Icons and Ideas with Peter Mallouk Marc Rowan: The Future of Private Credit
30 snips
Sep 22, 2025 
Marc Rowan, CEO of Apollo, a leading figure in private markets, explores the booming world of private credit and its potential. He defines private credit’s vast $40 trillion landscape and discusses its rising popularity amid current market conditions. Rowan highlights the convergence of public and private markets and the importance of origination and valuation in distinguishing successful investment managers. Delving beyond finance, he shares insights into Apollo's culture and his personal passions, including mountain biking and restaurants.
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Private Credit Is Vast And Varied
- Private credit comprises most credit outside public markets and includes mortgages, business loans, and consumer lending.
- The private credit market is roughly $40 trillion and spans many types beyond levered lending.
Credit Can Replace Equity For Similar Returns
- Investment-grade private credit offers flexibility and typically 100–150 basis points premium over similar public-rated debt.
- Below-investment-grade first‑lien debt can deliver equity-like returns with lower volatility than equity.
Higher Rates Spark Private Credit Demand
- Private credit's popularity stems from higher interest rates making credit attractive versus zero-rate era.
- It offers equity‑like returns with less volatility, suiting investors seeking de‑risking.