Rowan says Apollo's $400 billion in private credit is still irrelevant in a $40 trillion market.
“At 400,000,000,000 of private credit, mostly investment grade, unfortunately, we're not relevant. It sounds like a lot, 400,000,000,000, but we're talking about a $40,000,000,000,000 market.”
Rowan says Apollo has done $100 billion in investment grade private deals since AB InBev.
“A $100,000,000,000 later we're still doing investment grade private deals. And I I see nothing but a long line of interesting borrowers and interesting situations”
“The vast majority of the private market is investment grade. There's a $40,000,000,000,000 market and 99% of the headlines are focused on a little slice of a trillion and 0.5 called levered lending.”
Rowan says the private credit market is $40 trillion, but press coverage focuses on only $2 trillion of levered lending.
“Loans to customers, loans to companies, they're all private. What we spend all our time talking about on the press is $2,000,000,000,000 of $40,000,000,000,000 which should properly be called levered lending.”
Rowan says the investment grade private credit market is $38 trillion, making the total private credit opportunity $40 trillion.
“The investment grade private credit market, which is being driven by the global industrial renaissance, is a $38,000,000,000,000 market. Therefore, the total opportunity in private credit is some $40,000,000,000,000”