Apollo Global Management (NYSE:APO) says the private markets industry is entering a new phase of growth that extends well beyond traditional private equity and direct lending, as demand for artificial intelligence infrastructure financing, investment-grade private credit and retirement products reshapes the sector.
Speaking on the firm’s second-quarter earnings call, CEO Marc Rowan argued that private markets have evolved dramatically since the financial crisis. Apollo, which managed roughly $40 billion in assets in 2008—primarily in private equity—now oversees more than $1 trillion, a transformation Rowan attributed to the rise of new investment strategies, particularly investment-grade private credit.
