Apollo's Athene Emerges as Big Lender to Blackstone Private Credit

Apollo-linked insurers bought credit fund's $1 billion note offering in March

Blackstone Inc.’s largest private credit fund has been getting billions of dollars in financing from what might seem to be an unlikely source: the main insurance unit of rival Apollo Global Management Inc.

The Blackstone Private Credit Fund, also known as BCRED, disclosed earlier this year that it sold the entirety of a $1 billion private placement of se…