US asset manager Apollo Global Management has won a mandate to manage a US$1 billion private credit growth fund for Singapore’s trade and industry ministry, according to a Bloomberg report, citing a government procurement website.
Launched in March, the fund aims to provide customised financing for high-growth local enterprises.
Bloomberg says in the report on July 21 that further details on the fund’s deployment strategy are expected by the third quarter.
According to the news agency, Apollo’s appointment marks a significant win in the $1.7 trillion-plus global private credit market, where institutional demand continues to rise.
Spokespersons for Singapore’s trade and industry ministry did not immediately respond to questions from Asia Asset Management.
New York-based Apollo had $751 billion of assets under management as of end-2024.
