Apollo Global Management, the US private equity and credit giant, lent a record $114 billion in the third quarter, according to the Financial Times.
Much of the money came from its insurance clients and went into the fast-growing market for debt linked to artificial intelligence (AI).
The figure is more than 50% higher than both the previous quarter and the same period last year, according to Bloomberg.
Fees from Apollo's capital solutions business rose 37% on a year earlier.
Total fee-related earnings increased 23% to $820 million.
From shares to loans
The surge reflects a shift in how AI infrastructure is being paid for.
Chips, computing power and data centres need huge sums upfront, and companies are increasingly turning to private credit rather than issuing shares.
Private credit refers to loans made directly by investment firms rather than by banks or through public bond markets.
Apollo's insurance businesses give it a large and stable pool of money that it can lend for long periods.
That allows it to fund AI projects directly while collecting interest and fees.
Anthropic and SpaceX deals
The firm has already financed deals linked to Anthropic and Nvidia, the Financial Times said.
In June, Apollo and Blackstone backed a $35 billion financing platform with Broadcom, the chipmaker.
It will support more than 1 gigawatt of computing capacity for Anthropic, and is designed to grow to more than 20 gigawatts by 2028.
Separately, Apollo-managed funds agreed to spend about $40 billion buying graphics chips and data centre equipment to lease to SpaceX over about five years.
It is reported to be the largest committed financing deal for graphics chips to date.
Apollo's credit business manages more than $443 billion of assets across 16 lending platforms.
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