Capital Allocators – Inside the Institutional Investment Industry Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481)
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Jan 19, 2026 Scott Kleinman, Co-President of Apollo Asset Management, shares insights from his journey since joining the firm as its 13th employee in 1996. He discusses Apollo's evolution into an integrated alternatives platform and the importance of excess return per unit of risk. Kleinman explains how the 2008 crisis reshaped their strategies, highlighting the significance of private credit. He emphasizes that origination, not capital, limits growth, and shares leadership lessons on communication and culture within the firm. Kleinman also explores the future of private assets and the convergence of public and private markets.
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Early Days At Apollo
- Scott Kleinman joined Apollo in January 1996 as the firm's 13th employee and worked a year without knowing his compensation.
- He was attracted by Apollo's creative structured investing and the people he already worked with at Smith Barney.
Excess Return Per Unit Of Risk
- Apollo's core philosophy is value orientation: excess return per unit of risk and contrarian positioning.
- They invest up and down the capital structure to find the best risk-return, not just equity.
GFC Origin Of Private Credit
- During the GFC Apollo bought tens of billions of bank debt at deep discounts and accumulated large corporate debt positions.
- That experience convinced them private credit and private equity are two sides of the same coin.