Key Takeaways
- • State Street Corporation (NYSE: STT) has implemented a daily net asset value (NAV) operating model for certain private markets strategies, enabling daily valuation and reporting for funds that have traditionally operated on monthly or quarterly cycles.
- • The model was built to support the expansion of "Daily Pricing" across Apollo's (NYSE: APO) private credit business, with Apollo and State Street converting a process originally designed around monthly valuations into one delivering daily valuations for State Street-administered funds.
- • State Street's 2026 Private Markets Study finds half of surveyed firms plan to increase private market allocations over the next two years, increasing demand for operational readiness, reporting, servicing and valuation capabilities.
- • Donna Milrod, State Street's chief product officer, says the work expands the firm's existing daily valuation capabilities while preserving the characteristics that make private markets unique.
Summary
State Street Corporation (NYSE: STT) announced it has implemented a daily net asset value (NAV) operating model for certain private markets strategies, expanding its administration capabilities to support daily valuation and reporting for investment strategies that have traditionally run on longer reporting cycles. According to the company's Business Wire release, the model was implemented to support the recent expansion of "Daily Pricing" across Apollo's private credit business.
The initiative required Apollo and State Street to transform a process initially built around monthly valuations and reporting into one that delivers valuations and reporting daily for funds administered by State Street. Eric Needleman, Partner and Head of Apollo Capital Solutions, said the expansion reflects Apollo's commitment to greater price transparency and more regular investor access to information as private credit evolves, and noted the effort required significant collaboration across key providers.
State Street framed the development as a response to shifting investor expectations. The release notes that private markets are attracting a broader range of investors who expect more timely information about their holdings. Donna Milrod, chief product officer at State Street, said "the next phase of private markets will be defined as much by infrastructure as by investment opportunity," and that the work demonstrates how private market funds can provide more timely information while maintaining their distinguishing characteristics.
The company cited its 2026 Private Markets Study, in which half of surveyed firms plan to increase private market allocations over the next two years. State Street said that as allocations grow and managers seek to serve a wider investor base, operational readiness, reporting, servicing and valuation capabilities are becoming more important. The firm supports clients across private equity, private credit and real assets through fund accounting, reporting, servicing and operational capabilities, and says it has more than 35 years of experience servicing alternative investments globally.
As of September 30, 2026, State Street reported $59.2 trillion in assets under custody and/or administration and $6.3 trillion in assets under management, including approximately $172 billion in SPDR products for which SSGA Funds Distributors acts as marketing agent.
The initiative required Apollo and State Street to transform a process initially built around monthly valuations and reporting into one that delivers valuations and reporting daily for funds administered by State Street. Eric Needleman, Partner and Head of Apollo Capital Solutions, said the expansion reflects Apollo's commitment to greater price transparency and more regular investor access to information as private credit evolves, and noted the effort required significant collaboration across key providers.
State Street framed the development as a response to shifting investor expectations. The release notes that private markets are attracting a broader range of investors who expect more timely information about their holdings. Donna Milrod, chief product officer at State Street, said "the next phase of private markets will be defined as much by infrastructure as by investment opportunity," and that the work demonstrates how private market funds can provide more timely information while maintaining their distinguishing characteristics.
The company cited its 2026 Private Markets Study, in which half of surveyed firms plan to increase private market allocations over the next two years. State Street said that as allocations grow and managers seek to serve a wider investor base, operational readiness, reporting, servicing and valuation capabilities are becoming more important. The firm supports clients across private equity, private credit and real assets through fund accounting, reporting, servicing and operational capabilities, and says it has more than 35 years of experience servicing alternative investments globally.
As of September 30, 2026, State Street reported $59.2 trillion in assets under custody and/or administration and $6.3 trillion in assets under management, including approximately $172 billion in SPDR products for which SSGA Funds Distributors acts as marketing agent.
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