09:41 AM EDT, 09/26/2024 (MT Newswires) -- Citigroup ( C ) and Apollo Global Management (APO) said Thursday they have entered into a deal for a Citi unit and certain Apollo affiliates to set up a $25 billion private credit, direct lending program.

The program, which will initially focus on North America, will include participation from Mubadala Investment as Apollo's strategic partner and Apollo's Athene unit, the companies said.

The program has the potential to expand to more geographies and for the size to expand beyond the preliminary $25 billion, they added.

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