Keep pulling the thread on Scott Kleinman.
Apollo Asset Management believes that origination, not capital, has become the key constraint on its growth.
During the Global Financial Crisis, Apollo Asset Management was able to purchase tens of billions of dollars of bank debt at a time at deeply discounted prices.
Apollo Asset Management was the first firm to conclude after the Global Financial Crisis that private credit and private equity businesses should be operated under the same roof.
Apollo Asset Management has grown into an alternative asset manager and retirement powerhouse with nearly a trillion dollars in assets.
Apollo Asset Management's entry into the insurance business was an opportunistic trade that grew into a $500 billion business.
Apollo Asset Management generates excess returns in investment-grade credit by taking on complexity and illiquidity, enabled by its long-duration insurance liabilities.
Apollo Asset Management can provide bespoke private investment grade financing to large corporations in sizes of $3 billion, $5 billion, $10 billion, or even $20 billion at a time.
Apollo Asset Management expects to end the year with approximately $1 trillion in assets under management, with $500 billion being its own captive insurance capital.
Apollo Asset Management recently acquired Bridge, a $50 billion real estate asset manager, signaling a renewed interest in the sector after a repricing of assets.
Scott Kleinman believes a significant underappreciated market risk is the economy's extensive fueling by AI-related capital expenditures, where a failure to achieve expected ROI could weigh on the markets.
Apollo Asset Management has decided not to offer a semi-liquid private equity product because it believes the liquidity mismatch presents a poor long-term experience for wealth clients.
Scott Kleinman predicts a rapid and potentially vertical increase in demand for private assets, driven by growing allocations from institutional investors, wealth clients, the 401k market, and traditional asset managers.