Apollo Bets on Mexico With $20 Billion Target for Private Credit

Apollo Global Management Inc. plans to put as much as $20 billion to work financing projects in Mexico as the giant asset manager seeks new outlets for its private credit business.

(Bloomberg) — Apollo Global Management Inc. plans to put as much as $20 billion to work financing projects in Mexico as the giant asset manager seeks new outlets for its private credit business. Talks are underway about the potential financing of infrastructure projects by Apollo as well as other debt deals, said people familiar with the matter, who asked for anonymity to discuss the private negotiations. The New York-based company has offered deals with quicker closings and longer terms than commercial or development banks, the people said.

An Apollo spokesperson declined to comment. Mexican President Claudia Sheinbaum’s government has been courting private capital to help develop the country’s infrastructure. That matches up with a priority at Apollo, which anticipates that as much as $100 trillion will be needed in coming decades to fund the world’s digital infrastructure and global power demand.

The firm is angling to finance a significant share, which sometimes means muscling onto the turf of Wall Street banks. Though plans for projects in Mexico have been sluggish at times and a robust pipeline of projects hasn’t fully materialized, deals for power plants, renewable energy and infrastructure have provided some momentum for Sheinbaum’s plan to modernize the grid. Apollo has been active in Mexico before.

Earlier this year, a unit of the firm structured a $300 million private placement of senior secured notes for a trust managed by Mexico Infrastructure Partners, according to a February statement from Cleary Gottlieb, which represented the trust. The deal covers power plants the government bought from Spain’s Iberdrola in 2024, with the notes coming due in 2039. Back in the pandemic era, Apollo engineered the $1 billion rescue of Grupo Aeromexico SAB after the airline went bankrupt in 2020 as travel plunged, and Apollo held onto a stake after the carrier’s initial public offering last year.

Apollo also backed an unsuccessful bid by Banca Mifel SA to buy Citigroup Inc.’s Mexican retail unit Banamex in 2022. Apollo said last year it sees opportunities for lending to Mexico’s small- and medium-sized businesses as well as larger investment-grade companies. Chief Executive Officer Mark Rowan drew praise from Mexican executives in May 2025 when he advocated for a trade partnership between the US and its southern neighbor, saying the two countries “should be the driving economic force in the world for the next 50 years.”

Apollo’s push into Mexico comes as private credit continues to mature in Latin America. Activity across the region has largely been driven by direct lending, according to LAVCA, a group that follows the private capital industry in Latin America. Private credit investment in Mexico has come in fits and starts.

There were 60 deals totaling $1.1 billion in 2025, according to LAVCA data. That compares with 55 deals representing $2.1 billion in 2024, but far above the $675 million deployed just three years before that. —With assistance from Gonzalo Soto and Laura Benitez.