Apollo Posts Record $1B Profit as Rate Hikes Fuel Athene

The alternative asset industry’s long-standing bargain — higher yields in exchange for opacity and illiquidity — is being dismantled piece by piece, and the firms moving fastest to replace it may define the next decade of the private market.

CEO Marc Rowan emphasized that most private credit held by insurers and pension funds is investment-grade and allows lenders direct access to borrowers’ management.

This new debt strategy represents a substantial shift from recent years of reduced borrowing, signaling a rebound in M&A activity.