About This Fund
Apollo Credit Secondaries Fund II is the second dedicated credit secondaries fund managed by Apollo Global Management, one of the world's largest alternative asset managers with more than $600 billion in total assets under management. Launched in early 2024 with a target of approximately $2 billion in capital commitments, the fund represents Apollo's continued buildout of its secondary investment capabilities across private credit markets, complementing the firm's flagship equity secondaries platform managed through the Apollo S3 Sponsor and Secondary Solutions program.
The fund pursues secondary market acquisitions of performing and non-performing private credit assets, including senior secured loans, mezzanine debt, direct lending portfolios, broadly syndicated leveraged loans, and structured credit instruments. Apollo's credit secondaries strategy targets portfolios being divested by banks, insurance companies, business development companies, and institutional investors seeking liquidity or balance sheet optimization. The strategy benefits from Apollo's unique position at the intersection of origination and secondary activity — the firm's origination relationships provide market intelligence on portfolio quality and credit dynamics that generalist secondary buyers lack, while Apollo's scale enables the fund to pursue large, complex transactions that may deter smaller competitors.
Apollo's first credit secondaries fund demonstrated the firm's ability to access proprietary secondary credit opportunities across the private markets spectrum. The broader Apollo credit franchise manages more than $500 billion in credit assets across performing, non-performing, and hybrid strategies, giving Fund II preferential access to deal flow and the analytical infrastructure to underwrite intricate structured credit portfolios. Fund II is part of Apollo's coordinated effort to build a comprehensive secondary solutions business spanning both equity and credit secondaries, alongside the Apollo S3 Equity and Hybrid Solutions Fund I, which closed at $5.4 billion in May 2025.