https://minutesof.com/on/private-credit/ Everyone on the record about private credit: 93 verbatim quotes from 3 people, March 2015 to August 2026, in one chronology, each with a timestamp and a… en Sun, 30 Aug 2026 22:33:10 +0000 https://minutesof.com/q/32fe6ef4-9fbd-47cf-859e-dc2f5e27b79d/ https://minutesof.com/q/32fe6ef4-9fbd-47cf-859e-dc2f5e27b79d/ “But most importantly, it's coming at consistent spread, three forty basis points over treasuries off an average rating of BBB.” — Marc Rowan, i101 Tue, 04 Aug 2026 22:00:07 +0000 private credit https://minutesof.com/q/52d4bc1c-210d-47af-8873-0c715227d9b4/ https://minutesof.com/q/52d4bc1c-210d-47af-8873-0c715227d9b4/ “Origination here was a very strong quarter, 74,000,000,000. Just to give you some perspective, that does not include Broadcom, the largest origination in our sector ever, or a number of others.” — Marc Rowan, i101 Tue, 04 Aug 2026 22:00:07 +0000 private credit https://minutesof.com/q/6715512c-04c8-4854-82e0-69cb20d492c8/ https://minutesof.com/q/6715512c-04c8-4854-82e0-69cb20d492c8/ “I didn't foresee the growth of private credit, which the part of private credit which loans money for mid sized buyouts we call direct lending.” — Howard Marks, Barron's Fri, 12 Jun 2026 17:53:42 +0000 private credit https://minutesof.com/q/6715512c-04c8-4854-82e0-69cb20d492c8/ https://minutesof.com/q/6715512c-04c8-4854-82e0-69cb20d492c8/ “I didn't foresee the growth of private credit, which the part of private credit which loans money for mid sized buyouts we call direct lending.” — Howard Marks, Barron's Fri, 12 Jun 2026 17:53:42 +0000 private credit https://minutesof.com/q/5e1ab57a-e8ac-44b2-8df5-2012f497fc1e/ https://minutesof.com/q/5e1ab57a-e8ac-44b2-8df5-2012f497fc1e/ “If I don't cut the price of this loan, my competitor will make the loan, and I'll have to look on. So these this is what happens.” — Howard Marks, Barron's Fri, 12 Jun 2026 17:53:42 +0000 private credit https://minutesof.com/q/d490221d-39ea-4fa6-b509-074f7a6ce4d3/ https://minutesof.com/q/d490221d-39ea-4fa6-b509-074f7a6ce4d3/ “I'm told that of the 700, roughly 3% were in business before the global financial crisis. So we don't know how many of them are have what it takes to deal with a harsh environment.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 private credit https://minutesof.com/q/c99a0efe-5954-4142-9655-3a3ce8ede630/ https://minutesof.com/q/c99a0efe-5954-4142-9655-3a3ce8ede630/ “So the the the And the availability of that $1,700,000,000,000 put a lot of people into business and made a lot of people extremely successful along with a very favorable economy” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 private credit https://minutesof.com/q/13751053-beb7-4144-a15d-59da5014150c/ https://minutesof.com/q/13751053-beb7-4144-a15d-59da5014150c/ “I'm told that there are roughly 700 direct lending managers. So the the the And the availability of that $1,700,000,000,000 put a lot of people into business and made a lot of people extremely successful along with a very favorable economy and with low or generally low or generally declining interest rates, which are salutary.” — Howard Marks, Prof G Markets Fri, 12 Jun 2026 11:00:07 +0000 private credit https://minutesof.com/q/d414a09a-2c68-465f-9ba4-798763f04418/ https://minutesof.com/q/d414a09a-2c68-465f-9ba4-798763f04418/ “Europe is going to be on a percentage basis, in our opinion, the strongest investment grade private market in the world.” — Marc Rowan, Castify Earnings Call Mon, 25 May 2026 09:45:14 +0000 private credit https://minutesof.com/q/8f4657ab-6c98-4b2f-94c3-bb9a890c5beb/ https://minutesof.com/q/8f4657ab-6c98-4b2f-94c3-bb9a890c5beb/ “Our exposure to levered lending, which people sometimes call private credit is de minimis. Rounds closer zero than to 1% came in at 0.4%. Our exposure to software, 0.1%.” — Marc Rowan, Castify Earnings Call Mon, 25 May 2026 09:45:14 +0000 private credit https://minutesof.com/q/cbb1591a-cb88-4fa1-9013-0fa3380b3313/ https://minutesof.com/q/cbb1591a-cb88-4fa1-9013-0fa3380b3313/ “For our platform, which is the largest private credit platform in the world, by sixthirty, our investors will have daily pricing for all corporate investment grade fixed income assets.” — Marc Rowan, Castify Earnings Call Mon, 25 May 2026 09:45:14 +0000 private credit https://minutesof.com/q/06635000-ef9c-4466-8961-f1426f015a6e/ https://minutesof.com/q/06635000-ef9c-4466-8961-f1426f015a6e/ “The obsession with this very narrow corner of the market, this $2,000,000,000,000 slice levered lending is frankly a failure of imagination.” — Marc Rowan, Castify Earnings Call Mon, 25 May 2026 09:45:14 +0000 private credit https://minutesof.com/q/57b3985f-9d7f-4b4f-8b43-f089e37bb6f8/ https://minutesof.com/q/57b3985f-9d7f-4b4f-8b43-f089e37bb6f8/ “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” — Marc Rowan, Castify Earnings Call Mon, 25 May 2026 09:45:14 +0000 private credit https://minutesof.com/q/57b3985f-9d7f-4b4f-8b43-f089e37bb6f8/ https://minutesof.com/q/57b3985f-9d7f-4b4f-8b43-f089e37bb6f8/ “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” — Marc Rowan, Castify Earnings Call Mon, 25 May 2026 09:45:14 +0000 private credit https://minutesof.com/q/e48abb03-3ad3-444d-b363-f1842caaa0da/ https://minutesof.com/q/e48abb03-3ad3-444d-b363-f1842caaa0da/ “This is going to be really good for the whole private credit industry. It's going to help finance the AI build out.” — Gavin Baker, Invest Like the Best Wed, 20 May 2026 08:00:00 +0000 private credit https://minutesof.com/q/02f177de-1f74-4320-b66c-82974016c635/ https://minutesof.com/q/02f177de-1f74-4320-b66c-82974016c635/ “over the last forty years, on average, something like 3.6 or 3.7% of all high yield bonds have gone into default every year, and our default rate has been roughly a third.” — Howard Marks, Nikhil Kamath Mon, 04 May 2026 14:30:01 +0000 private credit https://minutesof.com/q/ae9aa677-6901-4962-a424-ac008460e488/ https://minutesof.com/q/ae9aa677-6901-4962-a424-ac008460e488/ “in our experience, ninety nine percent of the bonds have paid interest in principle as promised. So I think I can say almost every time.” — Howard Marks, Nikhil Kamath Mon, 04 May 2026 14:30:01 +0000 private credit https://minutesof.com/q/beec94d0-b941-4188-b150-37444ff4b03b/ https://minutesof.com/q/beec94d0-b941-4188-b150-37444ff4b03b/ “Jamie Dimon of JPMorgan says a lot of things best. He said, you know, when you see one cockroach, there are probably more. So, people started to say, well, maybe there's something wrong here.” — Howard Marks, Wharton School Tue, 21 Apr 2026 16:17:40 +0000 private credit https://minutesof.com/q/61f16caf-4a11-4520-a2cf-592d3ae4c24e/ https://minutesof.com/q/61f16caf-4a11-4520-a2cf-592d3ae4c24e/ “I think it should be valued at what an intelligent, unemotional buyer would pay for it today.” — Howard Marks, CNBC Television Mon, 20 Apr 2026 17:53:37 +0000 private credit https://minutesof.com/q/48e6a01a-4a22-4e26-8757-fd112b3f68f2/ https://minutesof.com/q/48e6a01a-4a22-4e26-8757-fd112b3f68f2/ “Am I supposed to value these things at what they're worth? What I could sell them for? What I could sell half for?” — Howard Marks, CNBC Television Mon, 20 Apr 2026 17:53:37 +0000 private credit https://minutesof.com/q/46d27ebc-2050-4731-ada9-d4f7636a0269/ https://minutesof.com/q/46d27ebc-2050-4731-ada9-d4f7636a0269/ “There's nothing wrong with lending money to companies. The question is, do you do it wisely?” — Howard Marks, CNBC Television Mon, 20 Apr 2026 17:53:37 +0000 private credit https://minutesof.com/q/f82f787c-5bf2-43eb-9d93-b82f10e02678/ https://minutesof.com/q/f82f787c-5bf2-43eb-9d93-b82f10e02678/ “For us, if you can't, as a first lien credit manager, meet 5% redemptions per quarter, I'll say it frankly, you're an idiot.” — Marc Rowan, CNBC Television Thu, 16 Apr 2026 18:15:07 +0000 private credit https://minutesof.com/q/6c27c404-d65d-408d-a112-216f5b5943be/ https://minutesof.com/q/6c27c404-d65d-408d-a112-216f5b5943be/ “And if you think about people like us, we borrow really long because we back retirement liabilities. And institutions, pension funds, endowments, sovereign wealth funds, they borrow really long.” — Marc Rowan, CNBC Events Thu, 16 Apr 2026 13:25:25 +0000 private credit https://minutesof.com/q/dc892459-d8e8-4025-b18a-014177340094/ https://minutesof.com/q/dc892459-d8e8-4025-b18a-014177340094/ “to give you a sense for our insurance company, we round closer to zero than to 1%. It's like point 4%.” — Marc Rowan, CNBC Events Thu, 16 Apr 2026 13:25:25 +0000 private credit https://minutesof.com/q/f4db4559-bc2d-4215-a98f-f69b177f5d00/ https://minutesof.com/q/f4db4559-bc2d-4215-a98f-f69b177f5d00/ “no one sold their treasuries or their investment grade bonds to buy private credit. Investors sold their equities.” — Marc Rowan, CNBC Television Wed, 15 Apr 2026 15:43:40 +0000 private credit https://minutesof.com/q/f4db4559-bc2d-4215-a98f-f69b177f5d00/ https://minutesof.com/q/f4db4559-bc2d-4215-a98f-f69b177f5d00/ “no one sold their treasuries or their investment grade bonds to buy private credit. Investors sold their equities.” — Marc Rowan, CNBC Television Wed, 15 Apr 2026 15:43:40 +0000 private credit https://minutesof.com/q/f5f52e8c-bc31-4ad1-b1af-7e1b56bbd8d1/ https://minutesof.com/q/f5f52e8c-bc31-4ad1-b1af-7e1b56bbd8d1/ “I would say that private credit levered lending, direct lending, has actually been a de risking for the entire United States and for investors.” — Marc Rowan, CNBC Television Wed, 15 Apr 2026 15:43:40 +0000 private credit https://minutesof.com/q/f5f52e8c-bc31-4ad1-b1af-7e1b56bbd8d1/ https://minutesof.com/q/f5f52e8c-bc31-4ad1-b1af-7e1b56bbd8d1/ “I would say that private credit levered lending, direct lending, has actually been a de risking for the entire United States and for investors.” — Marc Rowan, CNBC Television Wed, 15 Apr 2026 15:43:40 +0000 private credit https://minutesof.com/q/51c01aad-4957-4a2f-a049-8bf46a7d8f76/ https://minutesof.com/q/51c01aad-4957-4a2f-a049-8bf46a7d8f76/ “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.” — Marc Rowan, CNBC Television Wed, 15 Apr 2026 15:43:40 +0000 private credit https://minutesof.com/q/34886382-f9f1-4554-a456-249de954c7d6/ https://minutesof.com/q/34886382-f9f1-4554-a456-249de954c7d6/ “We actually haven't had many defaults yet, so we haven't had a chance yet to see who made bad loans. That's coming too. But I think that we were reserved in 2025.” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 private credit https://minutesof.com/q/c326d0c2-1446-4732-a7b1-fd08e13e9489/ https://minutesof.com/q/c326d0c2-1446-4732-a7b1-fd08e13e9489/ “And I would say, let's talk about credit. Why do you skip all the way from zero to private credit, glossing over public credit,” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 private credit https://minutesof.com/q/c326d0c2-1446-4732-a7b1-fd08e13e9489/ https://minutesof.com/q/c326d0c2-1446-4732-a7b1-fd08e13e9489/ “And I would say, let's talk about credit. Why do you skip all the way from zero to private credit, glossing over public credit,” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 private credit https://minutesof.com/q/f603678e-1476-4af4-954f-46b1627668e8/ https://minutesof.com/q/f603678e-1476-4af4-954f-46b1627668e8/ “Direct lending was fine. It was fair. You got a 100 or a 125 basis points of incremental interest over public credit.” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 private credit https://minutesof.com/q/21da301d-2643-41f2-aefa-4864005dfffd/ https://minutesof.com/q/21da301d-2643-41f2-aefa-4864005dfffd/ “I would say that as of a year or so, maybe two years ago, direct lending was, as you say, you use the term alpha, it was no longer special.” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 private credit https://minutesof.com/q/9d3871ba-d767-4fc1-92d1-42f3015da80b/ https://minutesof.com/q/9d3871ba-d767-4fc1-92d1-42f3015da80b/ “And so so called nonbank lenders stepped in to make the loans that the banks weren't making.” — Howard Marks, Oaktree Tue, 24 Mar 2026 14:08:16 +0000 private credit https://minutesof.com/q/e3bf5dd7-4395-4a9d-9800-933becc41497/ https://minutesof.com/q/e3bf5dd7-4395-4a9d-9800-933becc41497/ “It struck me that 125 basis points for a liquidity premium was about fair. It was probably adequate, but certainly not lush, and so, in my opinion, the specialness had gone away.” — Howard Marks, Bloomberg Television Wed, 18 Mar 2026 17:49:13 +0000 private credit https://minutesof.com/q/1ea58014-b86c-4cc5-8882-91e8618fb80c/ https://minutesof.com/q/1ea58014-b86c-4cc5-8882-91e8618fb80c/ “in 2011, when the banks chastened and regulated because of the global financial crisis, pulled back from lending for buyouts, so called non bank lenders stepped in and started to engage in direct lending, lending for mid sized buyouts.” — Howard Marks, Bloomberg Television Wed, 18 Mar 2026 17:49:13 +0000 private credit https://minutesof.com/q/1c5a430a-2728-46bb-bbf9-320c48ff85ad/ https://minutesof.com/q/1c5a430a-2728-46bb-bbf9-320c48ff85ad/ “Clearly, it can eliminate a a huge percentage of of knowledge work. And you we saw Friday block 10,000 employees, let 40%, 4,000 people let go” — Howard Marks, CNBC Television Thu, 05 Mar 2026 17:25:57 +0000 private credit https://minutesof.com/q/0cda6b51-e445-4f0d-b354-65c2eaf786b3/ https://minutesof.com/q/0cda6b51-e445-4f0d-b354-65c2eaf786b3/ “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.” — Marc Rowan, Bloomberg Live Tue, 03 Mar 2026 17:46:05 +0000 private credit https://minutesof.com/q/b96643f5-9b4e-49c5-9ee5-67bd667121da/ https://minutesof.com/q/b96643f5-9b4e-49c5-9ee5-67bd667121da/ “If you were a good risk manager, you are going to make more money this year and next year if it continues than you ever have before because you've been risk off.” — Marc Rowan, Bloomberg Television Tue, 03 Mar 2026 17:37:35 +0000 private credit https://minutesof.com/q/41132f7d-c38a-4330-8491-1d4a7f8279c8/ https://minutesof.com/q/41132f7d-c38a-4330-8491-1d4a7f8279c8/ “If 30% of your portfolio is in one industry and that one industry is being impacted by technology, you have not been a good risk manager.” — Marc Rowan, Bloomberg Television Tue, 03 Mar 2026 17:37:35 +0000 private credit https://minutesof.com/q/69087dc7-0270-4d2e-8a9a-2de3b1c71146/ https://minutesof.com/q/69087dc7-0270-4d2e-8a9a-2de3b1c71146/ “And there are companies of which we are one, but not the only one who went all first lien, who went almost all cash pay, who went large companies, who work with low leverage.” — Marc Rowan, Bloomberg Television Tue, 03 Mar 2026 17:37:35 +0000 private credit https://minutesof.com/q/d03ccdde-a5e9-4bbb-aa7b-5df4d77f49a8/ https://minutesof.com/q/d03ccdde-a5e9-4bbb-aa7b-5df4d77f49a8/ “That felt really good on the way up. That's not going to feel so good on the way down.” — Marc Rowan, Bloomberg Television Tue, 03 Mar 2026 17:37:35 +0000 private credit https://minutesof.com/q/45df6cd7-2b91-47a1-b42b-4a8f390d67c8/ https://minutesof.com/q/45df6cd7-2b91-47a1-b42b-4a8f390d67c8/ “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.” — Marc Rowan, Bloomberg Podcasts Tue, 03 Mar 2026 16:46:49 +0000 private credit https://minutesof.com/q/e7911f6d-2aed-4fd5-b857-a665ebe4fb59/ https://minutesof.com/q/e7911f6d-2aed-4fd5-b857-a665ebe4fb59/ “See, the lead up was that because we were worried in 'five and assets, we liquidated a lot of funds, if we raised funds, we raised only small funds, we increased our selectivity.” — Howard Marks, Pepperdine University Mon, 02 Mar 2026 19:34:48 +0000 private credit https://minutesof.com/q/f6337431-03fb-4d57-aee9-750e2dacd5ed/ https://minutesof.com/q/f6337431-03fb-4d57-aee9-750e2dacd5ed/ “In fact, what's happened is the democratization of private credit has made our system more resilient. Rather than credit being concentrated in a handful of banks, it's now throughout the investment marketplace.” — Marc Rowan, Marsh Fri, 06 Feb 2026 21:54:43 +0000 private credit https://minutesof.com/q/f6337431-03fb-4d57-aee9-750e2dacd5ed/ https://minutesof.com/q/f6337431-03fb-4d57-aee9-750e2dacd5ed/ “In fact, what's happened is the democratization of private credit has made our system more resilient. Rather than credit being concentrated in a handful of banks, it's now throughout the investment marketplace.” — Marc Rowan, Marsh Fri, 06 Feb 2026 21:54:43 +0000 private credit https://minutesof.com/q/63e54117-d623-41d3-87b1-ddc8abba6c2a/ https://minutesof.com/q/63e54117-d623-41d3-87b1-ddc8abba6c2a/ “We don't think anything of Nvidia or the S and P going up or down 10 or 15%, and yet one private credit loan or one broadly syndicated loan defaults and people lose their mind.” — Marc Rowan, Yahoo Finance Sun, 21 Dec 2025 16:00:06 +0000 private credit https://minutesof.com/q/63e54117-d623-41d3-87b1-ddc8abba6c2a/ https://minutesof.com/q/63e54117-d623-41d3-87b1-ddc8abba6c2a/ “We don't think anything of Nvidia or the S and P going up or down 10 or 15%, and yet one private credit loan or one broadly syndicated loan defaults and people lose their mind.” — Marc Rowan, Yahoo Finance Sun, 21 Dec 2025 16:00:06 +0000 private credit https://minutesof.com/q/543a8422-0b5d-4ec2-a76d-a0d8cec27e8d/ https://minutesof.com/q/543a8422-0b5d-4ec2-a76d-a0d8cec27e8d/ “And the reality is most private credit is investment grade, And most of the credit in the financial system that is private, banks, insurers, pension funds, is investment grade.” — Marc Rowan, Yahoo Finance Sun, 21 Dec 2025 16:00:06 +0000 private credit https://minutesof.com/q/543a8422-0b5d-4ec2-a76d-a0d8cec27e8d/ https://minutesof.com/q/543a8422-0b5d-4ec2-a76d-a0d8cec27e8d/ “And the reality is most private credit is investment grade, And most of the credit in the financial system that is private, banks, insurers, pension funds, is investment grade.” — Marc Rowan, Yahoo Finance Sun, 21 Dec 2025 16:00:06 +0000 private credit https://minutesof.com/q/8dc958af-89ab-41e9-b69e-9335477c6aac/ https://minutesof.com/q/8dc958af-89ab-41e9-b69e-9335477c6aac/ “You certainly shouldn't do that in in in activities that have a high probability of not paying off at all because then you have unlimited downside and limited upside.” — Howard Marks, Bloomberg Podcasts Thu, 11 Dec 2025 14:50:59 +0000 private credit https://minutesof.com/q/d922ff49-9767-4c2b-b830-5b7ceca1dccb/ https://minutesof.com/q/d922ff49-9767-4c2b-b830-5b7ceca1dccb/ “Generally, what investors are doing is they're taking money out of equity or out of high yield bonds and moving into levered lending. It's roughly the same return, and it is less volatile.” — Marc Rowan, Yahoo Finance Wed, 10 Dec 2025 23:30:16 +0000 private credit https://minutesof.com/q/fecce4bc-8364-47c1-a56f-e753de61de9a/ https://minutesof.com/q/fecce4bc-8364-47c1-a56f-e753de61de9a/ “We don't think anything of Nvidia or the S and P going up or down 10 or 15%, and yet one private credit loan or one broadly syndicated loan defaults and people lose their mind.” — Marc Rowan, Yahoo Finance Wed, 10 Dec 2025 23:30:16 +0000 private credit https://minutesof.com/q/fecce4bc-8364-47c1-a56f-e753de61de9a/ https://minutesof.com/q/fecce4bc-8364-47c1-a56f-e753de61de9a/ “We don't think anything of Nvidia or the S and P going up or down 10 or 15%, and yet one private credit loan or one broadly syndicated loan defaults and people lose their mind.” — Marc Rowan, Yahoo Finance Wed, 10 Dec 2025 23:30:16 +0000 private credit https://minutesof.com/q/4560b34c-2299-45af-8fce-3d0c425a07b9/ https://minutesof.com/q/4560b34c-2299-45af-8fce-3d0c425a07b9/ “In much of the financial press, private credit means levered lending, a below investment grade deal related activity.” — Marc Rowan, Yahoo Finance Wed, 10 Dec 2025 23:30:16 +0000 private credit https://minutesof.com/q/4560b34c-2299-45af-8fce-3d0c425a07b9/ https://minutesof.com/q/4560b34c-2299-45af-8fce-3d0c425a07b9/ “In much of the financial press, private credit means levered lending, a below investment grade deal related activity.” — Marc Rowan, Yahoo Finance Wed, 10 Dec 2025 23:30:16 +0000 private credit https://minutesof.com/q/9a7e764f-1697-4851-b4d3-e63e31522e83/ https://minutesof.com/q/9a7e764f-1697-4851-b4d3-e63e31522e83/ “We don't think of them as private anymore. This notion of what's public and what's private, I think, is in transition.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 13:01:48 +0000 private credit https://minutesof.com/q/9509f192-69e4-447d-b4a4-b75967de8421/ https://minutesof.com/q/9509f192-69e4-447d-b4a4-b75967de8421/ “And lo and behold, we take for granted that the broadly syndicated market trades. We have ETFs. We have open end mutual funds. We have a series of products.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 13:01:48 +0000 private credit https://minutesof.com/q/8851fd4c-5472-483a-be91-27141c6f26bd/ https://minutesof.com/q/8851fd4c-5472-483a-be91-27141c6f26bd/ “Twenty five years later, levered loans trade because this one bank made a market in it, and then other banks came and made a market in it.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 13:01:48 +0000 private credit https://minutesof.com/q/2f280aa7-a7c9-4f6e-8f81-5a763d016c86/ https://minutesof.com/q/2f280aa7-a7c9-4f6e-8f81-5a763d016c86/ “Twenty five years ago, the notion that levered loans would trade was a fantasy. How could they trade? Every loan was different.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 13:01:48 +0000 private credit https://minutesof.com/q/2a8a10a2-c053-4795-af0a-2e8928fe7262/ https://minutesof.com/q/2a8a10a2-c053-4795-af0a-2e8928fe7262/ “I think we're heading to a world where we not just have private credit, but we have equity that is private, not just private equity.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 12:01:15 +0000 private credit https://minutesof.com/q/2a8a10a2-c053-4795-af0a-2e8928fe7262/ https://minutesof.com/q/2a8a10a2-c053-4795-af0a-2e8928fe7262/ “I think we're heading to a world where we not just have private credit, but we have equity that is private, not just private equity.” — Marc Rowan, CNBC Television Wed, 03 Sep 2025 12:01:15 +0000 private credit https://minutesof.com/q/401264b4-9727-41b7-b7ff-54d620210895/ https://minutesof.com/q/401264b4-9727-41b7-b7ff-54d620210895/ “So as you say, we invested $450,000,000 a week for the next fifteen weeks in that fund, which was 7,000,000,000 and Oaktree overall invested an average of $650,000,000 a week for the next fifteen weeks.” — Howard Marks, My First Million Fri, 22 Aug 2025 12:36:27 +0000 private credit https://minutesof.com/q/445ef657-339b-44a3-bbd9-68f2f2756a2f/ https://minutesof.com/q/445ef657-339b-44a3-bbd9-68f2f2756a2f/ “Everywhere in the world as I suggested, regulators have two choices as to where debt capital comes from, the banking system or the investor marketplace. Everywhere they've told the banks to do less.” — Marc Rowan, Apollo Global Management Wed, 09 Oct 2024 14:53:15 +0000 private credit https://minutesof.com/q/4ebfb7e3-6039-4815-bc78-3967f128bbe3/ https://minutesof.com/q/4ebfb7e3-6039-4815-bc78-3967f128bbe3/ “There's mostly alpha, but there's a chunk of beta in there. For us to double that business, it's finding 300,000,000,000 of assets or 350,000,000,000 of assets over the next five years.” — Marc Rowan, Apollo Global Management Wed, 09 Oct 2024 14:53:15 +0000 private credit https://minutesof.com/q/b7c859f0-eb1a-4678-a3f5-303b09d57b31/ https://minutesof.com/q/b7c859f0-eb1a-4678-a3f5-303b09d57b31/ “Eighteen months from now, I do not believe investors will actually know the difference between investment grade public and investment grade private.” — Marc Rowan, Bloomberg Television Wed, 02 Oct 2024 13:14:05 +0000 private credit https://minutesof.com/q/393cdf09-24a4-4cf2-89a9-929df8409375/ https://minutesof.com/q/393cdf09-24a4-4cf2-89a9-929df8409375/ “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” — Marc Rowan, Bloomberg Television Wed, 02 Oct 2024 13:14:05 +0000 private credit https://minutesof.com/q/d657ce3b-a43a-4142-9857-e7981ebc8b6d/ https://minutesof.com/q/d657ce3b-a43a-4142-9857-e7981ebc8b6d/ “And for us, we are very focused on scaling origination. We've spent nearly $8,000,000,000. We have 4,000 people who wake up every day, and all they do is origination.” — Marc Rowan, CNBC Television Fri, 20 Sep 2024 13:38:12 +0000 private credit https://minutesof.com/q/cc69e8a1-467c-4b30-96eb-653dc0310fd0/ https://minutesof.com/q/cc69e8a1-467c-4b30-96eb-653dc0310fd0/ “I believe excess return comes from origination. The capacity of an investor, someone like us, and we're not the only ones who do this, who can go out and work with a company and solve their unique issues and make the commitment and structure and take the whole thing down and originate a credit.” — Marc Rowan, CNBC Television Fri, 20 Sep 2024 13:38:12 +0000 private credit https://minutesof.com/q/88e4461a-8c02-4560-985f-03f88f525c63/ https://minutesof.com/q/88e4461a-8c02-4560-985f-03f88f525c63/ “And regulators have only two choices as to where credit comes from. It can come from the banking system or it can come from the investment marketplace.” — Marc Rowan, Bloomberg Podcasts Tue, 05 Dec 2023 19:05:29 +0000 private credit https://minutesof.com/q/183775d3-3b02-43ab-a7ab-a96b87ab68af/ https://minutesof.com/q/183775d3-3b02-43ab-a7ab-a96b87ab68af/ “There is no daily liquid, quarterly liquid money at Apollo. We are ideally situated to take advantage of less liquid assets. We've structured ourselves that way.” — Marc Rowan, Bloomberg Television Tue, 05 Dec 2023 15:03:34 +0000 private credit https://minutesof.com/q/9e357b22-1065-4a78-a666-2e09a669c9e8/ https://minutesof.com/q/9e357b22-1065-4a78-a666-2e09a669c9e8/ “Today, you can get equity type returns from what we call credit instruments, loans, corporate corporate loans, loans for buyouts.” — Howard Marks, David Rubenstein Wed, 04 Oct 2023 12:46:10 +0000 private credit https://minutesof.com/q/a3be239a-fd69-490c-8901-7f83d9680971/ https://minutesof.com/q/a3be239a-fd69-490c-8901-7f83d9680971/ “If you can earn single A corporate bond rates plus 300 for being less liquid for ninety or one hundred and eighty days, it seems like a pretty good trade.” — Marc Rowan, Barron's Thu, 11 May 2023 15:16:29 +0000 private credit https://minutesof.com/q/1f57d654-d8ea-4c91-8694-bdf2a22d9fab/ https://minutesof.com/q/1f57d654-d8ea-4c91-8694-bdf2a22d9fab/ “Apollo Asset Management ended the year roughly $550,000,000,000 $400,000,000,000 of private credit, mostly investment grade, dollars 75,000,000,000 of hybrid equity, 75,000,000,000 of private equity.” — Marc Rowan, Barron's Thu, 11 May 2023 15:16:29 +0000 private credit https://minutesof.com/q/1f57d654-d8ea-4c91-8694-bdf2a22d9fab/ https://minutesof.com/q/1f57d654-d8ea-4c91-8694-bdf2a22d9fab/ “Apollo Asset Management ended the year roughly $550,000,000,000 $400,000,000,000 of private credit, mostly investment grade, dollars 75,000,000,000 of hybrid equity, 75,000,000,000 of private equity.” — Marc Rowan, Barron's Thu, 11 May 2023 15:16:29 +0000 private credit https://minutesof.com/q/d2795fee-2ed0-47f7-8931-70d6464ed0a4/ https://minutesof.com/q/d2795fee-2ed0-47f7-8931-70d6464ed0a4/ “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.” — Marc Rowan, Bloomberg Television Mon, 01 May 2023 16:21:23 +0000 private credit https://minutesof.com/q/d2795fee-2ed0-47f7-8931-70d6464ed0a4/ https://minutesof.com/q/d2795fee-2ed0-47f7-8931-70d6464ed0a4/ “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.” — Marc Rowan, Bloomberg Television Mon, 01 May 2023 16:21:23 +0000 private credit https://minutesof.com/q/5c263e18-0b37-42ee-b2b4-a214a3765cc5/ https://minutesof.com/q/5c263e18-0b37-42ee-b2b4-a214a3765cc5/ “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.” — Marc Rowan, CNBC Television Mon, 01 May 2023 15:24:57 +0000 private credit https://minutesof.com/q/b64d3992-42a4-4253-a384-cda0fc68249e/ https://minutesof.com/q/b64d3992-42a4-4253-a384-cda0fc68249e/ “Our entire industry was 40,000,000,000 of AUM. Every one of the companies plus minus in 2008. We ended the year at 550,000,000,000.” — Marc Rowan, CNBC Television Mon, 01 May 2023 15:24:57 +0000 private credit https://minutesof.com/q/1d5a97a9-8c38-4758-b56f-8d0a5a3d92a4/ https://minutesof.com/q/1d5a97a9-8c38-4758-b56f-8d0a5a3d92a4/ “after the global financial crisis, some people thought it represented an existential threat, we swung into action and we were able to invest $650,000,000 a week on average for fifteen weeks between Lehman's September 15 bankruptcy and the end of the year, that's $10,000,000,000” — Howard Marks, Wharton School Mon, 02 May 2022 13:42:01 +0000 private credit https://minutesof.com/q/bd6263dd-6a3a-4842-b827-66c1113c6c0b/ https://minutesof.com/q/bd6263dd-6a3a-4842-b827-66c1113c6c0b/ “And the ability to get it to $607,100,000,000,000, it sounds massive, but in the context of the markets in which they participate, it's just not all that big.” — Marc Rowan, Bloomberg Live Thu, 15 Jul 2021 20:01:59 +0000 private credit https://minutesof.com/q/acede883-9e60-478d-a744-c8c8ff3a2865/ https://minutesof.com/q/acede883-9e60-478d-a744-c8c8ff3a2865/ “And if you could earn 150 to 200 basis points more in origination at a very safe near investment grade level, that's a business we want to build.” — Marc Rowan, Bloomberg Live Thu, 15 Jul 2021 20:01:59 +0000 private credit https://minutesof.com/q/125ed9b1-be8b-4fc9-ad51-c1df01c100e3/ https://minutesof.com/q/125ed9b1-be8b-4fc9-ad51-c1df01c100e3/ “I like to say it's the pile of assets in the world that yields less than 5% is like this big.” — Marc Rowan, Bloomberg Live Thu, 15 Jul 2021 15:56:20 +0000 private credit https://minutesof.com/q/728090b7-6820-4df1-80f2-1e99b490d7dc/ https://minutesof.com/q/728090b7-6820-4df1-80f2-1e99b490d7dc/ “We are in, as I sometimes say, the fixed income replacement business. We're $330,000,000,000 today. Five years from now, that'll be twice its size.” — Marc Rowan, Bloomberg Live Thu, 15 Jul 2021 15:56:20 +0000 private credit https://minutesof.com/q/24cf4c4c-1739-4e98-aba9-4b4c1ed9993c/ https://minutesof.com/q/24cf4c4c-1739-4e98-aba9-4b4c1ed9993c/ “Now remember, the four worst words in the world were, it's different this time, the seven worst words in the world are too much money chasing too few deals.” — Howard Marks, Milken Institute Mon, 14 Jan 2019 19:09:05 +0000 private credit https://minutesof.com/q/ced6776e-1275-4530-ab46-eeb4fa60c308/ https://minutesof.com/q/ced6776e-1275-4530-ab46-eeb4fa60c308/ “we've made about 23% a year for twenty eight years investing in distressed debt before fees without any leverage. So that's pretty astronomical. Why?” — Howard Marks, Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 private credit https://minutesof.com/q/f7aecf44-6e27-4509-a84e-893d084a346c/ https://minutesof.com/q/f7aecf44-6e27-4509-a84e-893d084a346c/ “And we've made about 23% a year for twenty eight years investing in distressed debt before fees without any leverage. So that's pretty astronomical. Why?” — Howard Marks, Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 private credit https://minutesof.com/q/0870e3fd-1498-4a1b-8363-70b5e5db12b1/ https://minutesof.com/q/0870e3fd-1498-4a1b-8363-70b5e5db12b1/ “we brought out the first distressed debt fund. Now we're not investing in companies that have a risk of default. We're investing in bonds that are either in default or sure to be.” — Howard Marks, Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 private credit https://minutesof.com/q/8896cf44-e1db-448c-b8ff-4eee80c8376b/ https://minutesof.com/q/8896cf44-e1db-448c-b8ff-4eee80c8376b/ “in 'eighty eight, we brought out the first distressed debt fund. Now we're not investing in companies that have a risk of default.” — Howard Marks, Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 private credit https://minutesof.com/q/c91fbe50-a600-40de-87a4-d8535c968e58/ https://minutesof.com/q/c91fbe50-a600-40de-87a4-d8535c968e58/ “Fixed income, it's called, because all the events are fixed. The contract is fixed. The return is fixed, assuming the promise is kept.” — Howard Marks, Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 private credit https://minutesof.com/q/df4778fe-be55-4fb5-ba94-890a2556426e/ https://minutesof.com/q/df4778fe-be55-4fb5-ba94-890a2556426e/ “You give me $100 and I promise to give you 5% interest every year and then give you a bonding back in twenty years. Fixed income, it's called, because all the events are fixed.” — Howard Marks, Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 private credit https://minutesof.com/q/74a1fb8f-6f0c-42c4-9425-84094a591b0f/ https://minutesof.com/q/74a1fb8f-6f0c-42c4-9425-84094a591b0f/ “Then you go to the high yield bond business, you invest in the worst companies in America, you make the most money.” — Howard Marks, Talks at Google Mon, 30 Mar 2015 02:08:35 +0000 private credit