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The $1 Trillion Firm That Refuses The Private Equity Label | a16z
10 segments available
In 1990, Marc Rowan walked out of Drexel with his belongings in a cardboard box. Within a year, Apollo was managing $6 billion. David Haber speaks with Marc Rowan, Cofounder, CEO, and Chair of Apollo Global Management, about building Apollo into one of the world’s largest alternative asset managers and how private capital is reshaping the global economy. The conversation covers the rise of private credit, and why Rowan believes private markets are becoming increasingly central to financing the real economy. They also discuss AI, data centers, robotics, and the growing intersection between venture-backed technology companies and large-scale private financing. Along the way, they reflect on leadership, institutional culture, and why enduring organizations must adapt rather than protect the status quo. Timestamps: 00:00 - Intro 00:52 - Drexel, Milken & the Origins of Clean Sheet Thinking 04:55 - The Apollo Origin Story: From Unemployed to $6 Billion 08:46 - How Apollo Became a Trillion-Dollar Retirement & Credit Firm 13:00 - Permanent Capital, Origination & Why Assets Are the Scarce Resource 16:08 - Democratizing Private Markets: Daily Pricing & New Capital Channels 22:04 - Where Venture Meets Credit: Financing the Industrial Renaissance 30:01 - AI, Enterprise Software & Why Every Job Will Be Replaced or Enhanced 38:52 - Moral Leadership: UPenn, Merit & Doing Right Over Easy 46:02 - Apollo's Culture: Playing to Win & Building to Outlast the Founder Resources: Follow David Haber on X: https://x.com/dhaber Learn more about Apollo Global Management: https://www.apollo.com Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Show on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Show on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.
Segments Timeline
Intro
"10 stocks right now in the US are nearly 50% of the S&P and they're all levered to the same trend. The same thing is happening in the global fixed income market. And so if you're an investor and you'r..."
Drexel, Milken & the Origins of Clean Sheet Thinking
"and and for hosting us here at your office. >> Uh nothing better. My absolute pleasure. >> I thought we'd start by maybe going back in time. Um, you joined Drexel coming out of Wharton, I believe, in ..."
The Apollo Origin Story: From Unemployed to $6 Billion
"because a lot of this audience will not know what was going on in 1990, but 1990 was a global recession, a banking crisis, a Texas real estate crisis, a New York real estate crisis, a savings and loan..."
How Apollo Became a Trillion-Dollar Retirement & Credit Firm
"still, you know, incorrectly, I would argue, you know, refer to Apollo as a private equity firm, but you know, you I think more than anybody have really kind of transformed the business into a, you kn..."
Permanent Capital, Origination & Why Assets Are the Scarce Resource
"just doubling down on on kind of like the the permanent capital base of the firm because it it's really unique kind of in the alternative, you know, asset management ecosystem. And you know, I recall ..."
Democratizing Private Markets: Daily Pricing & New Capital Channels
"were, you know, beginning to talk about this earlier that the sort of distinction between public and private markets uh is a lot more nuanced maybe than it's been projected in the past. You know, publ..."
Where Venture Meets Credit: Financing the Industrial Renaissance
"and it's a bit of a metaphor maybe for my career, but but also an investment philosophy is that um opportunities live between fields of expertise. You know, and I I like kind of living at the intersec..."
AI, Enterprise Software & Why Every Job Will Be Replaced or Enhanced
"shift in the economy. >> We operate under the assumption that every job is going to be replaced or enhanced. Every single job. And I think that's what is going to happen. I mean, a world where GDP gro..."
Moral Leadership: UPenn, Merit & Doing Right Over Easy
">> So, I I want to kind of shift the conversation in a slightly different direction um really to to moral leadership. Um you know, one of the things that I've admired about you um is just how passiona..."
Apollo's Culture: Playing to Win & Building to Outlast the Founder
"segue into culture here at Apollo. How do you view Apollo's culture? You know, I know playing to win is kind of one of the core ethoses. Um, and how do you sort of maintain that entrepreneurial cultur..."