Private markets remained under the spotlight in the first half of 2026, as investors closely evaluated manager selection, underwriting rigor, and portfolio positioning in a more challenging market environment.
Against that backdrop, Apollo crossed $1 trillion in assets under management in the first quarter -- a milestone we believe reflects the trust our clients have placed in our platform and investment discipline. More important than the milestone itself, however, is what that scale enables us to do for our family office clients going forward.
For years, many investors believed that smaller meant nimbler and that the middle market offered the greatest opportunity for alpha. Today's environment is testing those assumptions and, in our view, highlights capabilities such as scale, investment discipline, and structuring expertise that are core to Apollo's platform.
Manager Selection Matters
For those hoping easier financial conditions might offer a reprieve, our Chief Economist Torsten Sløk sees rates staying higher for longer. In that environment, we believe companies with stronger balance sheets and more durable business models are likely to be better positioned.
Even under benign market conditions, the historical dispersion among private market managers has been wide. Today's environment is only increasing that dispersion. The decisions managers made coming into this cycle — around leverage, portfolio construction, sector exposure, and underwriting— are increasingly determining outcomes. Across Apollo’s platform, portfolios have been positioned accordingly, with careful consideration of software exposure across the credit, equity, and hybrid platforms.
Hybrid Capital: Flexibility at Scale
One area where we continue to see particularly attractive opportunities is in hybrid capital, which can provide flexible solutions to companies with increasingly complex financing needs. Some of the most attractive opportunities in today's market require capital that doesn't fit neatly into a traditional debt or equity box. Apollo’s hybrid platform is designed to address these situations through customized financing solutions.
The growing interest in these types of flexible capital solutions reflects a broader shift taking place across private markets. Earlier this month, Apollo hosted its inaugural Hybrid Capital Summit in New York, bringing together chief investment officers, corporate CEOs and founders to explore how bespoke, flexible capital is reshaping the way companies think about addressing their financing needs and how investors approach portfolio construction. The depth of that conversation reflected what we're seeing on the ground: where conventional buyout returns for the broader industry are under pressure and plain vanilla credit spreads have compressed, hybrid capital is moving from an interesting niche to a core strategic allocation.
Where We See Opportunity: Europe
Another area where we see particularly attractive opportunities is Europe, which is earlier in its private markets evolution than the U.S. The combination of motivated sellers, including corporates seeking to divest non-core assets, and attractive valuations is creating what we believe is a particularly attractive opportunity set for disciplined large-cap private equity.
Recent deal activity illustrates that conviction. In France, Apollo funds completed the acquisition of Prosol Group, a leading fresh food retailer operating and/or supplying nearly 450 stores. Prosol is precisely the kind of business Apollo seeks: an industry leader with a proprietary, vertically integrated supply chain, a loyal and growing customer base, and meaningful runway for expansion. Separately, Apollo funds agreed to acquire the automotive interiors business of Forvia, a global supplier of instrument panels, door panels, and center consoles serving leading OEMs across Europe, North America, and Asia. The transaction is a carve-out — a structure where Apollo has deep experience and where our operational capabilities can help the company drive value creation from day one.
Taken together, these deals illustrate why we believe Europe represents one of the most attractive opportunities for large-cap private equity today: motivated sellers, corporates undertaking a strategic refocus, and the kind of industrial complexity that rewards managers with deeper operational capabilities and scale to execute.
As always, please reach out to the team or your Apollo relationship manager to learn more.
Sincerely,
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