Apollo总裁谈资本市场重构：私募信贷崛起、一二级市场融合

Core Viewpoint - The integration of primary and secondary markets is an inevitable trend, with a shift towards more customized financing solutions combining private credit, equity, and hybrid models due to the increasing asset weight in sectors like AI and defense [3][4]. Group 1: Changes in Credit Markets - Companies with good credit ratings are increasingly turning to private credit markets for financing, indicating that traditional financing methods are insufficient to meet their needs [3][4]. - The annual issuance of Collateralized Loan Obligations (CLOs) has reached $500 billion, reflecting a significant transformation in the credit market [6]. Group 2: Apollo's Business Model Innovation - Apollo has merged with its insurance retirement services company, Athene, creating a model where it acts as both an asset manager and a principal investor, aligning its interests with clients [9][10]. - The company manages nearly $800 billion in assets, with 65% in investment-grade securities, and has a significant focus on private credit and alternative investments [26]. Group 3: Market Dynamics and Future Trends - The U.S. maintains a dominant position in global capital markets, benefiting from a large stock market and a favorable legal environment, but there are emerging opportunities in Europe for private credit and infrastructure financing [13][14]. - The shift towards private assets is driven by the need for more liquidity and the increasing number of companies choosing to remain private rather than going public [37][41]. Group 4: Investment Strategies and Risk Management - Apollo emphasizes understanding the relationship between risk, return, and capital structure costs, allowing for a more flexible approach to investment compared to traditional fund structures [17][18]. - The company is focused on creating innovative fixed-income products that align with its long-term liabilities, particularly in the context of rising interest rates [23][24]. Group 5: The Role of AI and Infrastructure Investment - There is a growing demand for capital to upgrade computing infrastructure, with Apollo positioning itself as a leader in this space by providing flexible capital structures to hyperscalers and defense sectors [50][54]. - The company anticipates that the need for computing power will only increase, making it a key area for future growth [53][54].