One of private credit’s biggest managers is about to pull off a trick that no one else has yet managed; pricing its assets every day.
Apollo CEO Marc Rowan has promised daily marks across the firm's entire credit business, more than $830bn of assets, by 1 October.
That includes Apollo Debt Solutions, its roughly $30bn flagship direct lending vehicle, as well as the investment-grade, direct lending and asset-backed finance assets it manages across the platform.
The firm is partway there. After a pilot last year, its investment-grade fixed income suite has carried an estimated daily value since 1 July. But now, Apollo’s direct lending and asset-backed finance books are scheduled to join it.
“This is much, much more challenging than doing the IG stuff,” one source close to the process told 9fin, “it’s taken serious work, I wasn’t sure we would make it.”
Putting more than $830bn of credit assets on a daily number is no mean feat. The timetable is intense, a second source told 9fin, sharing the first source’s concerns that the deadline would be missed.
Rowan said no, the deadline stands. So it’s been a round-the-clock effort to get Apollo ready, according...
