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The Allocation: Private Markets for the Total Portfolio

Apollo Global Management

Private markets have moved from a portfolio complement to a core role. The question is no longer whether to invest, but how to allocate with precision.

From credit to equity and everything in between, The Allocation focuses on specific asset classes and market outlooks. You will hear where private investments fit within the total portfolio, how they compare to public market equivalents, and the role they play in diversification and long-term performance.

These conversations connect macroeconomic and thematic insights to allocation decisions. We explore how to approach sizing, structure and implementation across different mandates and portfolio frameworks.

Produced by Apollo Global Management, The Allocation features leaders, investors and portfolio managers directly shaping these markets and offers a practical lens on how private markets are being integrated into portfolios today.

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  • 27 episodes
  • fortnightly
  • Avg 30 min
  • English

Episodes 27

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  • October 14 · 27 min

    Cycle, Structure, Selection: Private Equity Portfolios for Today’s Market

    Private equity deal and exit activity have picked up in 2026, but valuations remain elevated and the macro environment is still demanding. How is this shifting PE allocations? Diana Sands and equity product specialist Bryn Gostin dive into what's actually changed in the market, how drawdown and evergreen structures can play distinct roles in a portfolio and what it takes to construct a durable PE allocation when the old playbook no longer applies.

  • September 30 · 29 min

    Infrastructure: Today’s “Generational” Investment Opportunity

    From digital to power grid modernization, from transport to environmental services, infrastructure represents a projected $75+ trillion in investment over the next decade. Apollo Partners Harry Seekings and Vittorio Lacagnina have spent decades in infrastructure investing, and here they discuss what Seekings sees as a “generational” opportunity. They also discuss how Apollo approaches the asset class across the full capital structure and why the potential for stable cash flows, inflation protection, and low correlation to public markets can make infrastructure a significant portfolio diversifier for both institutional and wealth investors.

  • September 23 · 20 min

    Torsten Slok’s Macro Update: Higher for Longer and the Road to 2027

    As 2026 enters its final stretch, Apollo Chief Economist Torsten Slok joins The Allocation to discuss the latest shifts in the economy and markets. On the heels of the Fed’s September rate hike, he shares his views on why inflation remains so sticky and what a “higher-for-longer” rate environment could mean for consumers, businesses and investors. Torsten also examines the continuing AI investment boom and its impact on economic growth, jobs and financial markets. Looking ahead, he highlights the key themes helping to shape his outlook for 2027. For more insights from Torsten, subscribe to his Daily Spark newsletter at Apollo.com/daily-spark.

  • September 16 · 36 min

    Fixed Income: The AI Issuance Boom and What it Means For Portfolios

    Record issuance from the AI buildout is creating a broader menu of opportunities for fixed income investors across public and private markets. In our latest conversation covering the convergence of public and private debt markets, Apollo Partners Brian Weinstein, who leads Fixed Income Replacement, and John Cortese, Co-Head of Corporate Credit and Head of Trading, discuss how this issuance is changing market structure, creating dispersion and expanding the range of risks and opportunities fixed income investors may need to evaluate. For more insights on credit markets, check out our Midyear Credit Outlook: https://www.apollo.com/wealth/insights-news/insights/2026/08/2026-midyear-credit-outlook

  • September 2 · 38 min

    Can AI Earn It Back? The $2 Trillion Test and Other Forces Reshaping Markets and Portfolios

    Between now and 2030, roughly $5 trillion will be spent building the infrastructure for AI. To justify that investment, businesses and individuals will need to spend $2 trillion a year on AI services. Whether AI can earn back what's being spent on it is a defining question of this investment cycle, with impacts to be felt across debt and equity markets. Rob Bittencourt, who leads Apollo Thematic Investing, has spent his career tracking exactly these kinds of non-linear shifts. In this conversation, Rob breaks down the state of AI adoption and what enterprise ROI pressure means for the cycle and investor portfolios. He also discusses two other themes his team is tracking: US reindustrialization and why private capital may be better positioned than public markets to finance it, and the forces that are beginning to reshape finance itself. For more analysis from Apollo Thematic Investing, check out these links: The Growing Compute Shortage: https://www.apollo.com/wealth/insights-news/insights/2026/06/growing-compute-shortage AI’s Labor Ambitions: Separating Myth From Reality: https://www.apollo.com/wealth/insights-news/insights/2026/05/ai-labor-ambitions-separating-myth-from-reality The Balance Sheet Behind the AI Revolution: https://www.apollo.com/wealth/insights-news/insights/2026/03/balance-sheet-behind-the-ai-revolution

  • August 19 · 36 min

    Sports as an Asset Class: The $2.5 Trillion Opportunity

    Apollo Sports Capital’s newly announced financing agreement with Yankees Global Enterprises represents a watershed moment for investing in sports. It also exemplifies Apollo’s strategic approach to the sports market. In this premier episode of The Allocation, Apollo Sports Capital CEO Al Tylis unpacks the forces driving sports as an investable asset class, including media rights, global fan engagement, hybrid financing demand and the evolution of team ownership. With the sports ecosystem now representing a $2.5 trillion opportunity, Tylis explains why financing, not just ownership, may be its most compelling play. For more on the sports investing landscape, read The Financing Gap in Sports: Unlocking a $2.5 Trillion Opportunity: https://www.apollo.com/wealth/insights-news/insights/2025/12/the-financing-gap-in-sports-unlocking-a-dollar-2-5-trillion-opportunity

  • July 8 · 22 min

    Hybrid: Rethinking Risk and Return

    Head of Hybrid Matt Nord shares Apollo’s view of hybrid as a risk-reward framework that can provide the flexibility to invest across the capital structure. He explains why demand for flexible capital solutions is growing and why investors are increasingly drawn to hybrid's combination of equity-like return potential and credit-like downside protection.

  • June 24 · 25 min

    Torsten Slok’s Mid-Year Outlook: Three Forces Driving Markets

    As the second half of 2026 begins, Apollo Chief Economist Torsten Slok outlines the key macro dynamics shaping the landscape. He explains why the AI boom has evolved far beyond a technology story, how an industrial renaissance is reshaping manufacturing and investment opportunities, and how government policy is providing additional support for growth. He also discusses the implications for inflation, interest rates, asset allocation, and credit markets while outlining the key indicators he's watching for the months ahead. For more from Torsten and to see a replay of his full outlook webcast, visit ApolloAcademy.com. And you can subscribe to his Daily Spark newsletter at Apollo.com/daily-spark.

  • June 2 · 33 min

    Real Estate: After the Reset

    Higher interest rates have contributed to a wholesale reset of valuations across the real estate market. Apollo’s Bert Crouch discusses why fundamentals in sectors like housing, logistics, and senior living remain resilient, and where investors are finding opportunities in a market increasingly shaped by demographic trends, the need for operational expertise, and mounting demand for “HALO” assets.

  • May 19 · 22 min

    Private Market Secondaries: The $225 Billion Market Many Wealth Investors Overlook

    On this episode of the View From Apollo’s Allocation Insights series, Alex Wright and Diana Sands are joined by Partner and Co-Head of Apollo's Sponsor & Secondary Solutions business Steve Lessar to discuss how private market secondaries have evolved from a niche liquidity tool to a core allocation of modern private market portfolios, which can offer immediate exposure to mature assets and attractive risk-adjusted return potential.

  • April 30 · 22 min

    Finding Opportunity in a Converging Credit Market

    In our second Convergence episode on the merging of private and public credit markets, partners Brian Weinstein and John Cortese unpack how rapidly shifting conditions are reshaping where and how investors find opportunity. With AI-driven disruption, geopolitical events and other dynamics in play, what looked like a more straightforward buyer’s market just months ago has evolved into a more nuanced market defined by dispersion, complexity and the need for deeper underwriting. In this conversation, Brian and John explore: • Why credit markets have become harder to navigate • How the convergence of public and private credit is redefining risk, pricing and opportunity • Today’s issuance boom (from hyperscalers to structured financing) • Why dispersion may be the defining theme for investors • How a bottoms-up, multi-asset approach is becoming essential in a more fragmented market

  • April 23 · 35 min

    Investing Across the Credit Cycle

    In an evolving credit market, how should investors weigh opportunity and risk in the $40 trillion private credit landscape? In our latest Allocation Insights episode on market movement and what we’re hearing from investors around the world, Diana Sands and Alex Wright speak with four Apollo partners at the firm’s recent Credit Annual General Meeting – Akila Grewal, Chris Edson, Jim Vanek and Chris Lahoud – to explore how the breadth and integration of Apollo’s platform is designed to perform throughout credit cycles and capture value across the full credit spectrum. They share insight into how Apollo invests as a principal, manages risk, is deploying capital at scale and is navigating the cycle with a focus on consistent, risk-adjusted returns.

  • March 31 · 41 min

    Private Equity Portfolios: Three Key Dimensions of Diversification

    Diversification has long been a cornerstone of investing, but what does it really mean in private equity today? In this episode, lead equity product specialist Bryn Gostin explores how diversification across managers, company size and sectors can help support more resilient portfolios in today’s evolving landscape. He explores shifting industry dynamics, the risks of concentrated exposure — particularly in software — and why a more balanced, multi-dimensional approach may be key to building durable private equity portfolios.

  • March 12 · 22 min

    Torsten Slok on the US Economy: Resilience Under Pressure

    AI investment, fiscal stimulus and an ongoing industrial renaissance continue to power the US economy. Yet geopolitical shocks, tariff shifts and inflation above target are creating persistent crosscurrents that complicate the outlook. As the first quarter of 2026 draws to a close, Apollo Chief Economist Torsten Slok examines the tension between solid fundamentals and mounting uncertainty, and what it could mean for investors.

  • February 17 · 26 min

    Allocation Insights: Asset-Backed Finance Is the Engine Behind Private Credit’s Next Chapter

    Private markets are playing a growing role in wealth portfolios. And understanding where opportunities are emerging has never been more important. In this episode of The View from Apollo, we introduce Allocation Insights, a recurring series focused on how private markets are reshaping wealth portfolios. To kick off the series, hosts Alex Wright and Diana Sands are joined by Partner and Global Head of Structured Credit Investing Michael Paniwozik to discuss one of the fastest-growing areas of private markets: asset-backed finance. They break down what asset-backed finance is, why it’s gaining momentum, and why investors are paying attention.

  • January 22 · 43 min

    Convergence: The Integration and Evolution of Credit Markets

    In this episode of The View From Apollo, we introduce Convergence, a new recurring series featuring a running conversation about the evolution and integration of public and private credit markets. In today's show, our hosts Brian Weinstein and John Cortese ask if the convergence of public and private represents the biggest shift in credit market history and discuss what these changes can mean for portfolios and investors.

  • Dec 17, 2025 · 27 min

    2026 Outlook: Resilience Meets Momentum

    In this episode of The View from Apollo, Chief Economist Torsten Slok lays out the key forces shaping the 2026 macro landscape. He explains why the US economy has remained surprisingly resilient despite pronounced headwinds and how AI-driven investment, fiscal policy and easing energy prices are setting the stage for a potential rebound. Access the complete suite of Apollo’s 2026 Outlook content, from Torsten’s macro view to perspectives across asset classes and regions, at apollo.com/outlook.

  • Nov 24, 2025 · 55 min

    Private Equity: Alpha in an Evolving Market

    In this episode of The View from Apollo, Apollo’s Antoine Munfakh and Bryn Gostin take a deeper dive into the state of private equity in a changing market environment. They discuss what’s driving dispersion across managers, why fundamentals and operational depth have regained prominence and how disciplined investing is shaping outcomes today and in years to come by focusing on “alpha on the buy, the build and the exit.”

Showing 1–20 of 27 episodes