Apollo in talks to sell $3 billion private credit fund
The Wall Street Journal reports that Apollo Global Management is in talks with potential buyers to sell a roughly $3 billion private credit fund. The transaction is being read as a new gauge of liquidity demand in the private credit market. If completed, it would rank among the sector's largest asset-manager handovers.
The Wall Street Journal reports that Apollo Global Management has opened talks with potential buyers for a private credit fund worth roughly $3 billion. The transaction is expected to close in the coming weeks. Apollo is moving to accelerate capital rotation as pressure on private credit returns has intensified in recent months.
Private credit ballooned after 2020 as institutional investors hunted alternatives to public bonds. But a higher-for-longer rate backdrop has stressed some borrowers, and funds have leaned on secondary sales to manage liquidity. Bloomberg data published last month showed the cracks in the sector deepening.
Apollo has not yet confirmed the deal's specifics. Analysts say other large asset managers may follow with similar moves if the sale closes near the reported level. Investors will watch how KKR and Blackstone mark their own private credit positions in the next round of quarterly reports.
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