Apollo views the actual broader addressable private credit universe to today be worth approximately $40 trillion,4 with 95% of these exposures being investment grade assets held predominantly by pension funds, insurers and banks (see Figure 1).

The global fixed income universe stood at $145 trillion as of 2024, meaning that if Apollo’s $40 trillion AUM appraisal is accurate, the private credit sector constitutes approximately 27% of all investible fixed income assets around the world.7 The years of rapid growth that propelled the market to its present size, however, have been accompanied by anxieties that burgeoning risks could be developing in the sector.

Whether those fears are justified or overstated has been the source of furious debate in the marketplace over the past year, an argument that has only intensified as more retail investors have become involved in private credit through vehicles like business development companies (BDCs) and interval funds. Amid the heated rhetoric, redemption requests have soared, reaching $20 billion during the first quarter of 2026,8 but as disputatious as the issue has become, all parties are able to agree on one thing: the market as a whole is desperately in need of greater transparency.

As public and private markets converged during the early 2020s, the data infrastructure supporting the asset class failed to keep pace. At present, the private credit workflow relies on inconsistent data distributed via disparate methods like email. Investors are required to manually extract data from deal documents to assess investment potential, and while there are some data structuring services available, no single provider delivers a comprehensive solution or a common and interoperable standard to which all private credit parties can adhere. In short, the status quo is hugely inefficient.

It’s for this reason that ICE recently announced the launch of ICE Private Credit Intelligence, a platform that will establish a private credit data infrastructure consistent with that of public fixed income markets.

The initiative, which Apollo is supporting as an anchor partner, will enable secure, permissioned data sharing. Utilizing a standardized reference data set, deal-level information can be shared with authorized counterparties without exposing proprietary data.

ICE Private Credit Intelligence participants will also have access to scalable data distribution and extraction, using ICE’s technology stack to ingest deal documents, extract key terms and data points and distribute secured, consistent information at scale.

Providing clients with a single source of high-quality structured data that can be used regardless of private credit asset type, will help enable users to validate loans at origination, across all forms of lifecycle events, through to maturity.

Providing more transparency will create a foundation for private credit borrowers to access the capital they need and give investors greater visibility into how their private credit holdings are performing. More transparency should also promote liquidity, support asset class growth and lay the longer-term groundwork to:

In the nearer term, we expect to bring additional originators, asset managers and capital markets participants onto the ICE Private Credit Intelligence platform, and to expand its capabilities to include performance analytics and pricing insights. We will be sharing more details in due course as the initiative develops.

1 Brookfield, Private credit opportunities: The universe keeps expanding, March 2025

2 Bank for International Settlements, The Global Drivers of Public Credit, March 2025, page 1

3 Alternative Investment Managers Association: Strong growth sees private credit market reach US$3.5 trillion, December 9, 2025

4 Apollo Global Management, Leading with Private Investment-Grade Credit

5 Preqin Private Debt AUM as of June 2023

6 $40 trillion AUM figure represents the views and opinions of Apollo analysts

7 SIFMA, Capital Markets Fact Book, July 28, 2025

8 Financial Times, Investors sought to pull $20bn from private credit funds in first quarter, April 9, 2026

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