Apollo Commits $350M to Build Private Credit Market
The asset manager will spend over 24 months on software and infrastructure to make markets for private credit assets.
Updated on Nov. 3, 2026 in Business Strategy
Apollo Global Management has committed roughly $350 million over the next 24 months to build software and infrastructure for market-making in private credit. The firm also launched daily net asset value disclosures for its lending portfolio.
Why it matters
Apollo has long pushed for a more liquid market for private credit assets, and this spending targets the infrastructure needed to trade them. The move comes as many in the private credit market have been cool toward more frequent valuations.
Apollo plans to spend roughly $350 million over 24 months, while CEO Marc Rowan said 99% of investment-grade bonds do not trade on most days. The extraction does not detail how the spending will be allocated across systems and personnel.
The players
Apollo Global Management
A large alternative asset manager that has long pushed for a more liquid market for private credit assets.
Marc Rowan
The chief executive of Apollo Global Management, who has described how rarely investment-grade bonds trade.
The details
Apollo will write off its existing software and eliminate the systems it previously relied on as it moves to new technologies. The firm has been active in secondary markets, primarily in investment-grade private credit trading, and expects custody and settlement work for credit to begin in 2027.
Timeline
Over the next 24 months, Apollo plans to spend roughly $350 million on the build-out.
In 2027, Apollo expects to begin custody and settlement work for credit.
Market Landscape
Apollo's push for a more liquid private credit market has been a long-running position, and this spending moves it from advocacy into building trading infrastructure. The effort lands in a sector where many lenders have downplayed the need for more frequent private credit marks.
For investors holding private credit, more frequent valuations and a more liquid market could change how and when those assets can be priced and traded. The extraction does not specify any direct change to retail product availability or fees.
The takeaway
Private credit has long been less frequently priced than public bonds, and Apollo's investment signals that the largest managers see liquidity infrastructure as the next competitive frontier. Readers following the sector should watch whether daily valuations become more common across the industry.
What happens next
Apollo expects to begin custody and settlement work for credit in 2027, which will show whether the software investment translates into market-making activity.
Further reading
For broader context on how firms are reshaping their operations, see Business Strategy.
