Name: Why Apollo's CEO Thinks Retail Investors Should Have Access to Private Markets
Uploaded: 2025-05-23T16:15:00Z
Duration: 2 min 42 s
Description: Marc Rowan, CEO of Apollo Global Management, also talked about the opportunity for asset managers to package private investments in products accessible to everyday investors.

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Marc Rowan, CEO of Apollo Global Management, also talked about the opportunity for asset managers to package private investments in products accessible to everyday investors.

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Why Apollo's CEO Thinks Retail Investors Should Have Access to Private Markets

Speaking of retirees, Marc, and retail investors writ large, there's sort of two schools of thought when it comes to broadening out their exposure to privates or alternatives. One is, "Wow, it's great to let them share in this great asset class." That's vision number one. Vision number two is, "Boy, just when the institutional markets are saturated, the private equity guys are selling this risky stuff to these poor mom and pops, Joe public people out there." Which one's true?

Kind of neither it. It's not really how the business is run. First, I think of the private markets, individuals as a pyramid. At the top of that pyramid are family offices. Family offices are just small institutions. In some cases, they're large institutions. They are sophisticated. They are capable of diversification. They're capable of evaluating risk reward. They should, in my opinion, have access to every investment opportunity, including those that are risky along with those that are safer. The next level down is high net worth. High net worth has lots of definitions. For me, it is some, a client who is worth advising, not necessarily by us, but by a wealth system, by an RIA, or by some form. Those clients have not historically had access to private markets. They are now, for the first time, getting access to private markets. And the vast, vast majority is focused on yield. It is yield from credit, it is yield from real estate, it is yield from infrastructure, with little bits of access to equity, sometimes private equity, mostly not. When you move down to the mass of investors, the vast majority of people, I do not believe that they are going to access private markets directly or through firms like ours. I believe that they will access private markets through their traditional asset manager. And I believe traditional asset managers will actually be very big users of private. Every mutual fund has a private bucket. ETFs combining public and private. I don't think most investors will have private products. I think they will have private assets in wrappers like funds and ETFs that they understand. As to the comment on private equity, private equity has always been as levered equity, a riskier asset class. Now, over a long period of time, it has produced good returns, and sometimes some vintages are better, some vintages are worse, but I don't think it is that product, those funds that are being sold to individuals. I think individuals in many ways are the beneficiaries of new funds and new portfolios going forward.

Why Apollo's CEO Thinks Retail Investors Should Have Access to Private Markets

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