Apollo (APO) is planning to raise about $10 billion from insurers through a special-purpose vehicle that would sell debt backed by stakes in its credit funds, Bloomberg reported Thursday, citing people familiar with the matter.

The notes will be secured against interests in a range of Apollo credit funds, including direct lending, asset-based finance, hybrid capital, and investment-grade credit, according to the report.

The potential transaction is at an early stage and terms remain under discussion with investors, the report said.

Approximately one third of US life insurance companies' cash and invested assets of $6 trillion were tied to various forms of private credit by the end of 2024, the report said, citing Moody's estimates.

Apollo did not immediately respond to MT Newswires' request for comment.

Shares of Apollo were up 1.1% in recent Thursday premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)