Key Takeaways
- • Apollo Global Management has traded more than $35bn of private credit since launching a market-making operation for the asset class, according to Bloomberg, citing co-head of corporate credit John Cortese.
- • The trading desk has handled around 500 assets with 160 counterparties, and about one-third of transactions involve loans originated by other lenders rather than Apollo.
- • Apollo began introducing daily valuations across its $850bn credit platform in October 2026, a departure from the quarterly pricing traditionally associated with private credit.
- • Cortese argues that broader participation from different pools of capital will require greater liquidity and transparency in the asset class.
- • Apollo is among investors in talks to provide about $40bn of financing to SpaceX for the purchase of Nvidia chips, though Cortese declined to comment on that transaction.
Summary
Apollo Global Management has traded more than $35bn of private credit since it launched a market-making operation for the asset class, according to a Bloomberg report citing comments from John Cortese, the firm's co-head of corporate credit. Cortese, who oversees Apollo's trading businesses, said the desk has handled around 500 assets with 160 counterparties. About one-third of those transactions involve loans originated by other lenders rather than by Apollo, indicating that the desk is trading across the broader market rather than only its own book.
The activity is part of Apollo's effort to offer more frequent pricing across its $850bn credit platform. The firm began introducing daily valuations across its credit business in October 2026. This marks a significant shift from the quarterly pricing that has traditionally defined private credit, an asset class long criticized for opaque valuations. Cortese said that broader participation from different pools of capital would ultimately require greater liquidity and transparency. Apollo believes these attributes could accelerate the market's development by making private credit accessible to a wider range of investors.
The move reflects a wider push among major private credit managers to address concerns over loan valuations and to give investors more visibility into the assets backing private credit funds. It also comes as the asset class moves beyond traditional corporate lending into more complex financing. Apollo is among a group of investors in talks to provide about $40bn of financing to SpaceX for the purchase of Nvidia chips. Cortese declined to comment on that potential transaction.
The activity is part of Apollo's effort to offer more frequent pricing across its $850bn credit platform. The firm began introducing daily valuations across its credit business in October 2026. This marks a significant shift from the quarterly pricing that has traditionally defined private credit, an asset class long criticized for opaque valuations. Cortese said that broader participation from different pools of capital would ultimately require greater liquidity and transparency. Apollo believes these attributes could accelerate the market's development by making private credit accessible to a wider range of investors.
The move reflects a wider push among major private credit managers to address concerns over loan valuations and to give investors more visibility into the assets backing private credit funds. It also comes as the asset class moves beyond traditional corporate lending into more complex financing. Apollo is among a group of investors in talks to provide about $40bn of financing to SpaceX for the purchase of Nvidia chips. Cortese declined to comment on that potential transaction.
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