Bloomberg Talks Apollo's Europe Credit Head Talks Football Financing, Making Private Markets Accessible
Aug 15, 2025
Tristram Leach, Partner and Head of Investments for Credit and Hybrid in Europe at Apollo, dives into the burgeoning world of private credit. He reveals how this alternative financing is starting to rival traditional lending, particularly in Europe, and discusses the emerging opportunities in defense financing amid geopolitical tension. The conversation also highlights the relationship between private credit and football financing, exploring the risks and rewards of player investments. Prepare for insights on navigating market challenges and leveraging new trends!
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Private Credit Offers Real Premium
- Private credit offers a premium versus public credit, especially across an expanded definition that includes investment-grade lending.
- Europe's need for large-scale investment in infrastructure and defence creates a sizable opportunity for private credit.
Lean Into Investment-Grade Lending
- Focus on investment-grade private credit to target lower-risk, large corporate borrowers with scalable, long-dated capital.
- Use balance-sheet capital (eg, Athene, Athora) to deploy at scale where demand for safe lending solutions exists.
Defence Financing Is Early-Stage
- Europe is only at the start of a defence-spending cycle, so private financings in defence remain nascent.
- Apollo is engaging with policymakers and companies to be ready as deal flow develops.