State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), announced the launch of the SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV).
Managed by the State Street Global Advisors Active Fixed Income Team, PRIV reportedly allows all investors to gain “transparent, tradeable access to an ETF seeking risk-adjusted returns and current income that invests in investment-grade private credit, including asset-based finance, along with investment-grade public credit.”
Anna Paglia, chief business officer at State Street Global Advisors said:
“Historically, the ETF vehicle has been used to unlock market opportunities for all investors, no matter how big or small. Thanks to ETFs, all investors have transparent access to traditionally less-liquid segments of the markets. We have worked with Apollo to provide a liquidity solution within PRIV and PRIV continues the mission of democratizing access to private markets.”
PRIV seeks to maximize risk-adjusted returns and provide current income by investing “primarily in investment grade debt securities, including a combination of public and private credit such as asset-based finance and corporate lending.”
PRIV uses a risk-aware, macroeconomic top-down approach “combined with bottom-up security selection to construct a portfolio that seeks to overweight the most attractive sectors and issuers.”
PRIV may invest in private credit instruments “sourced by Apollo Global Securities, LLC,” an affiliate of Apollo Global Management, Inc.
Over the last decade, investment demand for private markets exposure has surged, “driven by large institutional investors seeking higher yields and greater diversification potential.”
State Street Global Advisors expects the next wave of private market demand will include retail investors seeking “exposure to this growing asset class through lower cost investment vehicles that are tradable, transparent, and provide daily liquidity.”
Apollo reported more than “$220 billion of origination in 2024 supported by its credit business and broader origination ecosystem spanning 16 standalone platforms.”
Apollo estimates the potential addressable market “for private credit is a $40 trillion market.”
For over four decades, State Street Global Advisors says it has “served the world’s governments, institutions, and financial advisors.”
With a “risk-aware” approach built on research, analysis, and market-tested experience, and as key players in index and ETF investing, they “are always inventing new ways to invest.”
As a result, they claim to have “become the world’s fourth-largest asset manager with $4.72 trillion under their care.”
As clarified in this recent update, the sale of AOS Investments to Apollo is said to be “not exclusive and the Fund may seek to sell AOS Investments to other counterparties.”
It’s also worth noting that the SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV), launched by State Street Corp. and Apollo Global Management Inc. on February 27, 2025, on the NYSE, has hit a regulatory snag just a day after its debut.
The U.S. Securities and Exchange Commission (SEC) has raised significant concerns about the fund’s structure, focusing on liquidity, valuation, and naming issues.
This ETF, designed to blend public and private credit—typically illiquid assets—into a liquid, retail-accessible wrapper, aims to democratize access to the $1.6 trillion private credit market.
However, the SEC’s swift response underscores the inherent tensions in this undertaking.
Have a crowdfunding offering you'd like to share? Submit an offering for consideration using our Submit a Tip form and we may share it on our site!