Apollo Global Management Wolfe Research Wealth Symposium 2026

That will kick things off. As I am reading this paragraph, this is not going to be a webcast session. I should have made those edits, I guess, a little bit earlier. Really excited, Stephanie, to have you here again. There is a lot of exciting things that are happening in your world, certainly. As I think about what Apollo has done in identifying some of the opportunities that a lot are pursuing pretty proactively, whether it is 401(k), whether it is insurance wrappers, you guys have really been at the forefront. I know that you have laid out some targets at least a couple of years ago, so wanted to get an update as to how things are progressing and maybe how you see the business scaling over the next, I guess, three years until we get to 2029.

Maybe to start, it might be helpful if you can just speak to strategic priorities, the two or three things that you are spending the most time on, where you are dedicating the most resource.

Yeah. Great to see you and to everyone here for the conference. The first priority, and it has really been the foundation of the build now over the last kind of four to five years, is continuing to build out teams and partnerships around the world. We have done that very successfully, but continue to invest in our talent and the relationships that we have across channels within our wealth business. The strong focus also remains around thinking about the role of private markets in a portfolio. As we think about the opportunity, and we spoke about it when first starting the business, and still highly relevant today, individuals hold $150 trillion of capital, almost identical to what is held by institutions, yet we still have a really wide gap in allocation between what your average family or individual allocates to private markets versus that of an institution.

Circa 3% for the individual versus the 20% or more for institutions. Another key priority is ensuring kind of the education, not just the fundamentals in terms of the role of private markets. We have been on that journey very successfully. Also in today's environment, thinking about the role across asset classes, whether it is private credit in the world of a fixed income or credit portfolio allocation, broadly defined, or the private options within an equity portfolio. I think that is a key priority, and we do not have to look far in terms of what is happening in the public equity markets today to make it a priority to recognize the role that a private exposure can play to reduce volatility, to reduce kind of correlation risk, to increase returns, certainly on a risk-adjusted basis.

I would say another priority continues to be the role of private markets in a portfolio and continuing to advance the dialogue, which is absolutely resonating particularly with the backdrop that we see today in the public markets, both fixed income and equity.

We think about this really large $150 trillion global TAM. You have talked about that penetration going from 3% to 7%. Certainly, that provides significant runway for growth. At the same time, there have been negative private credit headlines, things that might compel at least some retail investors to pause or at least reassess what that allocation should be. Are you sensing that at all based on your conversations, or is there still commitment to or at least acknowledgement that they are underinvested, they are underallocated, and they do need to at least put more money to work within the space?

There is no doubt that the conviction in adding privates to the portfolio is there. There is recognition now that kind of dust has cleared from a lot of the noise earlier in the year, that there is a distinction in terms of what was sentiment-driven at that time, and the residual kind of impact of that- Right versus fundamentals.

With each month of performance, there is more and more focus on manager selection, differentiation in terms of how the platform or the advisor chooses an exposure in their portfolio. Thankfully, it is no longer as we read in the headlines, a one-size-fits-all view of an asset class or a structure. The spotlight is on what we think, frankly, is most valuable, which is, how are the portfolios doing? What are the fundamentals? What does the composition look like? In that regard, we think that it is in an excellent place. For example, obviously, the direct origination, for example, right? When we think about a strategy in that space, what is important as a backdrop? The first element is the economy. Our view is that the U.S. economy is strong.

We also believe that there is likely a difference between, and you can see it in many different quantitative factors, between a large-scale company that's issuing their paper versus mid or small. When we think about the economy, a rate environment which we see as higher rates for longer, that and a focus on kind of first lien, top of the capital structure type securities in a diversified portfolio, to us, there's been meaningful, almost 200 basis point premium delivered to investors vis-a-vis public market equivalents. That is a place to be, and the sentiment from our advisors is irrespective of kind of headlines of earlier in the year. They get that, and they understand the value proposition that it plays in the portfolios.

From a relative value as well as absolute, it's so incredibly important for them, and they are, to think about what type of yield, often high single digits, can be achieved with that strategy, especially relative to other public market fixed income credit options.

Given that value proposition, maybe let's marry the top-down view on the industry bottom-up with some of the targets that you guys have put out there. You have a $150 billion target for 2029. It implies about $30 billion or so of gross flows per annum. You're running at about 60-ish percent of that rate. I know it's expected to build over time as you introduce new products, as other products continue to scale. Speak to your confidence level or conviction level around the targets, even amidst some of the recent disruption that we've seen, and what's the glide path to getting there?

Look, I think the interest in private markets from the wealth community is going up and to the right? We recognize, based on the feedback we receive across the wealth channels, whether that's the banks and wires or the independent wealth channel, there is a great desire, whether it's credit, equity, and/or real assets across, frankly, both perpetual as well as drawdown, to have those allocations in their portfolios. And I have confidence in the continued interest just based on all the conversations and the needs of the clients that we speak with.

What I found also, as a very meaningful trend, is where the business is going. I think there is a real shift that we started to speak about even last year, but I see it gaining more traction even over the course of this year, which is a mind shift from a single strategy conversation to a more holistic portfolio solution. What I mean by that is the conversations are very much focused on what is that financial advisor or that client trying to achieve in terms of the outcome? What are they looking for in terms of growth? What are they looking for in income? Over what period of time? Is it for this generation or next?

What that allows us to do is shift from, do they want the alternative exposure or the private market exposure, to how are they going to achieve it, in what balance vis-a-vis their public holdings, and then ultimately a conversation about location. Do they want it in the brokerage? Do they want it in the discretionary? Do they want it in a model? Do they want it in defined contribution, IRA, et cetera? That is a far more expansive conversation, which leads to many more untapped pools of capital. Going back to your question, I see continued growth over the long term that only continues to underpin our thesis of how complementary the wealth business is overall to what we have built in institutional over the years.