Apollo accelerates the creation of a secondary market for private credit, trading $10 billion in investment-grade private loans last year.

Apollo Global Management traded nearly $10 billion in high-grade private credit loans last year, as part of the alternative asset management firm's efforts to expand the distribution of investment-grade credit. Some investors value the relative opacity of private credit more, but Apollo President Jim Zelter said at a financial conference on Wednesday that he believes this asset class will continue to command a premium even as liquidity and transparency improve. Private credit loans are typically held on the balance sheets of the institutions underwriting these transactions, but Apollo has been pushing to bring this asset class into the market for trading, as Zelter sees it as part of long-term growth.