Notice: Information regarding the State Street® IG Public & Private Credit ETF (the “Fund”) is being provided herein solely for use by United States persons and none of such information constitutes an offer to sell or a solicitation of an offer to buy any shares of the Fund in any jurisdiction other than the United States.
Each started with a pool of assets that was originated, held and rarely traded. Pricing was infrequent, information was fragmented and participants were few.
Then, over time, the infrastructure caught up: common identifiers so everyone was talking about the same instrument, standardized reference data so terms could be compared across transactions, efficient settlement so assets could actually change hands and a growing marketplace of buyers who brought liquidity and price discovery with them. Jimmy Lee asked a simple question in the early 1990s: why shouldn't leveraged loans trade? That question built a market, and other asset classes followed. In many cases, these developments have been associated with increased liquidity, broader participation and improved price discovery, features that we believe served borrowers and investors better than what came before.
Now, private credit is reaching the same inflection point. The asset class spans approximately $40 trillion globally(1), the vast majority of it investment-grade. It finances the real economy, supports leading corporations and generates retirement income for millions of people. Sophisticated borrowers such as Intel, bp, AT&T and many more actively choose private credit for its flexibility, competitive pricing and the ability to structure customized transactions with a single counterparty who understands the nuances of their business.
As the market has grown, Apollo recognized early that private credit would eventually need foundational components to support its continued evolution. We did not wait for the market to demand them. Apollo has undertaken a deliberate, multi-year effort across three fronts: data standardization, secondary market liquidity and pricing transparency, each designed to give private credit the infrastructure its scale and relevance deserve.
Apollo is not alone in recognizing this need. Global policymakers are increasingly focused on standardizing how information is shared and reported in private credit, and we are supportive of those efforts.
We believe better infrastructure creates better markets for all participants and the broader financial system.
The most basic requirement for a functioning market is a common language. In public credit, that infrastructure has existed for decades. In private credit, deal documents sit in different formats across managers, terminology varies across transactions and information that should flow more freely between counterparties remains locked in fragmented systems.
In March 2026, Apollo partnered with Intercontinental Exchange to launch ICE Private Credit Intelligence in effort to address this. ICE is one of the world's leaders in financial market infrastructure and data, pricing approximately three million fixed income instruments globally and operating some of the world's largest markets. ICE Private Credit Intelligence applies that expertise to private credit by ingesting deal documents, extracting and standardizing key terms and distributing data to approved counterparties.
Critically, the architecture is built around permissioned data sharing, and the data persists at the asset level for the life of the instrument. This retains the private nature of the information while providing permissioned users the standardized reference data needed to evaluate and manage positions. Future capabilities are expected to include the introduction of asset-level identifiers for private credit instruments, a private market identifier equivalent to the CUSIP system that public fixed income has long relied on. Apollo is the anchor partner, with additional originators, asset managers and capital markets participants expected to join as the platform scales.
Data infrastructure is just one enabling component of the broader market ecosystem. In 2025, Apollo launched a dedicated secondary trading desk focused on Apollo-originated private credit. In just 18 months, the desk facilitated over $13 billion of trading volume with over 100 unique counterparties including banks, asset managers and institutional investors transacting in a market many once assumed was effectively illiquid.
The goal is the same one that transformed syndicated lending a generation ago: allow private credit assets to trade with the depth and efficiency fixed income investors expect by establishing market-making activity and price transparency.
Liquidity only means something when investors know what their assets are worth. The third leg of Apollo’s infrastructure build addresses this directly, through two efforts distinct in form but unified in purpose.
In 2025, State Street Investment Management launched the State Street® IG Public & Private Credit ETF (PRIV) (the “ETF”), bringing an innovative public and private investment grade credit ETF to market where Apollo provides access to private investment grade credit. The ETF discloses each portfolio position daily, is priced daily, offers daily liquidity in form of exchange trading of the ETF, and provides access to investment-grade private credit in a structure that is accessible and transparent, a meaningful departure from the lock-ups and infrequent marks that once defined investor access to the asset class.
PRIV has approximately $850 million in assets as of June 2026. It allows investors to see exactly what the ETF holds, what those portfolio assets are worth on any given day and trade the ETF daily – an innovative example of the continued convergence of private and public investment grade.
Last year, Apollo also launched a new initiative around delivering more frequent price reporting to our investors, starting with our IG fixed income product suite. The effort began years before it became an industry conversation and seeks to validate the pricing methodology and establish the operational infrastructure to mark private credit assets on a daily basis. We are now expanding across asset classes, and by September 30th, we expect 100% of Apollo’s more than $830 billion in credit assets will carry a daily price. When the broader market follows, and we believe it will, daily pricing should become the norm rather than the exception for private credit investors everywhere.
Private credit has earned its place as one of the world's most important asset classes, but the infrastructure hasn’t caught up. We believe it is better to lead its modernization rather than react to it.
Footnotes:
Tags
Information regarding the State Street® IG Public & Private Credit ETF (the “Fund”) is being provided herein solely for use by United States persons and none of such information constitutes an offer to sell or a solicitation of an offer to buy any shares of the Fund in any jurisdiction other than the United States.
SSGA Funds Management, Inc. is the investment adviser and sponsor of the Fund.
Apollo Global Securities, LLC (“Apollo”) is a marketing agent for the Fund. Apollo has also entered into a contractual agreement with the Fund whereby it is obligated to provide intraday, firm, executable bids on Fund holdings sourced by Apollo (each an “AOS Investment”) to the Fund on a daily basis at certain intervals and is required to repurchase AOS Investments that the Fund has purchased at the firm bid price offered by Apollo, subject to, but not limited to, contractual levels designed to cover the estimated seven-day stress redemption rate as of the date hereof. The sale of AOS Investments to Apollo is not exclusive and the Fund may seek to sell AOS Investments to other counterparties. Apollo is not a sponsor, distributor, or investment adviser to the Fund.
The Distributor of PRIV is State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees with respect to/from the Fund.
Before investing in the Fund, consider its investment objectives, risks, charges, and expenses. A prospectus (and summary prospectus) containing this and other information is available here. Read it carefully.
Privately issued securities are securities that have not been registered under the Securities Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be illiquid, difficult to value and subject to wide fluctuations in value. Limitations on the resale of these securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices.
