Apollo Global Management and BNP Paribas are finalizing a partnership to originate private credit loans for European corporate and private equity borrowers, extending Apollo's successful model from North America to the European market.

The arrangement mirrors Apollo's $25bn private credit agreement with Citigroup in North America. The European program size remains undisclosed, but comes as banks expand balance sheet commitments to compete in the rapidly growing $1.8tn private credit market.

The partnership combines BNP's origination capabilities with Apollo's scale, reinforcing the structural convergence between banks and alternative asset managers. Despite increased scrutiny of the asset class, institutional demand remains strong for private credit solutions in Europe.