State Street Launches Daily NAV Model for Apollo Private Credit Funds

State Street Corporation (STT ) said on October 28, 2026 that it has implemented a daily net asset value (NAV) operating model for certain private markets strategies, expanding its fund administration capabilities to support daily valuation and reporting for investment strategies that have traditionally operated on monthly or quarterly cycles. According to State Street’s announcement, the model was implemented to support the recent expansion of “Daily Pricing” across Apollo’s private credit business.

Working together, Apollo and State Street transformed a process that was initially built around monthly valuations and reporting into one that delivers them daily for funds administered by State Street. The Boston-based company said the implementation comes as private markets attract a broader range of investors who expect more timely information about the investments they own, creating demand for more frequent reporting and greater transparency in private markets.

“The next phase of private markets will be defined as much by infrastructure as by investment opportunity,” said Donna Milrod, chief product officer at State Street. “As private assets reach more investors, expectations around transparency, valuation and reporting are changing. This work expands State Street’s existing daily valuation capabilities and demonstrates how private market funds can provide more timely information and reporting while maintaining the characteristics that make private markets unique.”

Eric Needleman, Partner and Head of Apollo Capital Solutions, said expanding daily pricing across Apollo’s credit platform reflects the firm’s commitment to providing investors with greater price transparency and more regular access to information as private credit continues to evolve. “This innovative initiative required significant collaboration across key providers, and we’re pleased to have worked with State Street and others to make it possible,” he said.

Apollo’s Daily Pricing Expansion

Apollo announced on October 1, 2026 that it had begun providing Daily Pricing information to additional investors across its $850 billion credit business. The firm first launched Daily Pricing for investors in its investment-grade Fixed Income Replacement product suite on July 1, 2026, and has since extended the initiative across various direct lending, asset-backed finance, multi-credit and opportunistic credit vehicles. Asset-level pricing for applicable funds is expected to be made available to investors beginning October 30, 2026.

John Zito, Co-President of Apollo Asset Management, said that as public and private markets continue to converge, investors increasingly expect a more consistent experience across their portfolios, which requires more timely pricing information, standardized data and the infrastructure to support more efficient market making.

Apollo defines Daily Pricing as an estimated fair value for a fund, portfolio, asset, security or other investment position, calculated as of a specified date. The firm states that Daily Pricing is not a market-clearing price, that it is based on Apollo’s internal pricing methodology and benchmarked to relevant public market data, and that it is provided solely for informational and transparency purposes. It is not intended to constitute a definitive valuation or to serve as a basis for any investment decision, subscription, redemption, transaction or other action, according to Apollo. Daily Pricing is available to investors through Apollo’s investor portal, and where information relates to a registered fund, it is published through the channels applicable to that vehicle.

Apollo has described the pricing expansion as complementary to its other initiatives to strengthen private market infrastructure. In March 2026, the firm partnered with Intercontinental Exchange (ICE ) to launch ICE Private Credit Intelligence, which introduced unique asset identifiers called ICE IDs; Apollo said the IDs will be leveraged to offer standardized reference data sets, as well as analytics and independent pricing on private assets over time, and that over 5,000 ICE IDs have been created to date. Apollo’s dedicated secondary trading desk, launched in 2024, has facilitated over $30 billion of trading volume to date with a growing number of partners, the firm said.

Study Findings and Company Profiles

State Street’s announcement also cited its 2026 Private Markets Study, according to which half of firms surveyed plan to increase their private market allocations over the next two years. The study is State Street’s fifth annual private markets outlook, published in June 2026, and draws on insights from global asset managers, asset owners and wealth firms. It highlights a structural shift toward individual investors that is reshaping private markets growth, and finds firms investing in data, technology and platform capabilities to improve transparency, enhance investor experience and support scalable growth. The study also reports that most investors are maintaining or increasing allocations despite geopolitical volatility, market uncertainty and liquidity pressures, and that firms are stepping up investment in operating models, data and service partnerships to manage liquidity, compliance, reporting and servicing requirements.

State Street supports clients across private equity, private credit and real assets through fund accounting, reporting, servicing and operational capabilities. With more than 35 years of experience servicing alternative investments globally, the company said private markets remain a strategic area of focus and that it continues to invest in the technology and operating infrastructure needed to support the growth of the asset class.

As of September 30, 2026, State Street reported $59.2 trillion in assets under custody and/or administration and $6.3 trillion in assets under management, a figure that includes approximately $172 billion of assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, an affiliate of State Street Investment Management, acts solely as marketing agent. The company operates in more than 100 geographic markets and employs approximately 51,000 people worldwide. Apollo, a global alternative asset manager, reported approximately $1.05 trillion of assets under management as of June 30, 2026; through Athene, its retirement services business, the firm provides a suite of retirement savings products and acts as a solutions provider to institutions.