Marc Rowan on Private Markets, Software Repricing, and Capital Allocation

The global economy is undergoing a fundamental shift as AI, robotics, and energy infrastructure create unprecedented capital demands, necessitating a convergence between finance and technology. Marc Rowan, co-founder of Apollo, explains how the firm has evolved from a distressed asset manager into a trillion-dollar institution providing essential retirement income and financing for the modern industrial renaissance. As public markets become increasingly concentrated in a handful of tech stocks, private markets offer critical diversification and long-term capital solutions for capital-intensive sectors like data centers and defense. Success in this environment requires "clean sheet thinking," where firms prioritize merit-based leadership and adapt to rapid technological change rather than relying on legacy models. Ultimately, the future of finance lies in managing complex credit risks and providing stable, long-term capital to support the next generation of industrial growth.