Celia Yan, the head of BlackRock Inc.'s private credit division in Asia Pacific, is departing the company to join Apollo Global Management, as per sources familiar with the situation. Yan, who is based in Hong Kong, is set to become a partner at Apollo by the end of June. She will be responsible for leading the firm's hybrid initiatives in the Asia Pacific region, focusing on providing debt and structured equity capital to businesses looking to restructure while retaining control. These hybrid products have a different investment timeline compared to traditional private equity or credit.

Both Apollo and BlackRock representatives declined to provide comments on this matter, and Yan did not respond to requests for comment. Yan will assist in a smooth transition of her duties at BlackRock until the middle of June, particularly overseeing the integration with HPS Investment Partners.

After the completion of BlackRock's acquisition of HPS, the private market investment team will see an expansion to 22 professionals, with new senior investors joining in Singapore and Sydney. Since joining BlackRock in 2020, Yan has led the APAC private credit division with successful deployments of over $200 million in 2024 and a historical total surpassing $1.8 billion. Notably, her team has achieved a 16% gross internal rate of return in the Asia Pacific Credit Opportunities II fund.