State Street and Apollo Adopt Daily Asset Pricing

State Street has implemented a daily net asset value model to support Apollo's shift to daily pricing for its massive credit business.

Updated on Oct. 28, 2026 in Corporate Finance

Isometric editorial illustration showing a series of vertical, rectangular pillars representing structural clarity in financial reporting processes. — State Street has transitioned its valuation infrastructure to provide daily net asset value reporting, a move that includes Apollo’s $850 billion credit business. AI Illustration. Upload story photo >

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Should private market funds prioritize daily pricing transparency to better serve their investors?

State Street is moving from traditional monthly valuations to a daily net asset value model for private market strategies. This shift includes the transition of Apollo's $850 billion credit business to a daily pricing format.

Why it matters

Private markets are increasingly attracting a wider range of investors who demand more frequent and timely updates regarding the value of their holdings. This transition addresses the need for greater transparency and immediacy in asset reporting.

State Street currently maintains approximately $59 trillion in assets under custody and $6.3 trillion in assets under management. Apollo's credit business undergoing this pricing transition represents $850 billion in total assets.

The players

State Street

State Street is a global financial services holding company that provides investment management and investment services to institutional investors.

Apollo

Apollo is a global alternative asset manager that focuses on yield and hybrid finance strategies through its credit business.

The details

State Street expanded its existing valuation infrastructure to accommodate the increased reporting frequency. By moving away from monthly cycles, the firms aim to satisfy the informational expectations of a modern and broader investor base.

October 28, 2026: The shift to daily pricing models for these private market strategies was reported.

Market Dynamics

This transition marks a clear departure from the historical reliance on monthly NAV reporting in private equity and credit markets. By shifting to daily metrics, the firms are aligning private market reporting standards more closely with the transparency levels expected in public markets.

Individual and institutional investors with exposure to these credit funds will now receive daily valuation updates instead of waiting for month-end reports. This increase in frequency allows for more precise portfolio monitoring and faster reactions to market developments.

The takeaway

The shift toward daily pricing signals that private markets are maturing to meet the information demands of a modern investor base. Investors should expect similar transitions across other alternative asset classes as transparency becomes a key competitive differentiator.