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Paul, Weiss is advising Apollo in the formation by certain affiliates of Apollo and a Citigroup subsidiary of a first-of-its-kind $25 billion private credit, direct lending program. Under the terms of the agreement, the program will include participation from Mubadala Investment Company as Apollo’s strategic partner, as well as Apollo’s subsidiary Athene, both of which will have the opportunity to join commitments appropriate for their respective mandates. The program marks the largest relationship of its kind.

The strategic program will finance approximately $25 billion of debt opportunities over the next several years, significantly enhancing access to the private lending capital pool for corporate and sponsor clients. It will cover North America initially, with the potential to expand to additional geographies.

The Paul, Weiss team is led by corporate partner Anastasia Peterson and includes partner Matthew Goldstein and counsel David Gerst, and tax partner Brian Grieve.