Global alternative asset manager Apollo has entered into an agreement with Citi to form a $25 billion private credit, direct lending program—with a focus initially in North America and the potential to expand to additional geographies.
The program will include participation from Mubadala Investment Company as Apollo’s strategic partner as well as Apollo’s subsidiary, Athene, both of which will have the opportunity to join commitments appropriate for their respective mandates. The program is designed to enhance access for corporate and sponsor clients to the private lending capital pool, at a scale and size which can provide funding certainty in strategic transactions.
Apollo and Citi anticipate the program will finance approximately $25 billion of debt opportunities over the next several years, encompassing both corporate and financial sponsor transactions.
The S&C team advising Apollo on regulatory aspects includes Mitch Eitel, Eric Diamond and Amy Dreisiger.