Bloomberg Talks Apollo Global Management CEO Marc Rowan Talks AI, Private Markets
12 snips
Mar 3, 2026 
Marc Rowan, CEO and co-founder of Apollo Global Management, a veteran private equity and credit investor. He discusses AI's sudden impact on software valuations. He contrasts cautious software lending with confidence in data-center and infrastructure underwriting. He explains why private markets are reshaping credit, capital needs across energy and defense, and trade-offs between liquidity and returns.
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Credit Healthy Today But Cycle Risks Build
- Credit appears broadly healthy because companies and consumers are in decent shape, but we may be at the end of a long accommodative credit cycle.
- Rowan warns cyclical risk emerges when investors move out the risk curve and cites recent tech-driven repricings as an example.
AI Shock Revealed Software Concentration Risk
- AI triggered a rapid re-evaluation of software valuations, exposing concentration risk in credit tied to software.
- Rowan notes software comprised ~30% of LBO and leveraged lending markets, so shocks there ripple into bonds and loans.
Global Industrial Renaissance Is Creating Massive Capital Need
- A global industrial renaissance is driving unprecedented capital demand across energy, transmission, manufacturing, defense and AI.
- Rowan argues every dollar is being spent simultaneously worldwide, creating the largest need for capital ever.