Citigroup, Apollo Join Forces in $25 Billion Private Credit Push

Citigroup Inc. and Apollo Global Management Inc. are teaming up in the fast-growing private credit market, agreeing to work together on $25 billion worth of deals over the next five years.

The two Wall Street heavyweights have struck an exclusive partnership to arrange financings for corporate and private equity clients, according to a statement seen by Bloomberg. Mubadala Investment Co. and Apollo’s insurance unit Athene will also participate in the venture, which will initially focus on North America.

Jim Zelter

Photographer: Carla Gottgens/Bloomberg

“This is where the industry is going,” Apollo Co-President Jim Zelter said in an interview, describing the relationship between private capital ...