State Street Private Credit ETF Stalls in Year of Industry Snags

State Street Corp. seemed to perfectly time the private-markets wave, debuting a private credit exchange-traded fund in February months ahead of an executive order that aimed to push more investors into alternative assets.

It had a coveted ticker: PRIV. It had a blue-chip partner: Apollo Global Management Inc. And it had a straightforward goal: “democratizing access” to investment-grade private credit.