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.

Apollo’s John Zito and State Street’s Yie-Hsin Hung on why private markets belong in retail portfolios, and what the next credit cycle could look like.

Japan’s capital needs are expanding, and private capital is working alongside banks to deliver long-dated, investment-grade financing solutions, supporting corporate investment and long-term economic growth. Hear directly from Apollo Global Management CEO Marc Rowan and Eiji Ueda, Partner and Head of Asia Pacific, for more.