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How much private credit has Apollo traded?
Apollo Global Management reported that its dedicated secondary trading desk facilitated more than $13 billion in trading volume over 18 months, with more than 100 unique counterparties, including banks, asset managers and institutional investors. Apollo says it launched the desk in 2025 to trade private credit originated by Apollo. Apollo’s June 29, 2026 account does not provide a transaction-by-transaction breakdown or independent verification of the volume, counterparties or execution prices.
What is Apollo doing to make private credit more tradable?
Apollo describes a three-part effort: make deal information more consistent, support secondary-market trading, and increase pricing transparency. These measures could make it easier for market participants to assess and transfer private-credit exposures, but they do not make every private loan as liquid as a publicly traded bond.
Standardizing deal data 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 information with approved counterparties through permissioned access. Apollo has described asset-level identifiers—intended to serve a function comparable to CUSIPs in public fixed income—as an expected capability, not an already available feature. Apollo’s description of the platform does not establish that all private-credit assets are covered or that the platform has produced market-wide liquidity.
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Building a secondary trading channel
The dedicated desk gives Apollo-originated credit a route to trade between investors after issuance. Apollo’s reported volume is evidence of activity on that desk, not a measure of all private-credit trading or proof that any holder can sell any loan quickly at a predictable price. Apollo has not published a transaction-level account in the cited article.
Expanding pricing frequency
Apollo points to State Street Investment Management’s State Street IG Public & Private Credit ETF (PRIV), launched in 2025, as an example of a vehicle with daily position disclosures and daily pricing. An ETF share can trade on an exchange; that does not mean each private loan held by a fund trades daily or has an observable transaction price every day.
Apollo also said it expected daily pricing for 100% of its more than $830 billion in credit assets by September 30, 2026. That target date has passed, but the cited article states an expectation rather than confirming that the target was met. Daily pricing is a valuation schedule; it should not be read as a promise that the underlying assets can be sold daily at those marks. Apollo’s article does not independently verify completion of the target.
What does Apollo mean by a $40 trillion market?
Apollo executive Eric Needleman, Partner and Head of Apollo Capital Solutions, distinguishes the direct-lending market from the broader investment-grade private-credit opportunity. In a May 1, 2026 Apollo discussion, he described direct lending as a market of about $1.8 trillion and investment-grade private credit as an addressable market of about $40 trillion. Those are Apollo’s estimates and framing; the $40 trillion figure is not the size of direct lending. Needleman’s discussion with Apollo uses the broader category to describe the opportunity Apollo is pursuing.
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Is Apollo’s $35 billion Broadcom deal the same as its private-credit trades?
No. Apollo announced on June 9, 2026, that it had led a $35 billion initial capital solution for Broadcom’s AI XPV Platform, alongside Blackstone and bank partners. The financing was intended in part to facilitate Anthropic’s expansion of compute capacity. It is a separate financing announcement, not the trading volume reported for 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 verified market-record finding. Apollo’s Broadcom announcement describes the transaction.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to compare when evaluating private credit and public credit
“Private credit” can refer to different exposures and structures. Before comparing it with public bonds—or treating a daily price as equivalent to daily liquidity—identify what the investor actually owns and how it can be valued, traded or redeemed.
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- Liquidity and redemption: A loan’s secondary-market sale, a fund investor’s redemption rights and an ETF share’s exchange trading are different mechanisms. The cited Apollo materials do not establish that all private-credit positions can be sold promptly or on the same terms.
- Valuation: Check how often a position is marked and what method supports the mark. A daily fund valuation does not necessarily represent a recent arm’s-length trade in each underlying loan.
- Disclosure and standardization: Ask what asset-level information is available, to whom, and in what standardized format. Apollo describes ICE’s permissioned data-sharing approach, but does not say that every asset or investor is covered.
- What the investor owns: An individual loan, a private fund interest and an ETF share have different trading, valuation and redemption arrangements. An ETF’s market price is not the same thing as direct ownership of its underlying loans.
The cited Apollo sources do not provide independent market-wide evidence on realized liquidity, execution prices or comparative performance. They support an explanation of Apollo’s stated initiatives, not a product-level investment recommendation.
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