Money Maze Podcast
170: The Irreversible Convergence of Public & Private Markets – With Scott Kleinman, Co-President of Apollo Asset Management
Apr 1, 2025
Scott Kleinman, Co-President of Apollo Asset Management, shares insights from his extensive experience in a firm managing over $750 billion. He dives into the fascinating convergence of public and private markets, highlighting how traditional investment strategies are evolving. Kleinman discusses the impacts of passive investing on market dynamics and liquidity. He also addresses opportunities outside the US and emphasizes the importance of hard work and curiosity for the youth, reminding listeners to always ask 'why?'. A treasure trove of finance wisdom!
50:00
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Quick takeaways
- Apollo Asset Management has evolved from focusing on undervalued acquisitions to strategically identifying opportunities in underserved markets as industry dynamics shift.
- The convergence of public and private markets is steering institutional investors towards private assets, necessitating a reconsideration of liquidity and return expectations.
Deep dives
Impact of Zero Interest Rates on Private Equity
A prolonged period of declining interest rates, followed by a zero rate environment, dramatically transformed the private equity landscape. This shift led to an influx of new participants into the market, resulting in a substantial increase in the industry's size. Investors found it increasingly difficult to differentiate between managers delivering genuine alpha and those merely benefiting from a favorable market without true investment skill. As a consequence, companies that were not necessarily viable candidates for buyouts ended up being acquired, complicating the assessment of investment performance and sustainability.
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