Citi joins hands with Apollo for $25 billion private credit program

(Reuters) -Citigroup and Apollo Global have partnered for a $25 billion private credit and direct lending program in North America, the companies said on Thursday.

Abu Dhabi sovereign wealth fund Mubadala Investment Company and Apollo’s annuity and retirement services unit, Athene, will also participate in the program.

Private credit encompasses loans made to companies looking to clinch mega buyouts, or loans that are considered too risky for banks.