JPMorgan CEO Jamie Dimon recently said he expects problems to emerge in private credit, and warned that “there could be hell to pay.”

Mercer built the Aspen Partners platform for qualified purchasers in conjunction with Opto Investments.

Banks including Goldman Sachs Group Inc., Citigroup Inc. and Wells Fargo & Co. have announced plans to cobble together more than $50 billion to plow into private credit in recent months.

Apollo’s products for individual investors are distributed through intermediaries such as bank wealth channels and registered investment advisers, and the firm doesn’t expect that to change.

The latest fundraising marks the fifth iteration of the firm’s Loan Partners fund, a series that got off the ground in 2008.

“We see the broad RIA community as a very attractive client base for Goldman Sachs,” according to President and COO John E. Waldron.

The push to fundraise from wealthy individuals is turning managers into high-end concierge services.