Citi partners with Apollo to form $25b private credit

The program will launch in North America; may expand to other markets in the future.

Citigroup has entered into an exclusive agreement with asset manager Apollo to form a $25b private credit, direct lending program.

The program will launch in North America, with the potential to expand to additional markets, Citi said in a press release.

Mubadala Investment Company will participate in the program as Apollo’s strategic partner. Apollo’s subsidiary Athene is also a participant.

The firms anticipate the program will finance approximately $25b of debt opportunities over the next several years.

Citi and Apollo expect strong client demand and said that they may expand the size of the program beyond the initial $25b.

Cravath, Swaine & Moore LLP is serving as legal counsel and Citigroup Global Markets Inc. is acting as advisor to Citi.

Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel and Sullivan & Cromwell LLP is serving as regulatory counsel to Apollo.

Follow the links for more news on

Citi

Citibank

Citigroup

Also Read

South Korean banks’ bad loans rise in August

Australian mortgage arrears rise to highest in 10 years

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit