Morgan Stanley Chief Executive Officer Ted Pick said the $1.8 trillion private credit market is undergoing more scrutiny as part of its “adolescent moment.” https://t.co/IqwUVAEIhn ...

Shares of Blue Owl closed at a record low on Monday, capping weeks of declines fueled by mounting concerns over the health of the $1.8 trillion private credit market https://t.co/86Uyw0ati6 ...

Oak Hill Advisors is courting retail investors who have grown increasingly skeptical of the $1.8 trillion private credit market https://t.co/INEXKc15FK ...

Few markets - including traditional “safe havens” - have been left unscathed by the ongoing Iran war, while elsewhere, fears over the state of the private credit market are growing. What can investors do? https://t.co/vIZPgUwPl3 ...

Tikehau private debt head Cécile Mayer-Lévi compared the current turmoil on the private credit market to getting stuck at an event you want to leave but can’t https://t.co/gRe8Z0Inqy ...

Goldman CEO David Solomon said he’s watching the private credit market for “frothiness,” though he hasn’t seen anything that gives him significant cause for concern https://t.co/nKAE6miDiJ ...

Ares Management CEO Michael Arougheti downplayed the idea of trouble in the private credit market and fears of AI disruption, two factors that hammered shares of alternative asset managers recently https://t.co/SIrQx2FqvX ...

Summary of Apollo Global Management Conference Call Company Overview - **Company**: Apollo Global Management (NYSE: APO) - **Date**: December 10, 2025 - **Context**: Discussion at Goldman Sachs Financial Services Conference Key Industry Insights Private Credit Market - **Current State**: The private credit market is experiencing uncertainty, but Apollo primarily operates in the investment-grade space, which is less affected by market jitters [2][3] - **Definition Issues**: There is confusion surrounding the term "private credit," which encompasses various asset classes. Apollo plans to clarify this with a definitive guide [3] - **Risk Assessment**: Private credit is viewed as a de-risking trade compared to equities, with lower default rates than high-yield bonds. Investors are reallocating funds from equities to private credit for better risk-adjusted returns [4][5] Origination as Growth Driver - **Origination Focus**: Apollo emphasizes origination as the core of its business model, differentiating itself from traditional asset managers who invest based on available capital [9][10] - **Current Performance**: The firm has achieved strong origination volumes, exceeding five-year targets within the first year, with stable spreads around 300 basis points over treasuries [7][10] - **Collaboration with Banks**: Apollo collaborates with banks to originate loans, focusing on long-dated, high-quality assets, which are in high demand due to a global industrial renaissance [12][13] Emerging Opportunities - **AI and Infrastructure**: The demand for capital in sectors like AI and infrastructure is unprecedented. Apollo is cautious about taking on renewal risks associated with these investments [14][15] - **Wealth Market Growth**: The wealth management sector is expected to grow significantly, with Apollo positioned to benefit from a flight to quality in credit products [24][25] Financial Performance and Strategy Fundraising and Client Base - **Diverse Client Demand**: Apollo's client base has expanded beyond traditional institutional investors to include retail and insurance companies, indicating a growing acceptance of private assets [18][19] - **Future Fundraising**: The firm anticipates that fundraising will be driven by its ability to originate quality assets rather than merely raising capital [20][22] Hybrid and Private Equity - **Hybrid Business Growth**: Apollo's hybrid business is expected to be its fastest-growing segment, offering attractive risk-reward profiles [41][42] - **Private Equity Outlook**: While private equity remains a strong asset class, it is not viewed as a growth business. Apollo plans to raise over $20 billion in its next vintage [40][43] Athene and Insurance Strategy - **Athene's Role**: Athene is seen as a strategic asset for Apollo, allowing the firm to earn higher fees on originated assets. The focus is on achieving mid-double-digit returns [46][48] - **Market Positioning**: Apollo aims to leverage Athene to support guaranteed income products for retirees while capitalizing on the demand for investment-grade assets [50] Conclusion - Apollo Global Management is well-positioned for growth in the evolving financial landscape, with a strong focus on origination, a diverse client base, and strategic investments in private credit and hybrid assets. The firm is navigating market challenges while capitalizing on emerging opportunities in sectors like AI and infrastructure.

US Senator Elizabeth Warren is urging regulators to scrutinize the burgeoning private credit market https://t.co/nFC2owUTSf ...

Core Viewpoint - Amanda Lynam, head of macro credit research at BlackRock, addresses concerns regarding the private credit market and shares her perspective on the Federal Reserve's monetary policy outlook [1] Group 1: Private Credit Market - Lynam discusses the fears surrounding the private credit market, indicating that there are significant concerns among investors [1] - The conversation highlights the current state of the private credit market and its implications for investment strategies [1] Group 2: Federal Reserve Monetary Policy - Lynam provides insights into her outlook for the Federal Reserve's monetary policy, suggesting potential future directions based on current economic indicators [1] - The discussion includes the impact of monetary policy on credit markets and overall economic conditions [1]