Secondaries have become a core allocation for modern private market portfolios — they can offer vintage and manager diversification, and the potential for attractive risk-adjusted returns and more consistent capital distributions.
Co-Heads of Apollo S3 Sponsor & Secondary Solutions Steve Lessar, Veena Isaac, and Konnin Tam break down how the asset class has evolved and why it's become a core allocation for sophisticated private market investors.
Equity | Market Insight
Does the Foundation Still Support the Structure? — Why a Portfolio Rebalance Makes Sense Now
Public equities are near all-time highs. By most accounts, portfolios look healthy. But beneath the surface, the foundation supporting those returns has weakened as risk compensation has thinned, concentration has intensified and traditional diversification is no longer working the way it used
to. For investors who held through the recent turbulence, this may be a rare opportunity to reassess portfolio allocations before the market forces action.
Credit markets are entering a period of transition. At Apollo’s 2026 Credit Annual Meeting, partners across the firm discussed the technological disruption, refinancing pressure from higher rates and geopolitical uncertainty that are beginning to drive greater dispersion across sectors, borrowers and capital structures.
Equity | Market Insight
Beyond the Middle Market: Private Equity Investing for a More Demanding Regime
As private equity evolves and advantages in the middle market become less reliable, scale, specialization and portfolio construction are becoming key drivers of performance in a more competitive environment.
