extending daily valuation and reporting to funds that have traditionally run on monthly or quarterly cycles.
- • The model was built to support the expansion of Apollo's (NYSE: APO) "Daily Pricing" initiative across its private credit business, a process originally designed around monthly valuations.
- • State Street's 2026 Private Markets Study found half of surveyed firms plan to increase private market allocations over the next two years, increasing the need for operational readiness in reporting and valuation.
- • Eric Needleman, Partner and Head of Apollo Capital Solutions, said the initiative required significant collaboration across key service providers.
Summary
State Street Corporation (NYSE: STT) announced the implementation of a daily net asset value operating model for certain private markets strategies, expanding its administration capabilities to support daily valuation and reporting for investment strategies that have historically operated on longer reporting cycles, according to the company's press release distributed via Business Wire.
The model was implemented to support the recent expansion of "Daily Pricing" across the private credit business of Apollo Global Management (NYSE: APO). According to the release, Apollo and State Street converted a process originally built around monthly valuations and reporting into one that delivers daily valuations and reporting for funds administered by State Street.
State Street framed the development as part of a broader shift in the industry. Donna Milrod, chief product officer at State Street, said that "the next phase of private markets will be defined as much by infrastructure as by investment opportunity," adding that expectations around transparency, valuation and reporting are changing as private assets reach more investors. Eric Needleman, Partner and Head of Apollo Capital Solutions, said expanding daily pricing reflects Apollo's commitment to greater price transparency and more regular investor access to information as private credit evolves.
The company cited its 2026 Private Markets Study, in which half of surveyed firms said they plan to increase private market allocations over the next two years. As allocations grow and managers serve a wider investor base, operational readiness, reporting, servicing and valuation capabilities are becoming more important, the release said.
State Street supports clients across private equity, private credit and real assets through fund accounting, reporting, servicing and operational capabilities, and says it has more than 35 years of experience servicing alternative investments globally. As of September 30, 2026, State Street reported $59.2 trillion in assets under custody and/or administration and $6.3 trillion in assets under management, including approximately $172 billion in SPDR products for which SSGA Funds Distributors acts as marketing agent.
The model was implemented to support the recent expansion of "Daily Pricing" across the private credit business of Apollo Global Management (NYSE: APO). According to the release, Apollo and State Street converted a process originally built around monthly valuations and reporting into one that delivers daily valuations and reporting for funds administered by State Street.
State Street framed the development as part of a broader shift in the industry. Donna Milrod, chief product officer at State Street, said that "the next phase of private markets will be defined as much by infrastructure as by investment opportunity," adding that expectations around transparency, valuation and reporting are changing as private assets reach more investors. Eric Needleman, Partner and Head of Apollo Capital Solutions, said expanding daily pricing reflects Apollo's commitment to greater price transparency and more regular investor access to information as private credit evolves.
The company cited its 2026 Private Markets Study, in which half of surveyed firms said they plan to increase private market allocations over the next two years. As allocations grow and managers serve a wider investor base, operational readiness, reporting, servicing and valuation capabilities are becoming more important, the release said.
State Street supports clients across private equity, private credit and real assets through fund accounting, reporting, servicing and operational capabilities, and says it has more than 35 years of experience servicing alternative investments globally. As of September 30, 2026, State Street reported $59.2 trillion in assets under custody and/or administration and $6.3 trillion in assets under management, including approximately $172 billion in SPDR products for which SSGA Funds Distributors acts as marketing agent.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.