Apollo Says Bank Tie-Ups Vital for High-Grade Private Credit (1)

Private credit’s effort to finance investment-grade companies is going to come down to its partnerships with banks, according to Apollo Global Management Inc. President Jim Zelter.

“The future of IG private credit is really in partnership with the banks — no doubt about it,” Zelter said in an interview with Bloomberg TV.

Apollo has 12 origination partnerships with banks, according to Zelter, in addition to its own deal-sourcing teams. Those include tie-ups with BNP Paribas SA, Citigroup Inc., Standard Chartered Plc, and others that are “private, or have not been announced, but still very active,” he ...