Apollo Global Management is planning to deploy as much as $20 billion to finance projects in Mexico as the alternative asset manager seeks to expand its private credit business and participate in the country’s infrastructure development, according to Bloomberg.
The proposed deployment would include financing for infrastructure projects and other private debt transactions. Apollo is currently holding discussions regarding potential opportunities, although the firm has not established a finalized investment pipeline or timetable for deploying the full amount.
The $20 billion figure represents a target rather than a single committed investment or dedicated fund. Capital would likely be deployed gradually across multiple transactions, depending on the availability of suitable projects, borrower demand and Apollo’s underwriting requirements.
The initiative would significantly expand Apollo’s activity in Mexico while providing the firm with another market for originating private investment-grade credit. The strategy is expected to focus primarily on loans and structured financing rather than direct equity investments.
Apollo is seeking to compete for financing mandates by offering borrowers faster execution, customized structures and longer repayment periods than may be available from traditional commercial or development banks.
These capabilities could be particularly valuable for infrastructure projects that require substantial capital, complex financing structures, and extended construction or operating timelines.
The potential investments come as Mexico seeks greater private-sector participation in developing the country’s infrastructure. Private lenders could supplement government financing and traditional bank loans across projects involving power generation, energy networks, manufacturing, logistics and digital infrastructure.
Apollo’s plans could also support businesses expanding their operations in Mexico as companies reorganize supply chains and move manufacturing capacity closer to customers in the United States.
This nearshoring trend has increased demand for electricity, transportation networks, industrial facilities, warehouses and other infrastructure needed to support new factories and commercial operations.
Apollo is evaluating opportunities involving companies of different sizes and credit profiles. The potential borrower base could range from small and mid-sized businesses requiring growth capital to larger investment-grade companies and infrastructure operators seeking long-term financing.
The strategy reflects the broader growth of private credit beyond its traditional role in financing private equity-backed acquisitions.
Large alternative asset managers are increasingly providing capital for infrastructure, energy, transportation and asset-backed transactions that historically would have been financed by banks or public bond markets.
Private credit can give borrowers greater flexibility over repayment schedules, covenants, collateral arrangements and the timing of capital deployment.
For lenders such as Apollo, infrastructure debt may provide long-duration cash flows supported by essential assets and contracted or recurring revenue.
Apollo has already completed several significant investments and financing transactions in Mexico.
In 2020, the firm provided approximately $1 billion to Grupo Aeroméxico after the airline entered bankruptcy proceedings during the disruption caused by the COVID-19 pandemic.
The financing helped support the airline’s restructuring and demonstrated Apollo’s willingness to provide large-scale capital during periods when conventional financing options were constrained.
More recently, an Apollo affiliate arranged a $300 million offering of senior secured notes for a trust managed by Mexico Infrastructure Partners.
The notes are backed by power-generation assets acquired from Spanish utility Iberdrola and are scheduled to mature in 2039.
The transaction illustrates the type of long-term infrastructure financing Apollo could pursue as part of its broader Mexico strategy.
Power plants, renewable energy assets and electricity-grid modernization projects require considerable upfront investment and may benefit from financing structures that extend beyond the duration typically offered by commercial banks.
Apollo also supported Banca Mifel in its unsuccessful 2022 effort to acquire Citigroup’s Mexican consumer banking business, Banamex.
Although the transaction did not proceed, Apollo’s involvement reflected its interest in pursuing large and strategically important opportunities in the Mexican market.
Mexico’s private credit market remains relatively small compared with the United States and other developed lending markets, but transaction activity has been increasing.
There were approximately 60 private credit transactions in Mexico during 2025 with a combined value of about $1.1 billion, compared to 55 transactions totaling approximately $2.1 billion in 2024.
Three years earlier, private credit deployments in the country totaled about $675 million.
Apollo’s proposed $20 billion deployment would therefore be substantial relative to recent private credit activity in Mexico.
However, the ultimate amount invested will depend on whether the firm identifies enough transactions that satisfy its credit standards and return requirements.
The initiative is also part of Apollo’s broader effort to finance a global industrial and infrastructure transformation.
The firm estimates that infrastructure, sustainable industry, and the energy transition could require nearly $100 trillion of investment over the coming decades.
Those capital requirements are being driven by the expansion of data centers, artificial intelligence infrastructure, electricity generation, transmission networks, renewable energy, manufacturing capacity, and transportation systems.
Governments and traditional banks may not be able to provide all the financing needed, creating opportunities for institutional private capital.
Mexico could become an important component of that strategy because of its proximity to the United States, established manufacturing base, trade relationships, and need for additional infrastructure investment.
Apollo’s ability to draw on insurance, institutional, and other long-duration capital pools may allow it to finance projects with repayment periods extending well beyond those of conventional corporate loans.
The planned deployment could include individual loans, portfolios of credit assets, structured capital solutions, and financing arranged in partnership with banks or other institutional investors.
Apollo may also originate loans that can be held by its affiliated insurance and investment vehicles.
The initiative remains in its early stages, and there is no guarantee that Apollo will ultimately deploy the full $20 billion target.
Each investment would be evaluated individually, with financing contingent on the borrower’s quality, project economics, collateral, contractual protections, and the broader political and economic environment.
Still, the scale of the target signals that Apollo views Mexico as a potentially significant market for the next phase of its private credit expansion.
Successful deployment would establish the firm as a major source of non-bank capital for Mexican infrastructure and corporate borrowers.
