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Apollo Global Management began rolling out daily prices across its roughly $850 billion credit business this week, a transparency push that lands just as the SEC and other regulators turn up scrutiny on how private credit funds value the loans they hold.
The move extends a plan CEO Marc Rowan first announced earlier this year, after a wave of investor redemption requests rattled confidence in parts of the sector. Apollo had already launched daily pricing for its investment-grade Fixed Income Replacement products on July 1, and has now expanded the initiative across its direct lending, asset-backed finance, multi-credit and opportunistic credit vehicles. Asset-level pricing for applicable funds is expected to reach investors starting October 30.
Rowan has framed the move less as a response to specific problems at Apollo and more as a statement about the asset class itself. “Private credit is just credit: You underwrite it well and it performs, you underwrite it poorly and it doesn’t,” he said on an earnings call, pushing back on the idea that private credit is inherently riskier than traditional bank lending.
The timing is pointed. The Financial Stability Board issued a report this week criticizing private credit’s “lack of standardized data and opaque valuation practices,” concerns Apollo’s daily-marks rollout appears positioned to get ahead of. The pressure comes as the roughly $1.8 trillion private credit industry grapples with record redemption requests this year, with Apollo’s own Debt Solutions fund reportedly facing withdrawal requests near 17%.
Industry trade groups have pushed back on the idea that this signals systemic trouble. The Investment Company Institute has argued that redemption caps used across the sector represent “effective liquidity management that safeguards the funds’ long-term stability” rather than evidence of underlying stress.
For Apollo, the transparency push comes from a position of financial strength rather than weakness: the firm recently surpassed $1 trillion in assets under management and reported record fee-related earnings of $728 million, up 30% from the same period a year earlier. With loans in private credit funds rarely changing hands and traditionally priced just once a quarter, Apollo’s shift to daily marks, if it sticks, could pressure rivals across the industry to follow with similar disclosures of their own.
