Key Takeaways
- • State Street has begun implementing a daily net asset value (NAV) operating model for certain private markets strategies, supporting Apollo's decision to move its $850bn credit business to daily pricing.
- • The shift moves a process traditionally built around monthly valuations to daily valuations, responding to demand for more timely information from a broadening investor base.
- • State Street's chief product officer Donna Milrod says the work expands its existing daily valuation capabilities while preserving the characteristics that make private markets unique.
- • Eric Needleman, partner and head of Apollo capital solutions, says daily pricing reflects Apollo's commitment to price transparency and more regular investor access to information.
Summary
State Street has started implementing a daily net asset value (NAV) operating model for certain private markets strategies, in support of alternatives firm Apollo's recent decision to roll out daily pricing across its $850bn (£643.7bn) credit business, according to the source article published October 28, 2026. The arrangement changes a process that has traditionally been built around monthly valuations into one that delivers valuations on a daily basis.
State Street attributes the move to changing expectations among investors. As private markets attract a broader range of investors, the custodian and asset manager says the new investor base expects more timely information about the investments it holds, creating demand for more frequent reporting and greater transparency across the asset class.
Donna Milrod, chief product officer at State Street, said that "as private assets reach more investors, expectations around transparency, valuation and reporting are changing." She added that the 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."
Eric Needleman, partner and head of Apollo capital solutions, echoed this view, stating that "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."
State Street is one of the world's largest asset managers, with approximately $59trn in assets under custody and $6.3trn in assets under management. The development comes as private credit growth places increasing pressure on valuation practices, a theme the publication has also addressed in related coverage.
State Street attributes the move to changing expectations among investors. As private markets attract a broader range of investors, the custodian and asset manager says the new investor base expects more timely information about the investments it holds, creating demand for more frequent reporting and greater transparency across the asset class.
Donna Milrod, chief product officer at State Street, said that "as private assets reach more investors, expectations around transparency, valuation and reporting are changing." She added that the 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."
Eric Needleman, partner and head of Apollo capital solutions, echoed this view, stating that "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."
State Street is one of the world's largest asset managers, with approximately $59trn in assets under custody and $6.3trn in assets under management. The development comes as private credit growth places increasing pressure on valuation practices, a theme the publication has also addressed in related coverage.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.