Apollo Academy
Markets and economy research from Apollo, focused on private markets, credit and macro.
United States10 articlesLast published 12 Jun 2026
AlternativesPrivate MarketsFixed Income
Research
Apollo AcademyPrivate Markets
Private Credit Secondaries: A Differentiated Way to Access Private Markets
Apollo Academy examines private credit secondaries as a distinct access point to the $40 trillion private credit market, highlighting benefits such as exposure to seasoned portfolios, enhanced asset visibility, and potential for earlier distributions. The piece positions credit secondaries as a complementary sleeve to primary commitments, offering vintage, manager, and deal-type diversification from day one.
12 Jun 2026
Apollo AcademyPrivate Markets
Private Equity: Six Key Considerations for Investors
Apollo Academy examines six key considerations for private equity investors, addressing topics such as why PE historically outperforms public markets, whether the return-generation environment has structurally changed, the relative attractiveness of the middle market, and how managers are navigating liquidity constraints to return capital. The piece argues that private equity remains a compelling wealth-building vehicle, particularly given elevated public equity valuations and the advantages of active ownership.
9 Jun 2026
Apollo AcademyPrivate Markets
After 60/40: The Hidden Cost of Uninvested Capital Through the J-Curve
Apollo's Christopher Lvoff examines the "cash drag" problem created by uninvested committed capital during the J-curve ramp-up of traditional closed-end private equity drawdown funds, using Preqin data showing buyout funds average four years to the J-curve trough and seven years to turn cash-flow positive. The paper compares three uncalled-capital management strategies—holding cash, a 50/50 public market sleeve, and a perpetual/open-end private fund sleeve—finding that pairing drawdown commitments with perpetual structures most efficiently closes the gap between committed and invested capital in a 60/40-to-private-markets transition.
19 May 2026
Apollo AcademyMulti-Asset
Does the Foundation Still Support the Structure? — Why a Portfolio Rebalance Makes Sense Now
Apollo's Global Wealth Strategist argues that despite public equities trading near all-time highs, portfolio foundations have weakened due to thinning risk compensation, rising concentration, and diminishing diversification benefits. The piece makes the case for proactive portfolio rebalancing—specifically toward alternatives and private markets—before market conditions force a reactive shift.
12 May 2026
Apollo AcademyPrivate Markets
Beyond the Middle Market: Private Equity Investing for a More Demanding Regime
Apollo's private equity leadership argues that the traditional middle-market edge—driven by lower entry valuations, cheap leverage, and multiple expansion—has materially eroded in a higher-cost-of-capital, slower-exit environment with widening return dispersion. The paper advocates for a barbell portfolio construction approach combining a core sleeve of scaled, operationally capable managers with a concentrated specialist sleeve, replacing broad middle-market diversification that they argue systematically produces median outcomes.
5 May 2026
Apollo AcademyPrivate Markets
Portfolio Allocations: Where Does Private IG Credit Belong?
Apollo's Brian Weinstein examines where private investment-grade credit fits within institutional portfolio construction, arguing it can be allocated under either fixed income or private credit frameworks to enhance yield spread without sacrificing credit quality. The piece contends that the primary risk for many investors is under-allocation to Private IG, given its structural advantages over traditional public IG markets.
30 Apr 2026
Apollo AcademyPrivate Markets
Private Market Secondaries: A Core Allocation for Modern Private Market Portfolios
Apollo's Co-Heads of S3 Sponsor & Secondary Solutions argue that private market secondaries should be treated as a core portfolio allocation, citing their ability to provide vintage and manager diversification alongside more consistent capital distributions. The piece positions secondaries as a complementary solution to primary PE strategies facing extended holding periods, exit backlogs, and slower distributions in the current environment.
24 Apr 2026
Apollo AcademyPrivate Markets
Private Market Secondaries: The $225 Billion Market Many Wealth Investors Overlook
Apollo's Steve Lessar, Co-Head of Sponsor & Secondary Solutions, discusses how the $225 billion private market secondaries segment has evolved from a niche liquidity tool into a core portfolio allocation, offering wealth investors immediate exposure to mature assets and attractive risk-adjusted returns. The podcast explores the structural growth drivers of the secondaries market and its increasing relevance for modern private markets portfolios targeting diversification and reduced J-curve risk.
22 Jun 2022
Apollo AcademyPrivate Markets
Finding Opportunity in a Converging Credit Market
Apollo partners Brian Weinstein and John Cortese discuss how the convergence of public and private credit markets is reshaping opportunity amid AI-driven disruption, geopolitical volatility, and an issuance boom spanning hyperscalers to structured financing. They argue that rising dispersion and complexity now demand a bottoms-up, multi-asset underwriting approach rather than top-down market calls.
22 Jun 2022
Apollo AcademyPrivate Markets
Real Estate: After the Reset
Apollo's Bert Crouch examines the post-rate-reset real estate landscape, arguing that fundamentals in housing, logistics, and senior living remain resilient despite valuation declines driven by higher interest rates. The podcast identifies demographic trends, operational expertise, and demand for "HALO" assets as key drivers of opportunity in the current environment.
22 Jun 2022