Citigroup and Apollo Global Management are teaming up in the fast-growing private credit market, agreeing to work together on $25 billion worth of deals over the next five years. The two Wall Street heavyweights have struck an exclusive partnership to arrange financings for corporate and private equity clients,

Citigroup (NYSE:C) and Apollo Global Management (NYSE:APO) are joining forces to form a landmark $25B private credit, direct lending program initially in North America, the Wall Street heavyweights said Thursday.

Citi and Apollo said that they "expect strong client demand and maintain the flexibility to significantly expand the size of the program beyond the initial $25 billion."