We're sunsetting PodQuest on 2025-07-28. Thank you for your support!

170: The Irreversible Convergence of Public & Private Markets – With Scott Kleinman, Co-President of Apollo Asset Management

2025/4/1

Money Maze Podcast

AI Deep Dive AI Chapters Transcript

People

Scott Kleinman

Topics

Scott Kleinman: 我在私募股权领域拥有30年的经验，见证了该行业的巨大变化。低利率环境导致私募股权行业规模大幅扩张，但也使得区分创造阿尔法收益和仅仅依靠杠杆贝塔收益的投资者变得更加困难。金融危机后，利率上升，市场重新调整，那些依靠杠杆贝塔收益的投资者将受到影响。我加入Apollo时，私募股权行业还处于早期阶段，规模远小于现在。Apollo是一家7500亿美元的另类资产管理公司，业务范围涵盖各种资产类别，目标是在风险单位内寻找超额收益。Apollo的生存之道是在资金充裕的环境中寻找超额收益，并运用各种技术来提取风险单位内的超额收益。Apollo的命名源于其“治愈”的含义，公司成立之初旨在利用私募资金帮助公司解决过度杠杆问题。Apollo早期发展策略是寻找优质公司，以合理价格收购，并通过更好的运营创造价值，同时保持逆向思维。通过抓住机遇，Apollo拓展了私募信贷和保险业务等领域，目前正积极进军私人财富渠道、401k和DC渠道等大型市场。公共和私人资产管理行业的融合正在发生，原因是投资者寻求更高的回报，以及公共证券市场流动性下降。由于利率接近零，机构投资者对另类资产的配置比例不断上升。金融危机后，银行监管加强，导致银行减少了债券交易，降低了市场流动性。公共和私人债务市场在流动性方面差异越来越小，这促使投资者重新评估其资产配置。公共和私人资产的融合为另类资产提供了巨大的增长机遇。主动型股票基金经理长期以来未能跑赢指数基金，这促使投资者重新考虑其股票投资策略。将公共和私人资产管理公司合并并非易事，因为两者文化差异巨大。被动型投资策略在经济衰退时期可能面临风险，因为资金流出和市场波动加剧。随着私人资产在个人投资组合中占比的增加，其流动性问题将会得到改善。个人应该能够在其401k计划中配置一定比例的私人资产。银行监管的放松可能会增加私募信贷领域的竞争，但银行和私募资本之间仍有合作的空间。欧洲和英国的私募股权和私募债务市场存在巨大的机会，欧洲公司对资本的需求旺盛，这为Apollo的信贷业务提供了增长机会。数据中心和数字转型是重要的投资主题，大型公司正越来越多地寻求私募资本的合作。Athene的成功源于其对年金市场的独特理解和规模化运营能力。美国股市的股票集中度过高，这构成了系统性风险，而私人资本可能成为解决方案的一部分。另类资产行业仍有巨大的增长潜力，尤其是在私人财富市场。 Simon Brewer: 作为主持人，我引导访谈，并就私募股权、另类资产、公共市场与私人市场融合、流动性、利率、投资组合、风险、收益等话题与Scott Kleinman进行深入探讨，并就其在Apollo的长期职业生涯、对年轻人的建议等方面进行提问。

Deep Dive

Shownotes Transcript

In the world of mythology, Apollo is one the most revered and significant of all the ancient Greek and Roman Gods.

It was also the name given to an asset management business created in 1990 and today with assets of over $750 billion*, it’s a leading provider of alternative asset management and retirement solutions.

In this conversation we understand Apollo’s growth, reach and specialisations. More importantly we discuss the convergence of the public and private asset management industries, where the accelerating marriage of alternatives and traditional assets appears irreversible. From institutional portfolios, now expanding into individual allocations, the trend appears early in its evolution.

Scott Kleinman, Co-President of Apollo Asset Management, reviews the liquidity aspects implied by this phenomenon. He discusses the role of banks, where regulation has allowed the growth of non-bank enterprises like Apollo to blossom, and the trade-offs, risk, reward and liquidity, investors will make.

He also describes opportunities and challenges, outside of the US where capital is less abundant, and securitisation malfunctioning. Finally, Scott offers some great advice to youth that “you can’t escape hard work” and “you should never stop asking why?!”

The Money Maze Podcast is kindly sponsored by Schroders), IFM Investors), World Gold Council) and LSEG).

170: The Irreversible Convergence of Public & Private Markets – With Scott Kleinman, Co-President of Apollo Asset Management 50:00 Share

Money Maze Podcast

Deep Dive

Shownotes Transcript

170: The Irreversible Convergence of Public & Private Markets – With Scott Kleinman, Co-President of Apollo Asset Management