Citi joins hands with Apollo for $32b private credit programme

Citigroup and Apollo Global have partnered for a US$25 billion (S$32.1 billion) private credit and direct lending programme, illustrating a growing alliance between banks and non-banks looking for a slice of the lucrative US$2 trillion market.

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Abu Dhabi sovereign wealth fund Mubadala Investment Company and Apollo's annuity and retirement services unit, Athene, will also participate in the programme, the companies said on Sept 26.

Private credit refers to the loans provided by non-bank lenders like Apollo, which are not subjected to the same degree of regulation as banks. Such loans are typically made to risky borrowers or companies looking to clinch mega buyouts with debt.