Bloomberg Talks Apollo Global Management President Jim Zelter Talks Role in Software Space, US Investment in Japan
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Feb 18, 2026 Jim Zelter, president of Apollo Global Management and longtime credit specialist. He explains Apollo's cautious, limited software exposure and underwriting approach. He discusses private credit growth concerns and confidence through credit cycles. He outlines increased US investment interest in Japan and a focus on big retirement solutions and strategic partnerships.
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Disciplined Play In Credit Markets
- Apollo deliberately kept low software exposure in private credit because software-heavy non-investment grade loans carry higher disruption risk.
- Jim Zelter emphasizes focusing on investment-grade credit and disciplined value underwriting to avoid equity-like risks on levered capital structures.
Market Moves Don’t Equal Fundamental Failure
- Public market sell-offs reflect quick market reactions and concerns about private credit growth, not specific fundamental worries about Apollo.
- Zelter says Apollo's IG-heavy positioning and retirement-services scale will help it navigate an eventual credit cycle.
200 Partners On A Japan Delegation
- Apollo recently took 200 partners to Japan for a week as part of its global strategy work.
- Zelter describes the trip as valuable for sourcing retirement solutions and understanding Japan's transition opportunities.