Bloomberg Talks Apollo's Jim Zelter Talks Iran War, Private Credit Concerns
Apr 2, 2026
Jim Zelter, president at a major alternative asset manager with long experience in private credit. He defends private credit and the public–private convergence. He explains why media narratives miss the bigger financing picture. He discusses capital deployment, market dislocations and where investment opportunities are emerging.
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Private Credit Is Early Growth Not Collapse
- Private credit is in early growth, similar to 1990s high-yield not a Ponzi but growing pains.
- Jim Zelter compares current skepticism to Drexel-era attacks and says private credit can become a legitimate long-term asset class.
Drexel Memory Shapes View Of Market Panic
- Zelter recalls being a young high-yield trader during the Drexel collapse and the resulting headlines attacking junk bonds.
- He uses that personal experience to argue today's criticism of private credit echoes past overreactions.
Public Private Convergence Is Reshaping Finance
- Public-private convergence is the bigger story driving financing depth and growth in the U.S. economy since 2009.
- Zelter cites securitization, CLOs, strong banks, VC and examples like SpaceX and Berkshire holdings to show widening private allocations.