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Apollo says its dedicated desk facilitated more than $13 billion in trading of Apollo-originated private credit over 18 months, with more than 100 counterparties. The $35 billion figure refers to a separate financing for Broadcom’s AI XPV Platform—not trading volume. Apollo’s broader effort to make private credit easier to price and trade also includes standardized deal data and more frequent valuations.
How much private credit has Apollo traded?
Apollo Global Management reported on June 29, 2026, that its dedicated secondary desk facilitated more than $13 billion in trading volume over 18 months, working with more than 100 unique counterparties, including banks, asset managers, and institutional investors. Apollo says it launched the desk in 2025 to trade credit originated by Apollo.
These are company-reported figures. Apollo’s article does not provide a transaction-level breakdown or independent verification, so the volume should not be read as a measure of market-wide trading or independently confirmed liquidity. Apollo: “Increasing Transparency and Tradability in Private Credit”
What is Apollo doing to make private credit easier to trade?
Apollo describes a push built around three related needs: more standardized information about loans, a route for secondary trading, and more frequent pricing. These features may make it easier for market participants to assess and transfer exposures, but they do not make every private loan as liquid or transparent as a publicly traded bond.
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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 information with approved counterparties through permissioned data sharing. Apollo also describes asset-level identifiers that would serve a function similar to CUSIPs in public fixed income as an expected capability; its article does not say those identifiers are already available.
Building a secondary-trading channel
Apollo’s dedicated desk provides a channel for trading Apollo-originated private credit. The reported $13 billion-plus volume indicates activity through that desk, but the public account does not specify how many transactions it represents, the prices achieved, or whether those trades materially changed liquidity across the broader private-credit market.
Increasing valuation frequency
Apollo points to daily pricing as another part of improving transparency. It cites State Street Investment Management’s State Street IG Public & Private Credit ETF (PRIV), launched in 2025, which discloses positions and pricing daily. An ETF’s publicly traded shares are distinct from direct ownership of an individual private loan or an interest in a private-credit fund.
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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Apollo also said it expected daily prices for all of its more than $830 billion in credit assets by September 30, 2026. That target date has passed, but the reviewed Apollo article states the goal as an expectation and does not confirm that it was achieved. Apollo’s account of its data, trading, and pricing initiatives
What does Apollo mean by a $40 trillion private-credit market?
Apollo executive Eric Needleman, the firm’s Partner and Head of Apollo Capital Solutions, described direct lending as a market of about $1.8 trillion and the investment-grade private-credit market as an addressable opportunity of about $40 trillion. Those numbers reflect Apollo’s market framing, not a single independently verified market-size dataset. The $40 trillion estimate uses a broad definition that includes investment-grade private credit; it is not the size of the direct-lending market.
Needleman made the distinction in an Apollo discussion published May 1, 2026. Apollo: “In Conversation with Jim Zelter & Eric Needleman”
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Is Apollo’s $35 billion deal the same as its private-credit trading?
No. Apollo announced a $35 billion initial capital solution for Broadcom’s AI XPV Platform on June 9, 2026, in partnership with Blackstone and leading global banks. The financing was intended in part to support Anthropic’s expansion of compute capacity. It is a separate financing announcement, not trading volume generated by Apollo’s secondary desk.
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Apollo Partner Jamshid Ehsani called it “the largest private financing ever executed.” That is Apollo’s characterization of the deal, not independent confirmation of a market-record claim. Apollo’s Broadcom AI XPV Platform financing announcement
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What private-credit tradability means for investors
“Private credit” covers exposures with different structures and terms. A trading desk, better document data, or a daily valuation does not by itself give an investor the ability to redeem an individual loan on demand. When comparing private credit with publicly traded credit, distinguish the instrument held and the mechanics attached to it.
- What you own: an individual loan, an interest in a fund, or shares in an ETF are different exposures with different trading and ownership arrangements.
- Liquidity and redemptions: secondary trading between counterparties is not the same as an investor’s right to withdraw from a fund. Check the actual transfer, redemption, and settlement terms for the investment.
- Valuation: a daily price can provide a more frequent valuation reference, but it does not establish that the underlying loans trade daily or can be sold at that price.
- Disclosure and standardization: standardized loan terms and permissioned access may help eligible counterparties compare information, while access remains subject to the platform’s permissions.
Apollo’s reported desk activity and initiatives describe one firm’s approach. The reviewed material does not establish independent execution prices, realized liquidity for investors, or a market-wide change in private-credit trading. It also does not provide a basis for recommending a particular fund, ETF, or loan.
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