Apollo Raises $8.5B for Accord+ Strategy as Credit Secondaries Market Grows 

Apollo has closed $8.5 billion in total commitments for its Accord+ strategy, including $4.8 billion for Accord+ Fund II as well as separately managed accounts and related structures, bringing the firm’s total hybrid credit business assets to approximately $40 billion.  

The Accord+ II fund focuses on opportunistic credit investments across private corporate credit and asset-backed finance, targeting high-quality, top-of-capital-structure investments and secondary opportunities. The fund received broad support from global investors, including pension funds, sovereign wealth funds, financial institutions, and family offices. 

“As rates stay higher-for-longer and volatility impacts capital flows, we see an attractive market for opportunistic credit investments, alongside our highest-conviction themes,” said Chris Lahoud, partner and head of Opportunistic Credit at Apollo. 

Paul, Weiss, Rifkind, Wharton & Garrison LLP represented Apollo in connection with the closing of the Accord+ II Fund. 

As private credit matures and banks tighten lending, capital is increasingly flowing into debt secondaries. In early April, Coller Capital acquired a $1.6 billion senior direct lending portfolio from American National’s balance sheet, claiming it as the largest LP-led direct lending secondaries deal ever.  

Pantheon has been highly active in 2025, closing its Senior Debt III and related vehicles at $5.2 billion, tapping private wealth by purchasing stakes in Decalia Private Credit Strategies I from Edmond de Rothschild, and expanding its Pantheon Global Credit Secondaries Fund to clients in EMEA, Latin America, Asia Pacific, and Australia. 

Other players are also capitalizing on secondaries and co-investment opportunities. J.P. Morgan Asset Management launched its debut JPMorgan Credit Markets Fund, while AlpInvest Partners closed its Strategic Portfolio Finance Fund at $3.2 billion.