December 31, 2025
Family Office Insider
As we approach the beginning of 2026, public market concerns remain the same as they have for much of this year: Valuations are expensive and indices are dominated by a handful of mega-cap AI-related names. But by late September, those headlines gave way as private markets took their turn in the spotlight, with a small number of high-profile stressed situations prompting narratives about systemic fragility in the asset class. As our CEO Marc Rowan and Co-President of Apollo Asset Management recently discussed, our view is more measured. We see the current phase of the cycle as one defined by dispersion not distress. Opportunity exists for investors with judgment, scale, discipline, and perspective to see through the noise. Our Chief Economist Torsten Sløk explores this topic in detail in our 2026 outlook.
Private Markets for a More Resilient Total Portfolio
If anything, the heightened media focus on private credit highlights a deeper structural shift: Private markets are evolving from a niche category into a broader, more integral engine of the economy and investors’ total portfolios. In a recent research article co-authored by Apollo’s Product, Client and Investment teams, we explore why the Total Portfolio Approach is gaining momentum globally, and why we believe the broader use of private markets represents the next evolution for family offices.
This evolution is natural as more economic activity moves into private channels, expanding the opportunity set for investors.
Private Equity: Playing Offense While Others Plays Defense
As our Chief Economist Torsten Sløk recently discussed, there is little alpha left to capture in today’s public markets. By contrast, private markets continue to offer meaningful opportunities, but dispersion across managers is wide. And in what continues to be a challenging environment for most private equity mangers, we expect Apollo to stay on offense while much of the industry remains on defense. We believe buying companies at reasonable prices can translate to lower leverage and less risk, which can enable early return of capital and more upside at exit. While many investors are increasingly frustrated with the pace of private equity distributions, we believe Apollo’s approach is built to deliver the solutions family offices need. If you’d like to learn more about any of these topics, please reach out to the team, or your Apollo relationship manager.
Sincerely,
Thoughts from Our Leaders
Where Are We in the Credit Cycle?
Understand what’s really driving today’s credit cycle—the most important indicators, risk factors, and emerging opportunities. Jim Zelter, Jim Vanek, and John Cortese share views that cut through the market noise with relevant data and cycle-tested experience.
Hybrid in Action: Delivering Bespoke Capital Solutions in a New Market Paradigm
Sitting between private debt and equity, hybrid investments are increasingly in demand as companies continue to face higher borrowing costs, limited access to traditional debt and volatile capital markets. This article, authored by Jason Scheir, Head of Hybrid Value at Apollo, showcases this strategy through three real-world examples.
Private Equity: Alpha in an Evolving Market
In this episode of The View from Apollo, Apollo’s Antoine Munfakh and Bryn Gostin take a deeper dive into the state of private equity in a changing market environment. They discuss what’s driving dispersion across managers, why fundamentals and operational depth have regained prominence and how disciplined investing is shaping outcomes today and in years to come by focusing on “alpha on the buy, the build and the exit.”
In the News
Private Credit Fears Are Based on Four Myths
An op-ed that Apollo’s CEO, Marc Rowan, wrote for Bloomberg challenges pre-conceived notions about the private credit market and details why he believes the growth of private credit in all forms has made our financial system more resilient.
Jim Zelter on Bloomberg Surveillance
Jim Zelter joined Bloomberg Surveillance to discuss the outlook for 2026 - highlighting strong momentum in M&A pipelines, the resilience of the US economy and a positive regulatory backdrop. He addressed the multi-trillion dollar need for financing within the AI infrastructure environment and how investment grade credit's role in funding that buildout has evolved. He also addressed perspectives on credit cycles, reaffirming Apollo's view that we will have a normal credit cycle.
Apollo Sports Capital Becomes Majority Shareholder of Atlético de Madrid3
Founded in 1903, Atlético is one of the most storied franchises in La Liga, Spain’s top professional league, and has long been woven into the fabric of Spanish society with millions of fans worldwide. As part of this investment, the Club will continue to be managed by its CEO Miguel Ángel Gil and President Enrique Cerezo, who will remain as shareholders. ASC will help to enhance the long-term success of the Club and add value in areas where we excel, such as the Ciudad del Deporte (Sports City). This major infrastructure project will become a new sports and entertainment district adjacent to the Club’s Riyadh Air Metropolitano stadium in Madrid.
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