Expecting private credit demand to swell among retail investors, State Street Global Advisors (SSGA) has launched an ETF for investment grade private credit markets.
The SPDR SSGA Apollo IG Public & Private Credit ETF (PRIV) invests in both public and private investment grade (IG) debt securities. The actively-managed fund is designed to be overweight in the most popular sectors and issuers.
Anna Paglia, chief business officer, commented: “Historically, the ETF vehicle has been used to unlock market opportunities for all investors, no matter how big or small. Thanks to ETFs, all investors have transparent access to traditionally less-liquid segments of the markets.
Apollo Global Securities may source private credit instruments for the fund. However, SSGA affirms that it is not a sponsor, promoter or investment adviser for PRIV. The ETF will be managed by the SSGA fixed income team.
Paglia continued: “We have worked with Apollo [Global Management] to provide a liquidity solution within PRIV and PRIV continues the mission of democratising access to private markets.”
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