{"version":1,"id":"credit-prive","title":"Private credit atlas","reconstructedOn":"2026-09-17","sources":[{"id":"apollo-bnp-2024","title":"Apollo and BNP Paribas: the ATLAS SP partnership","url":"https://www.apollo.com/insights-news/pressreleases/2024/09/apollo-s-atlas-sp-and-bnp-paribas-announce-5-billion-strategic-collaboration-2949677","publishedOn":"2024-09-20","locator":"September 20, 2024 release, first two paragraphs: ATLAS SP ownership and BNP Paribas financing commitment."},{"id":"arcc-q2-2026","title":"Ares Capital: quarterly report as of June 30, 2026","url":"https://www.sec.gov/Archives/edgar/data/1287750/000162828026050307/arcc-20260630.htm","publishedOn":"2026-07-29","locator":"Note 1 (management), note 5 (facilities), investment schedule p. 10 (Hyland Software), exhibits 10.1 and 10.3 (JPMorgan and BNP). SEC filing dated July 29, 2026."},{"id":"athene-q2-2026","title":"Athene: quarterly report as of June 30, 2026","url":"https://www.sec.gov/Archives/edgar/data/1527469/000152746926000056/ahl-20260630.htm","publishedOn":"2026-08-10","locator":"Note 11, Related Parties: Apollo management, AAA/AAA Lux and securities issued by Atlas or its affiliates. SEC filing dated August 10, 2026."},{"id":"apollo-q2-2026","title":"Apollo: quarterly report as of June 30, 2026","url":"https://www.sec.gov/Archives/edgar/data/1858681/000185868126000040/apo-20260630.htm","publishedOn":"2026-08-10","locator":"Note 1, Organization (fund management and retirement); note 16, Retirement Services, AAA and Atlas sections (ownership interests). SEC filing dated August 10, 2026."},{"id":"arcc-notes-announcement-20260908","title":"Ares Capital: announcement of the 2033 note offering","url":"https://arcc.ares.com/news/ares-capital-corporation-prices-public-offering-of-dollar750-million-6250percent-unsecured-notes-due-2033/163b0c8a-ae5a-4414-9a2b-f496aac4c6c1","publishedOn":"2026-09-08","locator":"September 8 release: principal amount, coupon, maturity, expected closing and intended use of proceeds."},{"id":"arcc-notes-close-20260915","title":"Ares Capital: 8-K confirming the offering closed","url":"https://www.sec.gov/Archives/edgar/data/1287750/000110465926107911/tm2625396d1_8k.htm","publishedOn":"2026-09-15","locator":"Items 1.01 and 8.01: September 15 closing, unsecured notes, intended use of proceeds and interest rate swap with JPMorgan."},{"id":"pagaya-atlas-vfn-20260929","title":"Pagaya: announced closing of a VFN facility with ATLAS SP","url":"https://investor.pagaya.com/news-releases/news-release-details/pagaya-secures-first-variable-funding-note-facility-atlas-sp","publishedOn":"2026-09-29","locator":"September 29 release, paragraphs 1 to 3 and final paragraph before About: announced closing, target capacity and dedicated vehicle ahead of securitization."}],"nodes":[{"id":"apollo","label":"Apollo","role":"Asset manager","column":0,"row":0},{"id":"bnp","label":"BNP Paribas","role":"Bank · financing","column":0,"row":1},{"id":"jpm","label":"JPMorgan Chase","role":"Bank · credit facility agent","column":0,"row":3},{"id":"ares-manager","label":"Ares Capital Management","role":"ARCC investment manager","column":0,"row":4},{"id":"apollo-funds","label":"Apollo funds","role":"Vehicles managed by Apollo","column":1,"row":0},{"id":"athene","label":"Athene","role":"Insurer · retirement savings","column":1,"row":1},{"id":"arcc","label":"Ares Capital · ARCC","role":"Listed lending company","column":1,"row":3},{"id":"aaa","label":"AAA / AAA Lux","role":"Investment vehicles","column":2,"row":0},{"id":"afb","label":"ARCC FB Funding","role":"ARCC financing subsidiary","column":2,"row":2},{"id":"atlas-sp","label":"ATLAS SP","role":"Asset-backed credit platform","column":3,"row":1},{"id":"hyland","label":"Hyland Software","role":"Corporate borrower","column":3,"row":3},{"id":"arcc-noteholders","label":"ARCC noteholders","role":"Bond financing · 2033 maturity","column":0,"row":2},{"id":"pagaya-vfn","label":"Pagaya VFN warehouse","role":"Personal loan vehicle","column":3,"row":2}],"relations":[{"id":"bnp-atlas","from":"bnp","to":"atlas-sp","observations":[{"publishedOn":"2024-09-20","recordedOn":"2026-09-17","review":"reviewed","kind":"announcement","label":"Announced bank financing","claim":"BNP Paribas announces a financing commitment for asset-backed credit originated by Apollo and ATLAS SP.","limit":"The release describes a commitment. 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Closing is expected on September 15, 2026.","limit":"At this date, closing remains conditional. Principal differs from net proceeds after the discount and fees.","watch":"Closing and use of proceeds.","sources":["arcc-notes-announcement-20260908"]},{"publishedOn":"2026-09-15","recordedOn":"2026-09-22","review":"reviewed","kind":"contract","label":"Offering closed · $750m","claim":"ARCC confirms the September 15 closing of its $750 million principal offering. These unsecured notes carry a 6.250% coupon and mature on September 15, 2033. Net proceeds are intended to repay debt under its credit facilities.","limit":"Repayment remains a stated intended use. The coupon does not capture the cost after the interest rate swap with JPMorgan. 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No financing from BNP or Athene to this warehouse is established.","watch":"Vehicle identity, agreement, drawdowns and maturities.","sources":["pagaya-atlas-vfn-20260929"]}]}],"milestones":[{"date":"2024-09-20","label":"BNP and ATLAS SP","change":"An announced financing partnership and ownership by Apollo funds. This view reproduces the position described in the 2024 release."},{"date":"2026-07-29","label":"The Ares financing chain","change":"ARCC's report as of June 30, 2026 distinguishes its manager, bank facilities, financing subsidiary and a loan to Hyland Software."},{"date":"2026-08-10","label":"The insurance financing chain","change":"Apollo and Athene's reports as of June 30, 2026 describe management mandates, indirect ownership and securities holdings. Links from 2024 retain their original date."},{"date":"2026-09-08","label":"The bond offering","change":"ARCC announces a bond offering to refinance debt under its credit facilities. This release does not yet confirm completion."},{"date":"2026-09-15","label":"The offering closes","change":"The 8-K confirms the offering closed. ARCC's bond financing appears alongside its bank facilities; actual repayments remain to be documented."},{"date":"2026-09-29","label":"The Pagaya loan warehouse","change":"Pagaya announces a revolving facility with ATLAS SP to hold personal loans ahead of securitization. Target capacity and drawdowns are distinct."}]}

// interactive map · actors and contracts

Atlas of private credit

Who supplies the capital, who manages the funds, and who borrows? Explore corporate lending around Ares Capital and asset-backed finance around Apollo, Athene and ATLAS SP, including personal loans originated through Pagaya’s platform.

Evidence reviewed on 4 October 2026. This English edition retains that review date. Pagaya’s 29 September announcement adds a loan warehouse to the map. VFN stands for Variable Funding Note, a revolving funding structure using notes. Portfolio positions remain dated 30 June 2026. ARCC scheduled its third-quarter results for 27 October; the announcement is a reporting calendar, not evidence of new loans or repayments.

Understand the roles in private credit

In these financing chains, ARCC lends to companies while ATLAS SP finances portfolios of receivables, including personal loans. Banks remain involved in funding the intermediaries.

Supply capital
Investors and insurers
Pension funds, insurers and other investors allocate capital. They may invest through a fund or hold an investment on their own balance sheet.
Select and manage
Managers and vehicles
The manager selects and monitors investments. The fund or financing company holds the assets and may also borrow.
Fund the intermediary
Banks
A credit facility finances a fund or vehicle. Available commitments, drawn amounts and a bank’s agency role are separate pieces of information.
Receive financing
Companies
A borrower owes interest and principal under its contract. A lender’s disclosed holding does not show the borrower’s entire debt structure.

Background: Federal Reserve, private credit characteristics and risks, February 2024; bank lending to private credit, May 2025. The map uses documents from the actors involved.

ARCC is a BDC (Business Development Company), a listed US financing company. ATLAS SP operates in asset-backed finance, a different business from direct corporate lending. Showing them together allows their funding structures to be compared while preserving that distinction.

Pagaya announces a revolving facility with ATLAS SP to hold personal loans ahead of securitization. Target capacity and drawdowns are distinct.

Asset managerApollo2 relationships Bank · financingBNP Paribas2 relationships Bank · credit facility agentJPMorgan Chase1 relationship ARCC investment managerAres Capital Management1 relationship Vehicles managed by ApolloApollo funds2 relationships Insurer · retirement savingsAthene3 relationships Listed lending companyAres Capital · ARCC5 relationships Investment vehiclesAAA / AAA Lux2 relationships ARCC financing subsidiaryARCC FB Funding2 relationships Asset-backed credit platformATLAS SP5 relationships Corporate borrowerHyland Software1 relationship Bond financing · 2033 maturityARCC noteholders1 relationship Personal loan vehiclePagaya VFN warehouse1 relationship

Announcement Reported relationship Selected relationshipLines do not show financial scale; select a relationship for its meaning

The map covers selected published relationships, mainly in the United States. One actor can participate in several financing chains: that does not establish that a bank funds a particular loan or guarantees the other participants. ATLAS SP is a company, separate from l0g’s financial atlases.

Choose a relationship

All relationships at this date

BNP Paribas ATLAS SPAnnounced bank financing Apollo funds ATLAS SPAnnounced majority ownership Ares Capital Management Ares Capital · ARCCInvestment management mandate JPMorgan Chase Ares Capital · ARCCBank facility agent BNP Paribas ARCC FB FundingLender and administrative agent Ares Capital · ARCC ARCC FB FundingEquity ownership and loan servicing Ares Capital · ARCC Hyland SoftwareSenior secured loan Apollo AtheneManagement of the insurer's portfolio Athene AAA / AAA LuxOwnership of investment vehicles AAA / AAA Lux ATLAS SPIndirect equity ownership Athene ATLAS SPInvestment in securities Apollo Apollo fundsManagement of funds and vehicles ARCC noteholders Ares Capital · ARCCOffering closed · $750m ATLAS SP Pagaya VFN warehouseAnnounced closing · VFN warehouse

Announcement by the parties

ATLAS SP → Pagaya VFN warehouse

Published 29 Sept 2026 · reviewed 4 Oct 2026

Pagaya announces the closing of a revolving VFN facility with ATLAS SP, targeting approximately $700 million of capacity. The structure provides for a dedicated vehicle to warehouse personal loans before securitization.

The limitation

The release does not give the vehicle's legal name, publish the agreement or disclose drawdowns. Capacity is not confirmed cash received. No financing from BNP or Athene to this warehouse is established.

What to check next

Vehicle identity, agreement, drawdowns and maturities.

Read the sources

Pagaya: announced closing of a VFN facility with ATLAS SP ↗
September 29 release, paragraphs 1 to 3 and final paragraph before About: announced closing, target capacity and dedicated vehicle ahead of securitization.

Atlas methodology and scope

This timeline is a documentary reconstruction made on 17 Sept 2026. Map dates refer to document publication, not when l0g first knew of or archived them. An older relationship may have changed since its latest source.

Announcements are attributed to the parties that made them. Conditional commitments remain distinct from payments. A missing link means this corpus does not establish it; it does not prove that no relationship exists.

Read the relationships and their history without the map

BNP Paribas → ATLAS SP

20 Sept 2024 · Announcement by the parties

BNP Paribas announces a financing commitment for asset-backed credit originated by Apollo and ATLAS SP.

Limitation: The release describes a commitment. It does not establish actual drawdowns or their current status.

Apollo and BNP Paribas: the ATLAS SP partnership · September 20, 2024 release, first two paragraphs: ATLAS SP ownership and BNP Paribas financing commitment.

Apollo funds → ATLAS SP

20 Sept 2024 · Announcement by the parties

The release describes ATLAS SP as majority-owned by Apollo funds.

Limitation: The investing funds are separate from the Apollo asset manager balance sheet. The release does not detail their individual stakes.

Apollo and BNP Paribas: the ATLAS SP partnership · September 20, 2024 release, first two paragraphs: ATLAS SP ownership and BNP Paribas financing commitment.

Ares Capital Management → Ares Capital · ARCC

29 Jul 2026 · Reported relationship

Ares Capital Management manages ARCC under an investment advisory and management agreement.

Limitation: The manager and the financing company are separate entities.

Ares Capital: quarterly report as of June 30, 2026 · Note 1 (management), note 5 (facilities), investment schedule p. 10 (Hyland Software), exhibits 10.1 and 10.3 (JPMorgan and BNP). SEC filing dated July 29, 2026.

JPMorgan Chase → Ares Capital · ARCC

29 Jul 2026 · Reported relationship

JPMorgan is the administrative agent for the ARCC credit facility cited in exhibit 10.1.

Limitation: Acting as agent does not mean JPMorgan provides all the lending.

Ares Capital: quarterly report as of June 30, 2026 · Note 1 (management), note 5 (facilities), investment schedule p. 10 (Hyland Software), exhibits 10.1 and 10.3 (JPMorgan and BNP). SEC filing dated July 29, 2026.

BNP Paribas → ARCC FB Funding

29 Jul 2026 · Reported relationship

BNP Paribas is a lender and the administrative agent for the ARCC FB Funding facility.

Limitation: The facility finances this vehicle; it does not identify a particular ultimate borrower.

Ares Capital: quarterly report as of June 30, 2026 · Note 1 (management), note 5 (facilities), investment schedule p. 10 (Hyland Software), exhibits 10.1 and 10.3 (JPMorgan and BNP). SEC filing dated July 29, 2026.

Ares Capital · ARCC → ARCC FB Funding

29 Jul 2026 · Reported relationship

ARCC is the equity owner and loan servicer of ARCC FB Funding in exhibit 10.3.

Limitation: The vehicle borrows separately from its parent.

Ares Capital: quarterly report as of June 30, 2026 · Note 1 (management), note 5 (facilities), investment schedule p. 10 (Hyland Software), exhibits 10.1 and 10.3 (JPMorgan and BNP). SEC filing dated July 29, 2026.

Ares Capital · ARCC → Hyland Software

29 Jul 2026 · Reported relationship

ARCC reports a first-lien senior secured loan to Hyland Software as of June 30, 2026.

Limitation: One reported holding does not describe all of Hyland's debt.

Ares Capital: quarterly report as of June 30, 2026 · Note 1 (management), note 5 (facilities), investment schedule p. 10 (Hyland Software), exhibits 10.1 and 10.3 (JPMorgan and BNP). SEC filing dated July 29, 2026.