What does Apollo CEO Marc Rowan want for Christmas? To define private credit

Core Viewpoint - Apollo is set to release a definitive book on private credit as a holiday gift, aiming to clarify misconceptions surrounding the term and its implications in the financial markets [2][5]. Group 1: Private Credit Definition and Misconceptions - The book will address the confusion over the definition of private credit, which has been exacerbated by media narratives [2][5]. - Apollo's CEO Marc Rowan emphasizes that many people do not understand what private credit is and often confuse it with traditional banking [5]. Group 2: Industry Response to Recent Events - The release of the book follows high-profile bankruptcies, including Tricolor Holdings and First Brands, which have raised concerns about the risks associated with private credit [2][3]. - Industry leaders, including Blackstone's CEO Steve Schwarzman, have pushed back against the narrative linking private credit to these bankruptcies, attributing the failures to banks instead [3][4].