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Illustration: Aïda Amer/Axios

The once notoriously illiquid market for privately placed corporate loans has an increasingly active secondary trading scene.

Why it matters: The evolution of the nearly $1 trillion private debt space follows a similar path to one private equity has already tread — the development of a mature secondary market.

  • For private debt, the maturation means private lenders are cementing their encroachment on investment banks’ leveraged lending territory, and that corporate borrowers now have more options than ever for where and how to borrow money.

Driving the news: Apollo Global Management this week announced a $1 billion platform for private debt secondaries — one of the first investment pools of its kind.

  • The firm, which has a $330 billion credit business, is bulking up on staff to handle deal-making, and also wants to raise a dedicated secondaries fund in the future.

"It’s still early days in the growth of the secondary market," Apollo's deputy CIO of credit, John Zito, tells Axios. "The growth of the private credit market has been dramatic, and the likely outcome is that there's going to be more liquidity needed."

Background: Private debt is unregulated, and has grown from a $310 billion market in 2010 to around $975 billion now, according to Preqin.

  • Peep this explainer by Bloomberg’s Kelsey Butler for a history lesson.

What to watch: Zito expects the private debt market to expand by another $300 billion over the next five years.

Go deeper

Updated Aug 9, 2021 - Politics & Policy

Senate Democrats release $3.5 trillion budget resolution

Senate Majority Leader Chuck Schumer (right) and Budget Committee Chair Bernie Sanders. Photo: Samuel Corum/Getty Images

Senate Majority Leader Chuck Schumer on Monday released the full text of Democrats' $3.5 trillion budget resolution, which the Senate is expected to pass without any Republican votes as early as this week.

Why it matters: Passing the resolution is the first significant step to enacting Democrats' plans to overhaul the country's climate, child care and health care laws through the budget reconciliation process.

Job gains slow sharply as U.S. adds 210k jobs in November

Photo: Joe Raedle/Getty Images

The U.S. economy added 210,000 jobs in November, while the unemployment rate plummeted to 4.2% from 4.6%.

Why it matters: Job gains slowed sharply, but the labor market recovery remains on track.

Elon Musk's mega-billion bounty

Photo: Patrick Pleul/picture alliance via Getty Images

Here's how insanely rich Elon Musk is: He has unloaded $10 billion of his stock in the past month — and could do that 15+ more times given his silos of shares.