Rowan tells his team Apollo will change more in the next five years than in the past five.
“I've told our internal team our business is gonna change more in the next five years than it's changed in the past.”
Rowan tells his team Apollo will change more in the next five years than the past five.
“I've told our internal team our business is going to change more in the next five years than it's changed in the past. And it's changed a lot in the past five years.”
Rowan commits to 15% plus annual cash-on-cash growth with optionality from finance democratization.
“And what we've told the Street is we will grow our business 15% plus cash on cash year over year, and I think that's really good.”
Rowan says Apollo focused on private investment grade markets and now competes for assets amid banking turbulence.
“We went for the private investment grade market. That is the dominant franchise we have built. What we're seeing right now, particularly the turbulence in banking, these are the kind of assets we compete for.”
Rowan says Apollo's existing business plan upside is so large that any distraction is too costly.
“The upside from simply executing the business plan that's in front of us is so high that the price of distraction is just very hard to contemplate.”
Rowan says Apollo runs private equity for returns not growth, calling it a farming business.
“But literally, we run this business for rate of return. If we do a good job for investors, we will grow a little.”
Rowan says Apollo plans to double its business, limited by excess return not capital raising.
“Our business plan calls for a doubling of our business. And at the end of the doubling, liking who we are as a culture, our limiter is not capital raising.”
“I kind of divided it into three buckets. One, legal and economic. We have a legal and economic fight. The second is we have a hearts and minds fight.”
Rowan says he wouldn't have taken Trump's tariff gamble and cites short-term uncertainty and longer-term brand as risks.
“That's not a gamble I would have taken from the position we had. Having said that, short term uncertainty, that's the risk. Longer term brand, that's the risk,”
Rowan states he would not have employed this riskier tariff strategy, citing short-term uncertainty and long-term brand risks.
“It's not the strategy I would have employed. It's a riskier strategy than I personally would have employed. I think it has risks short term, uncertainty, longer term brand,”
Rowan prescribes sequencing tariff deals with Mexico and Canada first, then budget, before addressing China and Europe.
“Four four big markets. Mexico, Canada, Europe, China. Get Mexico and Canada done first. Get your budget done.”
Rowan says Apollo and Athene have focused on innovation driven by their retirement mission for over thirty years and prefer to lead change rather than react to it.
“At Apollo and Athene, we help meet the capital needs of companies and economies, while enabling people to retire with confidence. That mission has driven our innovation for more than three decades, and this new presence is a continuation of that DNA. Change is the only constant, and we'd rather lead it than react to it,”
Rowan announces new Austin office intended to build future businesses rather than replicate existing operations.
“We confirmed yesterday that we will be opening a new office in Austin, Texas. And unlike a new office that simply houses more of the same,”
Acquiring people-oriented businesses is generally not worthwhile unless the deal brings something new.
“ associated with buying people-oriented businesses means it is generally not worth it unless the deal brings something new. ”