Private Credit

Private credit secondaries are transforming a traditionally illiquid asset class into an increasingly active secondary market where existing loans and fund interests are traded at negotiated prices. This report examines the evolution of the market, the drivers of pricing, and…

This report examines distressed private credit investing through the restructuring of Thrasio, demonstrating how investors evaluate stressed loans using recovery analysis, capital structure, and downside-focused pricing. By applying a secondary market framework to a real-world restructuring, the analysis highlights why…

BSAI’s Private Credit Division examined whether private credit ETFs can realistically combine high-yield private credit exposure with daily ETF liquidity. Using PRIV as a case study, the report analyzes liquidity engineering, valuation risks, Apollo’s role, SEC scrutiny, and the broader…

Under Marc Rowan’s leadership, Apollo Global Management has transformed from a private equity firm into a dominant force in private credit, now representing 70% of its $700 billion AUM. Strategic partnerships like the $25 billion Citigroup deal exemplify Apollo’s innovative…