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US Deficit Commands More Attention Than Tariffs: Apollo Global President (Full Interview)
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June 4, 2025
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8:08Now PlayingThe largest opportunity emerging in private credit is investing in investment grade assets, according to Jim Zelter, president of Apollo Global Management.
Speaking to Bloomberg’s Kriti Gupta at SuperReturn International, a private capital conference in Berlin, Zelter said that about three-quarters of Apollo’s assets are placed in the investment-grade market.
“In the past, private has meant risky and illiquid and we would really challenge that convention,” he said.
Over the last few years Apollo has carved a niche striking complex private deals with investment grade businesses, including Air France, Vonovia and BP. In 2024, it signed a bumper deal with Intel Corp., which agreed to sell a stake in a venture that controls a plant in Ireland for $11 billion.
Zelter added that while there is concern about the non-investment grade market-place — in particular levered capital structures, subordinated paper and PIK payments — Apollo has avoided these sort of financings.
“Private credit is a much broader ocean of opportunities,” Zelter said, whose firm manages about $785 billion of assets. “It’s a wonderful time to be a player in credit.”
The Apollo president did, however, acknowledge that there may have been “over enthusiasm” from some lenders in certain areas such as parts of health care. There’s also growing unease about investments in industries such as enterprise software where technological innovation is upending the sector, he said.
SuperReturn pulls in thousands of private capital attendees each year, including fund managers, limited partners, lawyers and advisers. This year’s speakers include CVC’s Rob Lucas, Thoma Bravo’s Orlando Bravo as well as celebrity guests such as Serena Williams and Nico Rosberg.
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