The View From Apollo What’s Driving the Shift in Portfolio Construction: Private Credit, Private Equity, and the New Market Reality
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Oct 23, 2025 Akila Grewal, Apollo's Global Head of Product, dives into the dynamic world of private credit and equity. She explains how private credit's growth stems from real fundamentals rather than speculation. Grewal highlights the shift in portfolio construction, where investors are now prioritizing liquidity and long-term yield. She discusses the evolving demand for tailored financing solutions and the doubling-down on operational value in private equity exits. Furthermore, she points out Europe's promising capital needs and the innovative product adaptations to meet client liquidity preferences.
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Private Credit Is Structural, Not A Bubble
- Private credit's growth reflects structural financing shifts rather than a bubble narrative.
- Apollo views private markets as an evolving, persistent part of how the economy is financed.
Design Products Around Client Needs
- Connect investment origination with client portfolio needs to design solutions.
- Modify strategies as investor appetites and return expectations change.
Scale Through Integration And Third-Party Capital
- Apollo scaled credit through Athene and third-party capital to become a leading credit platform.
- Roughly 80% of Apollo's $800B AUM sits in credit, showing strategic expansion rather than abandonment of PE.