{"id":701742,"date":"2026-05-13T00:00:00","date_gmt":"2026-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=701742"},"modified":"2026-05-13T02:57:52","modified_gmt":"2026-05-13T02:57:52","slug":"gulf-swfs-caught-in-the-middle-as-pimco-and-apollo-split-on-private-credit-valuation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/13\/gulf-swfs-caught-in-the-middle-as-pimco-and-apollo-split-on-private-credit-valuation\/","title":{"rendered":"Gulf SWFs caught in the middle as Pimco and Apollo split on private credit valuation"},"content":{"rendered":"

A proper turf war is brewing between Pimco and Apollo over a simple<\/strong> question with big implications for the LPs of the world, GCC sovereign wealth funds <\/strong>\u2014 is the USD 1.8 tn private credit space essentially marking its own homework? Pimco strategist Lotfi Karoui says yes in a note to clients<\/a>, arguing that the push toward more frequent marks does little to \u201caddress the market\u2019s inherent structural constraints, including a lack of true price discovery.\u201d<\/p>\n

Apollo is all for standardizing the opaque:<\/strong> This comes a week after Apollo CEO Marc Rowan committed on a 1Q earnings call (pdf)<\/a> to provide daily mark-to-market valuations across roughly USD 830 bn of its credit assets<\/a> by the end of September. \u201cWe have never seen a market where enhanced liquidity and enhanced transparency does not result in tremendous growth for the asset class,\u201d Rowan said, framing it as a land grab dressed as reform. <\/p>\n

What\u2019s daily marking again? <\/strong>It updates the estimated value of private loans every day rather than quarterly. Because these assets don\u2019t trade, the marks come from internal models, comparable transactions, company performance, and credit spreads \u2014 and those valuations flow directly into the portfolio values investors see.<\/p>\n

That\u2019s where Pimco says the cracks start to show. <\/strong>Karoui\u2019s point is that if three different managers are holding the exact same loan and arriving at three different valuations \u2014 averaging five points apart by year-end 2025 \u2014 then the issue isn\u2019t how often you refresh the number. It\u2019s that there\u2019s no real price discovery underneath it in the first place. \u201cThey only increase the perception of liquidity without truly improving liquidity,\u201d he wrote, adding that \u201cat best, [daily marks] add marginal transparency and some reputational pressure that may rein in the most extreme mark outliers.\u201d<\/p>\n

Why we think<\/strong> Apollo still comes out ahead: <\/strong>Private credit didn\u2019t grow into a USD 1.8 tn market because investors demanded perfect price discovery, it grew because LPs were willing to tolerate imperfect marks in exchange for yield and illiquidity premium. As the asset class grows, daily pricing can start to look less like a transparency exercise and more like the infrastructure layer needed to institutionalize the market \u2014 which naturally favors firms like Apollo who have the scale to make daily marks the industry norm, and the consolidation that follows.<\/p>\n

Regional SWFs have real skin in the game here. <\/strong>Some of the world\u2019s largest sovereign allocators (think PIF, Mubadala, Adia, QIA, and ADQ) are heavily exposed to the same private credit complex now debating how these assets should actually be valued, making this more than a technical fight between two US asset managers. The methodology Apollo and Pimco are arguing over today will ultimately shape how Gulf LPs measure returns and assess risk tied to some of the largest private credit plays in the market.<\/p>\n

REMEMBER- <\/strong>PIF\u2019s revised 2026-2030 strategy cuts international allocations to 20% from 30%<\/a>, which means Gulf SWFs are simultaneously reducing international exposure and concentrating their remaining exposure into fewer mega-managers \u2014 at exactly the moment those managers\u2019 valuation methodology is being publicly contested.<\/p>\n

MARKETS THIS MORNING- <\/p>\n

A<\/strong>sian stocks <\/strong>opened in the red this morning<\/strong>, mirroring losses on Wall Street after hotter-than-expected US inflation data. Analysts are bracing for a volatile couple of days as the market awaits ceasefire developments and the outcome of US President Donald Trump\u2019s summit with his Chinese counterpart. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

54,059<\/p>\n<\/td>\n

\n

-0.8% (YTD: +29.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 52.89<\/p>\n<\/td>\n

\n

Sell 53.03<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB)<\/strong> <\/p>\n<\/td>\n

\n

Buy 52.87<\/p>\n<\/td>\n

\n

Sell 52.97<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

19.00% deposit<\/p>\n<\/td>\n

\n

20.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,039<\/p>\n<\/td>\n

\n

-1.1% (YTD: +5.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong> <\/p>\n<\/td>\n

\n

9,699<\/p>\n<\/td>\n

\n

-0.9% (YTD: -2.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

\n

5,783<\/p>\n<\/td>\n

\n

-0.6% (YTD: -4.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong> <\/p>\n<\/td>\n

\n

7,401<\/p>\n<\/td>\n

\n

-0.2% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong> <\/p>\n<\/td>\n

\n

10,265<\/p>\n<\/td>\n

\n

0.0% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

5,808<\/p>\n<\/td>\n

\n

-1.5% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong> <\/p>\n<\/td>\n

\n

USD 107.27<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.83<\/p>\n<\/td>\n

\n

-0.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 4,724<\/p>\n<\/td>\n

\n

+0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 80,666<\/p>\n<\/td>\n

\n

-1.4% (YTD: -7.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

1,050<\/p>\n<\/td>\n

\n

-0.1% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

151.19<\/p>\n<\/td>\n

\n

-0.3% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

17.99<\/p>\n<\/td>\n

\n

-2.1% (YTD: +20.3%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell <\/strong>0.8% at <\/strong>yesterday\u2019s<\/strong> close<\/strong> on turnover of EGP 12.1 bn (58.7% above the 90-day average). Local investors were the sole net buyers. The index is up 29.2% YTD.<\/p>\n

In the green:<\/strong> Kima (+5.9%), Orascom Construction (+5.0%), and Egypt Aluminum (+4.6%).<\/p>\n

In the red:<\/strong> Raya Holding (-2.5%), Palm Hills Developments (-2.4%), and CIB (-2.1%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Gulf\u2019s largest sovereign allocators are heavily exposed to the same private credit complex now now debate<\/p>\n","protected":false},"author":1,"featured_media":701743,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-701742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"60a72c12-ad9d-496d-b0ce-7c9bd44f5a78","order":"10","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/5\/695.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The black box of private credit valuations","related_issue":[701726],"teaser":"The Gulf\u2019s largest sovereign allocators are heavily exposed to the same private credit complex now now debate"},"yoast_head":"\nGulf SWFs caught in the middle as Pimco and Apollo split on private credit valuation - 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