In 1990, Marc Rowan walked out of Drexel with his belongings in a cardboard box. Within a year, Apollo was managing $6 billion.
David Haber speaks with Marc Rowan, Cofounder, CEO, and Chair of Apollo Global Management, about building Apollo into one of the world’s largest alternative asset managers and how private capital is reshaping the global economy.
The conversation covers the rise of private credit, and why Rowan believes private markets are becoming increasingly central to financing the real economy. They also discuss AI, data centers, robotics, and the growing intersection between venture-backed technology companies and large-scale private financing.
Along the way, they reflect on leadership, institutional culture, and why enduring organizations must adapt rather than protect the status quo.
Resources:
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Learn more about Apollo Global Management: https://www.apollo.com
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Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures.
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My guest today is John Zito. John is the Co-President of Apollo Global Management. He shares how they've quietly built one of the most important financial institutions of our time, originating over $250 billion annually. John's thesis on the convergence of private and public markets - and Apollo's positioning to capture 100% of client portfolios rather than just alternatives allocations - offers a fascinating glimpse into where institutional investing is heading. We discuss the cultural and strategic elements that drive John, Apollo’s merger with Athene, the idea of artistry at scale, and the evolution of capital markets. Please enjoy my conversation with John Zito.
For the full show notes, transcript, and links to mentioned content, check out the episode page here.
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This episode is brought to you by Ramp. Ramp’s mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus.
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This episode is brought to you by AlphaSense. AlphaSense has completely transformed the research process with cutting-edge AI technology and a vast collection of top-tier, reliable business content. Invest Like the Best listeners can get a free trial now at Alpha-Sense.com/Invest and experience firsthand how AlphaSense and Tegus help you make smarter decisions faster.
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Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com).
Show Notes:
(00:00:00) Welcome to Invest Like the Best
(00:05:55) The Rise of Apollo and Credit Markets
(00:08:05) Innovations in Asset Management
(00:11:42) The Role of the US in Global Capital Markets
(00:15:26) The Future of Asset Management and Investment Strategies
(00:21:03) The Impact of Interest Rates on Investment
(00:25:27) Apollo's Business Model and Growth
(00:25:17) The Changing Landscape of Private Markets
(00:46:03) Apollo's Culture and Vision
(00:47:54) The Importance of Company Culture
(00:52:52) The Future of Private and Public Markets
(00:57:50) Building a Great Origination Platform
(01:02:03) Exciting Deals and Personal Stories
(01:14:47) The Role of AI and Future Opportunities
(01:22:16) Maintaining Company Culture Amidst Change
(01:24:06) The Kindest Thing Anyone Has Ever Done For John
Gm! This week we're joined by Christine Moy, Carlos Domingo & Tarun Chitra to discuss the launch of crypto largest onchain credit fund. We deep dive into what is private credit, the future of tokenization, onchain vs tradfi risk management, finding product market fit & more. Enjoy!
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Start your day with crypto news, analysis and data from Katherine Ross.
Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts
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Follow Tarun: https://x.com/tarunchitra
Follow Carlos: https://x.com/carlosdomingo
Follow Jason: https://x.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh
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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
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Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: https://blockworks.co/event/permissionless-iv
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ZKsync is the pioneering zero-knowledge technology powering the next generation of builders with limitless scale. Secured by math and designed for native interoperability, ZKsync enables an elastic, ever-expanding network of customizable chains.
Deeply rooted in its mission to advance personal freedom for all, the ZKsync technology makes digital self-ownership universally available.
To learn more about ZKsync, visit http://www.zksync.io
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Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.
The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC will be live in April 2025.
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Get started today: https://askfocal.com
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AO Mainnet is LIVE! Experience the future of decentralized computing: infinite parallel processing, secure TEE-powered computations, and LLMs in smart contracts. Built on Arweave, AO's modular design shatters scalability limits. 100% of tokens are distributed to Arweave holders and bridge depositors, with a fixed supply and halving. Explore AO today: https://ao.arweave.dev
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Token.com is a social-first crypto platform transforming how people discover and trade through crypto content. The revolutionary in-feed trading turns complex crypto into intuitive investments, while content creators earn from every trade and projects amplify their stories through native tokens - creating a new era of social media-powered crypto discovery. Just scroll to watch and tap to invest. Download the app!
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Timestamps:
(00:00) Intro
(02:02) What Is Private Credit?
(06:32) The ACRED Levered RWA Strategy
(09:29) How To Bring TradFi Onchain?
(20:51) Ads (ZKSync, Zenrock)
(22:30) How Does the Levered RWA Strategy Function?
(32:14) A New Era For Tokenization
(36:32) Ads (ZKSync, Zenrock)
(38:11) Onchain vs TradFi Risk Management
(42:47) How To Avoid Leverage Unwinds
(49:36) Ads (Falcon x,Arweave, Token.com)
(51:50) Finding Product Market Fit
(01:04:57) The Future Of Tokenization
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
It's time for a bonus episode! In this one, Adam tries to figure out why there are so many apps that are exclusive to iOS. He brings in Marques, Andrew, and Ellis to talk about some of the reasons he found by talking with developers. Special thanks to Christian Selig, Karn Saheb, and Curtis Herbert for lending their expertise!
P.S - We're headed to Austin! If you're going to be at SXSW in March we'll be doing a live show so come say hi!
Links:
Christian Selig:
- Website: https://christianselig.com/
- Threads: https://www.threads.net/@christianselig
- Pixel Pals: https://apps.apple.com/us/app/pixel-pals-widget-pet-game/id6443919232
Karn Saheb:
- Website: https://karn.io/
- Threads: https://www.threads.net/@karnsaheb
- Bluesky: https://bsky.app/profile/karn.io
Curtis Herbert:
- Website: https://curtisherbert.com/
- Slopes app: https://linktr.ee/getslopes
- Threads: https://www.threads.net/@parrots01
Music provided by Epidemic Sound
Shop the merch:
https://shop.mkbhd.com
Socials:
Waveform: https://www.threads.net/@waveformpodcast
Marques: https://www.threads.net/@mkbhd
Andrew: https://www.threads.net/@andrew_manganelli
David Imel: https://www.threads.net/@davidimel
Adam: https://www.threads.net/@parmesanpapi17
Ellis: https://twitter.com/EllisRovin
TikTok:
https://www.tiktok.com/@waveformpodcast
Join the Discord:
https://discord.gg/mkbhd
Music by 20syl:
https://bit.ly/2S53xlC
Waveform is part of the Vox Media Podcast Network.
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Christian Selig, developer of the excellent apps Apollo and Pixel Pals, joins the show to talk about Reddit's Twitter-fication, along with highlights from WWDC 2023.
Sponsored by:
Memberful: Monetize your passion with membership. Start your free trial today.
Squarespace: Make your next move. Use code talkshow for 10% off your first order.
Rocket Money: Stop throwing your money away. Cancel unwanted subscriptions and manage your expenses the easy way.
Kolide: Cross-platform endpoint security solution for teams that value privacy and transparency.
Links:
Craig’s weekend fun: updating Twitter’s “How to Tweet” support document to “How to X”. Surprisingly funny.
Adam Sandler’s “Ode to My Car”:
“Car honk” radio-friendly version, which really is even funnier than the album version.
Album version, replete with cuss words.
The Iconfactory.
Triode: “The best way to enjoy all of your favorite Internet radio stations wherever you go.”
The rest of their excellent lineup of apps.
Furbo, Craig’s blog.
X Corp’s crazy-bright fast-flashing headquarters sign.
Morton Downey Jr., “trash TV” pioneer.
YouTube clips.
Studio Neat’s Material Docks, perfect for the upcoming Standby mode in iOS 17.
This episode of The Talk Show was edited by Caleb Sexton.
Today on the flagship podcast of suddenly private subreddits:
01:45 - David Pierce and Nilay Patel call up Christian Selig, who runs the popular Reddit app Apollo, to talk about the changes to the platform that have infuriated Redditors, and what it means for the future of Reddit.
Reddit’s API updates: all the news about changes that have infuriated Redditors
More than 6,000 subreddits have gone dark to protest Reddit’s API changes
Apollo’s developer on Reddit’s new API changes, and why users revolted
46:15 - Then, David talks with deputy editor Alex Heath about Meta’s reaction to the new Apple Vision Pro headset, and that new Twitter competitor the company is launching.
Here’s what Mark Zuckerberg thinks about Apple’s Vision Pro
Instagram’s upcoming Twitter competitor shown in leaked screenshots
1:09:54 - After that, senior reviewer Monica Chin joins the show to discuss her review of Apple’s new 15-inch Macbook Air.
Apple MacBook Air 15-inch review: exactly what was asked for
1:33:24 - Keep listening for this week’s Vergecast hotline question.
www.babylist.com
https://www.youtube.com/c/DadVerb
Email us at vergecast@theverge.com or call us at 866-VERGE11, we love hearing from you.
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This week, Stephen and David talk about Reddit and a third-party client named Apollo, which brings a world-class Reddit experience to iPhone users. Then, they are joined by its developer Christian Selig to discuss the app's origins and more.
This episode of Mac Power Users is sponsored by:
Sanebox: Stop drowning in email!
TextExpander: Get 20% off with this link and type more with less effort! Expand short abbreviations into longer bits of text, even fill-ins, with TextExpander.
Electric: Unbury yourself from IT tasks. Get a free pair of Beats Solo3 Wireless Headphones when you schedule a meeting.
Clean My Mac X: Your Mac. As good as new. Get 5% off today.
Guest Starring:
Christian Selig
Links and Show Notes:
Sign up for the MPU email newsletter and join the MPU forums.
More Power Users: Ad-free episodes with regular bonus segments
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Apple TV+ - Apple
2023 Apple History Calendar by Stephen Hackett — Kickstarter
Reddit
Apollo | A beautiful reddit app built for power and speed
Apollo App - Reddit
Christian Selig (@ChristianSelig) / Twitter
iPhone 3g Commercial "There's An App For That" 2009 - YouTube
Amplosion: Redirect AMP Links on the App Store
Achoo HTML Viewer & Inspector on the App Store
Reddit Acquires Alien Blue, The Most Popular Unofficial Reddit App | TechCrunch
Reddit: API Documentation
Karabiner-Elements
Defining a Hyper Key · BetterTouchTool
Tweetbot for iOS
Visual Studio Code
Moom · Many Tricks
Welcome to To Do
Figma
Sketch
Keyboard Maestro
Mimestream
Apollo Pro/Ultra
John Zito, Partner and Deputy CIO of Credit of Apollo Global Management, joins Scott to discuss the state of play regarding the credit markets, growth companies, interest rates, and investment opportunities.
Scott opens with his thoughts on a passwordless future.
Algebra of Happiness: overcoming imposter syndrome.
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