State Street Advances Daily NAV Capabilities for Private Markets Strategies in Support of Apollo's Daily Pricing Initiative

• Enabling daily valuation and reporting for investment strategies that have traditionally operated on monthly and/or quarterly schedules

BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today announced the implementation of a daily net asset value (NAV) operating model for certain private markets strategies, expanding its administration abilities to support daily valuation and reporting for investment strategies that have traditionally operated on longer reporting cycles.

The model was implemented to support the recent expansion of “Daily Pricing” across Apollo's (NYSE: APO) private credit business. Working together, Apollo and State Street transformed a process that was initially built around monthly valuations and reporting into one that delivers them daily for funds administered by State Street.

The implementation comes as private markets are attracting a broader range of investors who expect more timely information about the investments they own, creating demand for more frequent reporting and greater transparency in private markets.

“The next phase of private markets will be defined as much by infrastructure as by investment opportunity,” said Donna Milrod, chief product officer at State Street. “As private assets reach more investors, expectations around transparency, valuation and reporting are changing. This work expands State Street's existing daily valuation capabilities and demonstrates how private market funds can provide more timely information and reporting while maintaining the characteristics that make private markets unique.”

“Expanding daily pricing across our credit platform reflects our commitment to providing investors with greater price transparency and more regular access to information as private credit continues to evolve,” said Eric Needleman, Partner and Head of Apollo Capital Solutions. “This innovative initiative required significant collaboration across key providers, and we're pleased to have worked with State Street and others to make it possible.”

The broader industry is moving in the same direction. According to State Street's 2026 Private Markets Study, half of firms surveyed plan to increase their private market allocations over the next two years. As allocations grow and managers seek to serve a wider range of investors, operational readiness, reporting, servicing and valuation capabilities are becoming increasingly important.

State Street supports clients across private equity, private credit and real assets through fund accounting, reporting, servicing and operational capabilities. With more than 35 years of experience servicing alternative investments globally, private markets remain a strategic area of focus for State Street, and the company continues to invest in the technology and operating infrastructure needed to support the growth of the asset class.

For more information about State Street's private markets capabilities, learn more here.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $59.2 trillion in assets under custody and/or administration and $6.3 trillion* in assets under management as of September 30, 2026, State Street operates globally in more than 100 geographic markets and employs approximately 51,000 worldwide. For more information, visit State Street's website at www.statestreet.com.

*Assets under management as of September 30, 2026 includes approximately $172 billion of assets with respect to SPDR^® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated.

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