Core Insights - Asset managers targeting retail clients are emerging as a significant market for private investments, according to Apollo Global Management's CEO Marc Rowan [1][2] - These firms are expected to become one of the largest groups investing in private assets, alongside institutions and individuals, with increasing exposure through mutual funds and ETFs [2][3] Group 1: Market Expansion - Apollo aims to leverage partnerships with existing asset managers to reach individual investors who seek exposure to private assets indirectly [3][4] - The company is expanding its reach beyond traditional backers of alternative assets, such as pensions and insurance companies [4] Group 2: New Opportunities - Defined-contribution retirement plans, like 401(k)s, represent a new market for private investments, especially following a recent executive order aimed at increasing their presence in these plans [5] - Apollo has formed partnerships with traditional asset managers, such as State Street Corp. and Lord Abbett, to facilitate access to private assets for individual investors [6] Group 3: Fundraising and Demand - In the third quarter, Apollo attracted approximately $5 billion from wealth channels, bringing the total for the year to about $14 billion, driven by demand for semi-liquid funds [7] - Institutional clients, including pension funds, are increasingly reallocating investments from public debt and equity to private-market assets, which is expected to grow significantly [8]