Energy price forecasting is becoming increasingly complex as geopolitical instability, infrastructure constraints, evolving energy policy, AI-driven electricity growth and rising data center demand reshape global power, and commodity markets. Differences in forecasting methodologies, assumptions, and regional market conditions are contributing to diverging views on future electricity, natural gas, and broader energy pricing dynamics.

On this episode of the View From Apollo’s Allocation Insights series, Alex Wright and Diana Sands are joined by Partner and Co-Head of Apollo's Sponsor & Secondary Solutions business Steve Lessar to discuss how private market secondaries have evolved from a niche liquidity tool to a core allocation of modern private market portfolios, which can offer immediate exposure to mature assets and attractive risk-adjusted return potential.

When building a strategic private markets allocation, the waiting period can carry a meaningful cost. The question is not only how to access private markets, but how to manage uncalled capital during the ramp-up period. As investors incorporate private markets allocations in their portfolios, many do so through traditional closed-end drawdown funds. While that structure can offer access to attractive long-term opportunities, it can also introduce an often-overlooked challenge: committed capital is not invested capital.