Citi and Apollo will handle loan portfolio with capital from insurance annuity company Athene and Abu Dhabi’s Mubadala Investment Co.

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.

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,