Apollo Global Management Inc. is aiming to create a marketplace that facilitates the buying and selling of high-grade private assets, encroaching on territory traditionally held by major Wall Street firms. The alternative asset manager is in talks to collaborate with banks, exchanges, and fintech companies to provide real-time information and intraday pricing for private credit transactions, as stated by Eric Needleman, head of Apollo Capital Solutions. This marketplace would enable Apollo to trade and syndicate the debt it originates on a larger scale, marking a first in contemporary private markets, where assets are usually retained by buyers and prices are seldom publicly available. “We are engaging daily with top-tier counterparties, deepening market connectivity, and expanding liquidity solutions and offerings,” Needleman noted. “The discussions have been highly constructive at the highest levels.” Apollo has already executed trades with TPG Angelo Gordon, according to a source familiar with the situation. The firm has indicated that significant trends over the next five years include the convergence of public and private markets and the evolving role of financial institutions. By establishing a trading desk and related functions, Apollo is positioning itself to be central to this transformation. Last year, Apollo and State Street Corp. announced plans to launch an exchange-traded fund that would invest in both public and private credit, bringing private credit closer to retail investors. “We’re focused on building a true marketplace — open architecture, collaborative, and built for scale,” Needleman emphasized. To date, the firm has traded approximately $2 billion in products it originated and has a growing roster of around 60 active clients. Apollo frequently places investment-grade products it originates on the balance sheets of its Athene insurance division and third-party insurers, and establishing a trading function would enhance liquidity while generating fees from trades. The marketplace will operate through Apollo Capital Solutions under its broker-dealer, which is equipped to absorb risk and provide liquidity, including a public-facing sales and trading function. The firm originated $222 billion in loans last year.

As part of the marketplace development, Apollo recently appointed John Maggiacomo, formerly head of US credit sales at RBC Capital Markets. With banks increasingly retreating from holding risk on their balance sheets, market-makers are stepping up their involvement in trading fixed income and corporate debt. Apollo sees an opportunity to meet the demand from investors looking to trade assets in the thriving $1.6 trillion private credit market and reports significant interest from both current private credit holders and traditional public credit investors. “There’s a clear use case and demand for secondary markets to develop in a formal or creative style,” Needleman stated.