Apollo Global Management has begun rolling out daily pricing across its $850bn (£643.7bn) credit business as the industry tries to build a more transparent private credit market.

The $1tn alternatives giant launched daily pricing for investors in its investment-grade fixed income replacement products on 1 July, and said today (1 October) that it had extended this to a range of direct lending, asset-backed finance, multi-credit and opportunistic credit vehicles.

Apollo chief executive Marc Rowan first set out the plan on the firm’s first-quarter earnings call in May, as private credit funds faced a surge in redemption requests from retail investors.

Apollo said the move was intended to promote “greater transparency” as a wider pool of investors moves into private credit.

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“As public and private markets continue to converge, investors increasingly expect a more consistent experience across their portfolios,” said John Zito, co-president of Apollo Asset Management.

“That requires more timely pricing information, standardised data and the infrastructure to support more efficient market making. Daily pricing is another step in that evolution.”

The move reflects a wider push for transparency across private credit, where loans rarely trade, so their values rest on models run by managers and reviewed by third parties.

Recent high-profile defaults, software-loan markdowns and redemption caps have intensified that scrutiny, testing whether those models are keeping pace with reality.

It also comes after the US Securities and Exchange Commission (SEC) issued a “critical reminder” that the industry must maintain rigour in valuing private assets, particularly private credit, as the pool of investors in the asset class grows.

Apollo said its daily pricing represented an estimated fair value for a fund, portfolio, asset, security or other investment position, calculated as of a specified date.

It is not a “market-clearing price”, the firm added, and is based on Apollo’s internal pricing methodology, benchmarked against relevant public market data.

Read more: Apollo posts record quarterly earnings as AUM tops $1tn