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Freedom251 › Blog › Apollo

Apollo Reports $13 Billion in Private-Credit Trading as It Pushes to Open the Market

By Freedom251 Team · · 4 min read

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Apollo says its dedicated desk facilitated more than $13 billion in trading volume for Apollo-originated private credit over 18 months, with more than 100 counterparties. That is separate from the $35 billion financing Apollo later announced for Broadcom’s AI XPV Platform: the latter is a financing solution, not private-credit trading volume.

How much private credit has Apollo traded?

Apollo Global Management reported on June 29, 2026, that its dedicated secondary trading desk facilitated more than $13 billion in trading volume over 18 months, involving over 100 unique counterparties, including banks, asset managers, and institutional investors. Apollo says it launched the desk in 2025 to trade credit it originated. These are company-reported figures; the article does not provide a transaction-level breakdown or independent verification of trading volume, prices, or liquidity. Apollo: “Increasing Transparency and Tradability in Private Credit”

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What is Apollo doing to make private credit more tradable?

Apollo describes an effort built around more standardized information, a venue for secondary trading, and more frequent pricing. These measures may make assets easier for market participants to assess and trade, but they do not make private loans identical to publicly traded bonds or guarantee that a buyer will be available when a holder wants to sell.

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Standardizing deal information with ICE

In March 2026, Apollo partnered with Intercontinental Exchange (ICE) to launch ICE Private Credit Intelligence. Apollo says the platform ingests deal documents, extracts and standardizes key terms, and shares the resulting information with approved counterparties through permissioned data sharing. Apollo has described asset-level identifiers that would serve a function comparable to CUSIPs in public fixed income as an expected capability, not an already available feature. Apollo: “Increasing Transparency and Tradability in Private Credit”

Building a secondary market

Apollo’s dedicated desk focuses on secondary trades in Apollo-originated private credit. A secondary trade transfers an existing investment between holders; it is different from financing a company with a new loan. Apollo’s reported volume indicates activity through its desk, but the company’s article does not establish how readily private credit can be sold across the market, at what discounts, or under what conditions.

Increasing pricing frequency

Apollo points to the State Street Investment Management State Street IG Public & Private Credit ETF (PRIV), launched in 2025, as an example of an investment product with daily position disclosures and daily pricing. Apollo also said it expected daily prices for all of its more than $830 billion in credit assets by September 30, 2026. The reviewed Apollo article states that target as an expectation; it does not confirm that the goal was met.

What does the $35 billion figure refer to?

On June 9, 2026, Apollo announced that it had led a $35 billion initial capital solution for Broadcom’s AI XPV Platform, in partnership with Blackstone and global banks. The financing was intended in part to facilitate Anthropic’s expansion of compute capacity. It is a separate financing announcement—not the volume of private-credit trades handled by Apollo’s secondary desk. Apollo Partner Jamshid Ehsani called it “the largest private financing ever executed”; that is Apollo’s characterization of the deal, not an independently established market record. Apollo: “Apollo Leads $35 Billion Capital Solution for Broadcom AI XPV Platform in Partnership with Blackstone and Leading Global Banks”

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Why does Apollo cite a $40 trillion opportunity?

Apollo executive Eric Needleman distinguishes the direct-lending market from a much broader investment-grade private-credit opportunity. In an Apollo discussion published May 1, 2026, he described direct lending as a market of about $1.8 trillion and the addressable investment-grade private-credit market as about $40 trillion. These are Apollo’s estimates and framing; the $40 trillion figure is not the size of direct lending, nor does it represent the amount already traded. Apollo: “In Conversation with Jim Zelter & Eric Needleman”

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What changes for investors—and what does not?

Private credit is not one uniform product. A buyer’s ability to exit and the information available depend on the investment structure and its terms. Comparing it with publicly traded credit requires separating at least three things: what the investor owns, how it is valued, and how it can be sold or redeemed.

  • Ownership: An investor may hold an individual loan, an interest in a fund that owns loans, or shares in an exchange-traded fund such as PRIV. Those are different legal and economic exposures.
  • Liquidity and redemption: A secondary-market trade is a sale to another investor. A fund redemption is governed by the fund’s terms. Neither should be assumed to work like selling a publicly traded bond or ETF share.
  • Valuation: More frequent pricing can give investors a newer stated value, but a daily price is not by itself proof that the underlying loan can be sold daily at that price.
  • Disclosure and data: Standardized terms and permissioned sharing may help counterparties compare assets. Apollo’s description does not establish that all private-credit holdings will be fully public or that all market participants will receive the same information.

Apollo’s announcements describe its own infrastructure and activity. They do not independently demonstrate execution prices, realized liquidity, or market-wide effects, and they are not a basis by themselves for choosing an investment product.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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