(Reuters) – Citigroup and private equity giant Apollo Global have struck a private credit partnership to work together on $25 billion of deals over the next five years, Bloomberg News reported on Thursday, citing a statement.
Citi will rely on its investment banking expertise to source new debt deals among its clients and will earn a fee for originating the transactions while Apollo and its partners will provide the cash, the report said.
The companies did not immediately respond to Reuters requests for comment.