Apollo Global Management (APO) Bank of America Financial Services Conference 2026 summary

Macro and market outlook

• AI buildout, global industrial renaissance, and CapEx cycles are driving robust market conditions, though risks remain high and equity monetization is expected to be slower than anticipated.

• IPO and M&A activity is expected to accelerate, but private equity realizations are likely to remain muted, requiring more strategic M&A.

• The market has not experienced a true credit cycle in nearly two decades, necessitating thoughtful portfolio diversification.

Private credit landscape

• Private credit is broadly defined, encompassing any asset not traditionally on bank balance sheets, now estimated at a $40 trillion asset class.

• Direct lending and non-investment grade credit have grown rapidly, but the real opportunity lies in the evolution of the banking model post-GFC.

• Global investors and regulators are increasingly interested in private credit's role in economic growth.

• The sector is expected to continue expanding, with education and dialogue key to understanding its breadth.

Strategic priorities and growth

• Origination is the main focus for sustaining growth, with significant investment in platforms and global expansion, especially in Europe and Asia.

• Four main themes guide strategy: industrial renaissance, individual investor access, public-private convergence, and global replacement opportunities.

• The business model is evolving to deliver products through multiple distribution channels, including partnerships with traditional managers.