Citigroup, Apollo Join Forces in $25 Billion Private Credit Push

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Citigroup, Apollo Join Forces in $25 Billion Private Credit Push
CitigroupCapital MarketsApollo Global Management
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(Bloomberg) -- Citigroup Inc. and Apollo Global Management Inc. are teaming up in the fast-growing private credit market, agreeing to work together on $25...

-- Citigroup Inc. and Apollo Global Management Inc. are teaming up in the fast-growing private credit market, agreeing to work together on $25 billion worth of deals over the next five years.Waiting for the Miracle of Church-to-Housing Development

The two firms have set one of the most ambitious targets to date in a string of tie-ups between banks and private credit managers that is reshaping Wall Street and capital markets alike. Citigroup’s Vis Raghavan, who joined this year to oversee all of the bank’s dealmakers after leading the global investment banking franchise at JPMorgan, is working to turn around performance at his division. The firm has jumped to become the No. 2 underwriter on investment-grade bonds in the US this year, behind JPMorgan, according to data compiled by Bloomberg. It has slipped in performance on high-yield bonds and leveraged loans, however.

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Citigroup Capital Markets Apollo Global Management Mubadala Investment Co. Jim Zelter Private Credit

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