Bloomberg Talks Apollo Global Management President Jim Zelter
Sep 10, 2025
Jim Zelter, President at Apollo Global Management, shares insights on the U.S. economy's “legacy inflation issues” and how companies struggle to pass costs to consumers. He discusses the shift from low interest rates to structural inflation and its impact on investment strategies. The conversation delves into the evolving landscape of public and private markets, the rise of private credit, and the complexities of investing in technology. Zelter also touches on the challenges faced by European insurers compared to their U.S. counterparts.
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From Junk Bonds To Disrupted Blue Chips
- Jim recalls starting as a high-yield trader in the 1980s and witnessing public securities behave like risky private assets.
- He cites Xerox and Bausch & Lomb as examples of once-safe firms undone by disruption.
CapEx Needs Are Concentrated And Long-Dated
- Large-scale CapEx needs now concentrate in areas like data, AI, and energy transition.
- Much of private credit is investment-grade and will finance this long-duration build-out.
Private Credit's Growing Economic Role
- Private credit's scale approaches or exceeds private equity in economic impact.
- Over the next decade private credit could match or surpass private equity's influence.