The Allocation: Private Markets for the Total Portfolio
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Über den Podcast
Private markets have moved from a portfolio complement to a core role. The question is no longer whether to invest, but how to allocate with precision. From credit to equity and everything in between, The Allocation focuses on specific asset classes and market outlooks. You will hear where private investments fit within the total portfolio, how they compare to public market equivalents, and the role they play in diversification and long-term performance. These conversations connect macroeconomic and thematic insights to allocation decisions. We explore how to approach sizing, structure and implementation across different mandates and portfolio frameworks. Produced by Apollo Global Management, The Allocation features leaders, investors and portfolio managers directly shaping these markets and offers a practical lens on how private markets are being integrated into portfolios today.
Lizenz: Copyright 2026 The Allocation: Private Markets for the Total Portfolio
Folgen 62
Risk & Rebalance: Four Dynamics Reshaping Portfolios
Are investors being paid for the risks in their portfolios? Alex Wright, Partner and Global Wealth Strategist, and Chris Lvoff, Managing Director in Apollo Portfolio Solutions, answer the question given current …
Shownotes
Are investors being paid for the risks in their portfolios? Alex Wright, Partner and Global Wealth Strategist, and Chris Lvoff, Managing Director in Apollo Portfolio Solutions, answer the question given current market conditions. They work through four dynamics driving portfolios: rates that seem set to stay higher for longer, a weakening 60/40 hedge, equity concentration and a bond index more concentrated than it looks. They also discuss rebalancing and how private markets may offer different sources of return and diversification. For more, read Alex’s article, What’s the Risk?, at https://www.apollo.com/wealth/insights-news/insights/2026/11/whats-the-risk-seven-numbers-that-reveal-hidden-exposures-in-todays-portfolios And check out these related installments of Chris’s “After 60/40” article series: https://www.apollo.com/wealth/insights-news/insights/2026/10/after-60-40--what-if-traditional-equity-portfolio-diversifiers-are-falling-short https://www.apollo.com/wealth/insights-news/insights/2026/03/after-60-40-manager-selection-matters https://www.apollo.com/wealth/insights-news/insights/2026/01/after-60-40-modern-portfolio-allocation-across-private-and-public-marketsDirect Lending: Strong Fundamentals, Shifting Dynamics
Credit fundamentals remain strong, but rising interest rates, AI disruption and growing dispersion across sectors are reshaping the direct-lending landscape. Apollo Partner and Co-Head of Global Performing …
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Credit fundamentals remain strong, but rising interest rates, AI disruption and growing dispersion across sectors are reshaping the direct-lending landscape. Apollo Partner and Co-Head of Global Performing Credit Jim Vanek joins host Tal Barak Harif to discuss where we are in the credit cycle, why current market conditions may be creating more attractive opportunities for lenders, and how Apollo is navigating the risks and opportunities ahead.Cycle, Structure, Selection: Private Equity Portfolios for Today’s Market
Private equity deal and exit activity have picked up in 2026, but valuations remain elevated and the macro environment is still demanding. How is this shifting PE allocations? Diana Sands and equity product …
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Private equity deal and exit activity have picked up in 2026, but valuations remain elevated and the macro environment is still demanding. How is this shifting PE allocations? Diana Sands and equity product specialist Bryn Gostin dive into what's actually changed in the market, how drawdown and evergreen structures can play distinct roles in a portfolio and what it takes to construct a durable PE allocation when the old playbook no longer applies.Infrastructure: Today’s “Generational” Investment Opportunity
From digital to power grid modernization, from transport to environmental services, infrastructure represents a projected $75+ trillion in investment over the next decade. Apollo Partners Harry Seekings and …
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From digital to power grid modernization, from transport to environmental services, infrastructure represents a projected $75+ trillion in investment over the next decade. Apollo Partners Harry Seekings and Vittorio Lacagnina have spent decades in infrastructure investing, and here they discuss what Seekings sees as a “generational” opportunity. They also discuss how Apollo approaches the asset class across the full capital structure and why the potential for stable cash flows, inflation protection, and low correlation to public markets can make infrastructure a significant portfolio diversifier for both institutional and wealth investors.Torsten Slok’s Macro Update: Higher for Longer and the Road to 2027
As 2026 enters its final stretch, Apollo Chief Economist Torsten Slok joins The Allocation to discuss the latest shifts in the economy and markets. On the heels of the Fed’s September rate hike, he shares his …
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As 2026 enters its final stretch, Apollo Chief Economist Torsten Slok joins The Allocation to discuss the latest shifts in the economy and markets. On the heels of the Fed’s September rate hike, he shares his views on why inflation remains so sticky and what a “higher-for-longer” rate environment could mean for consumers, businesses and investors. Torsten also examines the continuing AI investment boom and its impact on economic growth, jobs and financial markets. Looking ahead, he highlights the key themes helping to shape his outlook for 2027. For more insights from Torsten, subscribe to his Daily Spark newsletter at Apollo.com/daily-spark.Fixed Income: The AI Issuance Boom and What it Means For Portfolios
Record issuance from the AI buildout is creating a broader menu of opportunities for fixed income investors across public and private markets. In our latest conversation covering the convergence of public and …
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Record issuance from the AI buildout is creating a broader menu of opportunities for fixed income investors across public and private markets. In our latest conversation covering the convergence of public and private debt markets, Apollo Partners Brian Weinstein, who leads Fixed Income Replacement, and John Cortese, Co-Head of Corporate Credit and Head of Trading, discuss how this issuance is changing market structure, creating dispersion and expanding the range of risks and opportunities fixed income investors may need to evaluate. For more insights on credit markets, check out our Midyear Credit Outlook: https://www.apollo.com/wealth/insights-news/insights/2026/08/2026-midyear-credit-outlookCan AI Earn It Back? The $2 Trillion Test and Other Forces Reshaping Markets and Portfolios
Between now and 2030, roughly $5 trillion will be spent building the infrastructure for AI. To justify that investment, businesses and individuals will need to spend $2 trillion a year on AI services. Whether …
Shownotes
Between now and 2030, roughly $5 trillion will be spent building the infrastructure for AI. To justify that investment, businesses and individuals will need to spend $2 trillion a year on AI services. Whether AI can earn back what's being spent on it is a defining question of this investment cycle, with impacts to be felt across debt and equity markets. Rob Bittencourt, who leads Apollo Thematic Investing, has spent his career tracking exactly these kinds of non-linear shifts. In this conversation, Rob breaks down the state of AI adoption and what enterprise ROI pressure means for the cycle and investor portfolios. He also discusses two other themes his team is tracking: US reindustrialization and why private capital may be better positioned than public markets to finance it, and the forces that are beginning to reshape finance itself. For more analysis from Apollo Thematic Investing, check out these links: The Growing Compute Shortage: https://www.apollo.com/wealth/insights-news/insights/2026/06/growing-compute-shortage AI’s Labor Ambitions: Separating Myth From Reality: https://www.apollo.com/wealth/insights-news/insights/2026/05/ai-labor-ambitions-separating-myth-from-reality The Balance Sheet Behind the AI Revolution: https://www.apollo.com/wealth/insights-news/insights/2026/03/balance-sheet-behind-the-ai-revolutionSports as an Asset Class: The $2.5 Trillion Opportunity
Apollo Sports Capital’s newly announced financing agreement with Yankees Global Enterprises represents a watershed moment for investing in sports. It also exemplifies Apollo’s strategic approach to the sports …
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Apollo Sports Capital’s newly announced financing agreement with Yankees Global Enterprises represents a watershed moment for investing in sports. It also exemplifies Apollo’s strategic approach to the sports market. In this premier episode of The Allocation, Apollo Sports Capital CEO Al Tylis unpacks the forces driving sports as an investable asset class, including media rights, global fan engagement, hybrid financing demand and the evolution of team ownership. With the sports ecosystem now representing a $2.5 trillion opportunity, Tylis explains why financing, not just ownership, may be its most compelling play. For more on the sports investing landscape, read The Financing Gap in Sports: Unlocking a $2.5 Trillion Opportunity: https://www.apollo.com/wealth/insights-news/insights/2025/12/the-financing-gap-in-sports-unlocking-a-dollar-2-5-trillion-opportunityThe Allocation Trailer: Private Markets for the Total Portfolio
The View from Apollo podcast is now The Allocation. From credit to equity and everything in between, The Allocation explores the role of private markets in portfolios across asset classes and market environments.
Hybrid: Rethinking Risk and Return
Head of Hybrid Matt Nord shares Apollo’s view of hybrid as a risk-reward framework that can provide the flexibility to invest across the capital structure. He explains why demand for flexible capital solutions …
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Head of Hybrid Matt Nord shares Apollo’s view of hybrid as a risk-reward framework that can provide the flexibility to invest across the capital structure. He explains why demand for flexible capital solutions is growing and why investors are increasingly drawn to hybrid's combination of equity-like return potential and credit-like downside protection.Torsten Slok’s Mid-Year Outlook: Three Forces Driving Markets
As the second half of 2026 begins, Apollo Chief Economist Torsten Slok outlines the key macro dynamics shaping the landscape. He explains why the AI boom has evolved far beyond a technology story, how an …
Shownotes
As the second half of 2026 begins, Apollo Chief Economist Torsten Slok outlines the key macro dynamics shaping the landscape. He explains why the AI boom has evolved far beyond a technology story, how an industrial renaissance is reshaping manufacturing and investment opportunities, and how government policy is providing additional support for growth. He also discusses the implications for inflation, interest rates, asset allocation, and credit markets while outlining the key indicators he's watching for the months ahead. For more from Torsten and to see a replay of his full outlook webcast, visit ApolloAcademy.com. And you can subscribe to his Daily Spark newsletter at Apollo.com/daily-spark.Real Estate: After the Reset
Higher interest rates have contributed to a wholesale reset of valuations across the real estate market. Apollo’s Bert Crouch discusses why fundamentals in sectors like housing, logistics, and senior living …
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Higher interest rates have contributed to a wholesale reset of valuations across the real estate market. Apollo’s Bert Crouch discusses why fundamentals in sectors like housing, logistics, and senior living remain resilient, and where investors are finding opportunities in a market increasingly shaped by demographic trends, the need for operational expertise, and mounting demand for “HALO” assets.Private Market Secondaries: The $225 Billion Market Many Wealth Investors Overlook
On this episode of the View From Apollo’s Allocation Insights series, Alex Wright and Diana Sands are joined by Partner and Co-Head of Apollo's Sponsor & Secondary Solutions business Steve Lessar to discuss how …
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On this episode of the View From Apollo’s Allocation Insights series, Alex Wright and Diana Sands are joined by Partner and Co-Head of Apollo's Sponsor & Secondary Solutions business Steve Lessar to discuss how private market secondaries have evolved from a niche liquidity tool to a core allocation of modern private market portfolios, which can offer immediate exposure to mature assets and attractive risk-adjusted return potential.Finding Opportunity in a Converging Credit Market
In our second Convergence episode on the merging of private and public credit markets, partners Brian Weinstein and John Cortese unpack how rapidly shifting conditions are reshaping where and how investors find …
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In our second Convergence episode on the merging of private and public credit markets, partners Brian Weinstein and John Cortese unpack how rapidly shifting conditions are reshaping where and how investors find opportunity. With AI-driven disruption, geopolitical events and other dynamics in play, what looked like a more straightforward buyer’s market just months ago has evolved into a more nuanced market defined by dispersion, complexity and the need for deeper underwriting. In this conversation, Brian and John explore: • Why credit markets have become harder to navigate • How the convergence of public and private credit is redefining risk, pricing and opportunity • Today’s issuance boom (from hyperscalers to structured financing) • Why dispersion may be the defining theme for investors • How a bottoms-up, multi-asset approach is becoming essential in a more fragmented marketInvesting Across the Credit Cycle
In an evolving credit market, how should investors weigh opportunity and risk in the $40 trillion private credit landscape? In our latest Allocation Insights episode on market movement and what we’re hearing …
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In an evolving credit market, how should investors weigh opportunity and risk in the $40 trillion private credit landscape? In our latest Allocation Insights episode on market movement and what we’re hearing from investors around the world, Diana Sands and Alex Wright speak with four Apollo partners at the firm’s recent Credit Annual General Meeting – Akila Grewal, Chris Edson, Jim Vanek and Chris Lahoud – to explore how the breadth and integration of Apollo’s platform is designed to perform throughout credit cycles and capture value across the full credit spectrum. They share insight into how Apollo invests as a principal, manages risk, is deploying capital at scale and is navigating the cycle with a focus on consistent, risk-adjusted returns.Private Equity Portfolios: Three Key Dimensions of Diversification
Diversification has long been a cornerstone of investing, but what does it really mean in private equity today? In this episode, lead equity product specialist Bryn Gostin explores how diversification across …
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Diversification has long been a cornerstone of investing, but what does it really mean in private equity today? In this episode, lead equity product specialist Bryn Gostin explores how diversification across managers, company size and sectors can help support more resilient portfolios in today’s evolving landscape. He explores shifting industry dynamics, the risks of concentrated exposure — particularly in software — and why a more balanced, multi-dimensional approach may be key to building durable private equity portfolios.Torsten Slok on the US Economy: Resilience Under Pressure
AI investment, fiscal stimulus and an ongoing industrial renaissance continue to power the US economy. Yet geopolitical shocks, tariff shifts and inflation above target are creating persistent crosscurrents …
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AI investment, fiscal stimulus and an ongoing industrial renaissance continue to power the US economy. Yet geopolitical shocks, tariff shifts and inflation above target are creating persistent crosscurrents that complicate the outlook. As the first quarter of 2026 draws to a close, Apollo Chief Economist Torsten Slok examines the tension between solid fundamentals and mounting uncertainty, and what it could mean for investors.Allocation Insights: Asset-Backed Finance Is the Engine Behind Private Credit’s Next Chapter
Private markets are playing a growing role in wealth portfolios. And understanding where opportunities are emerging has never been more important. In this episode of The View from Apollo, we introduce …
Shownotes
Private markets are playing a growing role in wealth portfolios. And understanding where opportunities are emerging has never been more important. In this episode of The View from Apollo, we introduce Allocation Insights, a recurring series focused on how private markets are reshaping wealth portfolios. To kick off the series, hosts Alex Wright and Diana Sands are joined by Partner and Global Head of Structured Credit Investing Michael Paniwozik to discuss one of the fastest-growing areas of private markets: asset-backed finance. They break down what asset-backed finance is, why it’s gaining momentum, and why investors are paying attention.Convergence: The Integration and Evolution of Credit Markets
In this episode of The View From Apollo, we introduce Convergence, a new recurring series featuring a running conversation about the evolution and integration of public and private credit markets. In today's …
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In this episode of The View From Apollo, we introduce Convergence, a new recurring series featuring a running conversation about the evolution and integration of public and private credit markets. In today's show, our hosts Brian Weinstein and John Cortese ask if the convergence of public and private represents the biggest shift in credit market history and discuss what these changes can mean for portfolios and investors.2026 Outlook: Resilience Meets Momentum
In this episode of The View from Apollo, Chief Economist Torsten Slok lays out the key forces shaping the 2026 macro landscape. He explains why the US economy has remained surprisingly resilient despite …
Shownotes
In this episode of The View from Apollo, Chief Economist Torsten Slok lays out the key forces shaping the 2026 macro landscape. He explains why the US economy has remained surprisingly resilient despite pronounced headwinds and how AI-driven investment, fiscal policy and easing energy prices are setting the stage for a potential rebound. Access the complete suite of Apollo’s 2026 Outlook content, from Torsten’s macro view to perspectives across asset classes and regions, at apollo.com/outlook.Private Equity: Alpha in an Evolving Market
In this episode of The View from Apollo, Apollo’s Antoine Munfakh and Bryn Gostin take a deeper dive into the state of private equity in a changing market environment. They discuss what’s driving dispersion …
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In this episode of The View from Apollo, Apollo’s Antoine Munfakh and Bryn Gostin take a deeper dive into the state of private equity in a changing market environment. They discuss what’s driving dispersion across managers, why fundamentals and operational depth have regained prominence and how disciplined investing is shaping outcomes today and in years to come by focusing on “alpha on the buy, the build and the exit.”What’s Driving the Shift in Portfolio Construction: Private Credit, Private Equity, and the New Market Reality
In this episode of The View From Apollo, Apollo Global Head of Product Akila Grewal breaks down why private credit’s growth reflects fundamentals, not froth, and how investors are evolving their portfolios to …
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In this episode of The View From Apollo, Apollo Global Head of Product Akila Grewal breaks down why private credit’s growth reflects fundamentals, not froth, and how investors are evolving their portfolios to balance liquidity, yield, and long-term opportunity across private markets.Origination: The $40 Trillion Engine of Private Credit
The rapid growth in private credit markets has been fueled by a surge in new loan originations by private lenders. Apollo’s proprietary origination ecosystem is built to align with the growing needs of …
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The rapid growth in private credit markets has been fueled by a surge in new loan originations by private lenders. Apollo’s proprietary origination ecosystem is built to align with the growing needs of borrowers while providing investors access to private investment-grade credit opportunities that can offer enhanced yield. Chris Edson, Partner and Head of Origination, explains what this differentiated origination engine can deliver for investors and borrowers.Tensions Rising: The Fed Meeting, Stagflation Signals, and What It Can Mean for Portfolios
As the Fed cut rates at its September meeting, tensions surfaced—between growth, inflation, employment, and the expectation of more cuts to come. In this episode of The View from Apollo, Torsten Sløk, Apollo's …
Shownotes
As the Fed cut rates at its September meeting, tensions surfaced—between growth, inflation, employment, and the expectation of more cuts to come. In this episode of The View from Apollo, Torsten Sløk, Apollo's Chief Economist, unpacks these crosscurrents and what they could mean for markets and portfolios.The Asset-Backed Finance Market Is Having a Moment
In 2025’s turbulent market environment, one corner of private credit is enjoying its moment in the sun: asset-backed finance. In this episode of The View from Apollo, Bret Leas, Apollo’s Co-Head of Asset-Backed …
Shownotes
In 2025’s turbulent market environment, one corner of private credit is enjoying its moment in the sun: asset-backed finance. In this episode of The View from Apollo, Bret Leas, Apollo’s Co-Head of Asset-Backed Finance, explains how this estimated $20 trillion global market works.Another Chance to Position Portfolios for Tariff Turmoil?
Listen to Apollo Chief Economist Torsten Sløk and Alex Wright, Global Wealth Strategist in the Client and Product Solutions Group at Apollo, analyze conditions and valuations in equity and credit markets and …
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Listen to Apollo Chief Economist Torsten Sløk and Alex Wright, Global Wealth Strategist in the Client and Product Solutions Group at Apollo, analyze conditions and valuations in equity and credit markets and discuss opportunities to better position portfolios in the midst of continued tariff announcements and the prospect of more market turmoil.Mid-Year Outlook: At the Crossroads of Stagflation—What’s Next?
Listen to Apollo Chief Economist Torsten Sløk and Global Head of Content Strategy J.P. Vicente discuss the growing list of headwinds facing the economy, including tariffs, trade deal uncertainty, and …
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Listen to Apollo Chief Economist Torsten Sløk and Global Head of Content Strategy J.P. Vicente discuss the growing list of headwinds facing the economy, including tariffs, trade deal uncertainty, and geopolitical conflict. Torsten also explores potential implications for capital markets and much more.Private Credit Investing in Volatile Times
Listen to Torsten Sløk, Apollo’s Chief Economist, and Jim Vanek, Partner and Co-Head Global Performing Credit, discuss why demand for private credit is expected to remain strong as the need for direct, larger …
Shownotes
Listen to Torsten Sløk, Apollo’s Chief Economist, and Jim Vanek, Partner and Co-Head Global Performing Credit, discuss why demand for private credit is expected to remain strong as the need for direct, larger, and more flexible financing is sticky and likely to be reinforced by economic uncertainty.Credit Investing Amid Post “Liberation Day” Uncertainty
Listen to Apollo Chief Economist Torsten Sløk and Robert Bittencourt, Partner and Co-Head of Opportunistic Credit at Apollo, discuss the impact of the Trump administration’s new trade regime on credit markets …
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Listen to Apollo Chief Economist Torsten Sløk and Robert Bittencourt, Partner and Co-Head of Opportunistic Credit at Apollo, discuss the impact of the Trump administration’s new trade regime on credit markets. In an environment of heightened uncertainty and ongoing trade negotiations, what should be the focus?Beyond 60/40: Private Assets in an Era of High Public Valuations
Listen to Apollo Chief Economist Torsten Sløk speak with Matt O’Mara, Apollo Partner and co-head of Apollo Aligned Alternatives, about how a combination of expensive public assets, recalcitrant inflation, and …
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Listen to Apollo Chief Economist Torsten Sløk speak with Matt O’Mara, Apollo Partner and co-head of Apollo Aligned Alternatives, about how a combination of expensive public assets, recalcitrant inflation, and higher-for-longer interest rates could be creating new challenges for 60/40 portfolios and an attractive entry point to private markets.
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