YouSaid · the spoken record

Scott Kleinman

lines on the record: 87
first: 2026-01-19
most recent: 2026-01-19
sittings or episodes: 1
sources: podcast

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“Rough round numbers about five percent would be sub IG credit and about 5% would be traditional alternatives, private equity, infrastructure, those sorts of equity of other vehicles and structured equity, hybrid equity, things like that.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“$50 billion real estate asset manager called Bridge and that's now an area we're starting to redirect and lean into because the relative pricing has repriced there and it's certainly a lot more interesting”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“2021, the cap rate on any commercial real estate asset was probably 3%. Things were getting priced in the twos. So we're sitting here in Nine West right behind us is the Plaza Hotel. I remember when that was being sold, we could have bought that a three and a half percent cap rate for the equity of a hotel that needed a turnaround, or I could have gone out and bought PNG bonds for 3%. It didn't make sense. We had ground our real estate equity business to niche boutique things at the time because we didn't love the risk return profile. Now, we had investors who would have given us money to grow a real estate business and some of our competitors grew massive real estate businesses in that time frame, but it wasn't good risk return on our insurance balance sheet. We had zero real estate equity at the time, which is atypical for a big IG balance sheet like that. We put our money where our mouth is from what we believe in. Obviously with rates moving and cap rates moving, we this year went out and bought a”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“Up until 2022, from 2010 to 2022. You had a fixed return, you had to achieve, you couldn't get there in the old way of investing. You had to keep creeping up the risk curve. We said, that's not always right. One example was the high yield market. In December of 2021, the high yield index was 4.5%. When I started doing buyouts 30 years ago, if I got my bond deal done inside of 12%, I considered that a good day. At four and a half percent for junior capital in a levered capital structure that wasn't good risk return, if you looked at our entire footprint at the time, we had virtually no high yield on the Apollo platform. Now, could we have gone out and raised high yield funds? Yeah, absolutely. But it wasn't the right risk return. Similarly, the real estate market. Over the last 40 years, commercial real estate had basically gotten ground down to the point of being a proxy for IG bonds.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“That thinking like an owner really does change things because now when I go to a third party investor or client, it's not, hey, I have a new idea, would you like to invest in it? It's I have a new idea that I'm investing in. Would you like to invest alongside me? That changes the whole dialogue with clients and it changes the way we think about risk and return. We now are the largest investor in basically every product offering we offer out. We've had lots of situations over the years where there's an interesting asset class that I can go raise money in. But if we don't have a home on the Apollo balance sheet that thinks that's an interesting risk return, I'm not going to go out and raise that money because that may be right for the asset management business, but that's not right for what we're trying to do in the big picture. We are a long-term greedy, not short-term greedy. I think too much of the asset management industry is short-term greedy. What can I sell tomorrow as opposed to what's”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've never had a situation where we've had good ideas and haven't been able to find the money for it. The real limiter is the good ideas. We have to keep expanding that footprint for the different categories of risk and return. How do we find the best ideas? How do we keep doing that and creating that value? That's really been the big differentiator for us versus what I would say the rest of the industry. The other thing that has sharpened the senses is once we got into the insurance business, that moved us from being a pure third-party asset manager to managing our own money. That changes the way you think about things. We'll end the year performer for an acquisition right around a trillion dollars. Half of that, 500 billion of that is our own captive insurance capital, one out of every two dollars we invest is for our own balance sheet, our own company.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“Some trial and error, it starts with having a vision of what it is you need and then taking a long journey. It starts with the first step. I'd love to say it was more complicated than that, but it was figuring out that we were going to have to build something completely new because there was no such thing as alternative IG. There was no excess return in IG in any organized way. So how are we going to go out and find that? It was then seeking out these different platforms that would give us, we call it all origination. It's funny, we started talking about the need for origination five or six years ago where we started talking to our public investors and our own employees. The biggest constraint on our gross was origination. The whole industry thinks in terms of capital formation. I just got to raise more capital and I'll deploy it. We flipped that on its head and said, no, the limiter of our growth is not capital.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“In scale, and because of our scale, we're not showing up at 200 and 500 million at a time. We can show up at 3, 5, 10, 20 billion dollars at a clip and speak for that level of capital to be able to do that with big IG counterparties. That was the unlock for us. These two categories that has given us a huge advantage and a huge leg up in building that business.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“Way to get you partial or full equity treatment. Maybe we can do it down at a subsidiary where you don't currently issue and so you're not able to issue IG debt into the public markets. So do lots of creative things. And to do it for a couple hundred basis points more, that's a pretty flexible, powerful tool for a big corporate. We also had another fortuitous event, which is the global industrial renaissance. We're in a point in the CapEx cycle like we've never seen, certainly in my career, where companies have to spend so much money between the energy transition, the digital transformation, the reglobalization of moving assets around given the new world order. Companies have so much CapEx to spend, they can't just tap the public debt markets or the equity. They need in all of the above strategy. This is very timely going to companies saying, issue what you want out of the public debt market, but let us also give you things.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“The other place I mentioned we had two categories. The second one was what I would call private IG. Private IG may sound like an oxymoron, but private IG is going to big blue chip corporate issuers and saying we know you can access the public bond market and that's going to be your lowest cost capital to go raise money to do whatever it is you need to do. But if you want any structure that market is very rigid it comes with certain form of indenture issued out of a certain rated entity. And if you want any flexibility, you can't do it there. So then your only other alternative is equity, which is super flexible but expensive. We showed up and said, wait a minute, we can bespoke structure some financing for you. We can do it in a way that meets whatever your specific needs are. We can do it in a way that gives us the protections we need, but we can also do things, put other types of provisions, maybe we can try.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“Company is, we set out to either buy or build these businesses across those different categories. And that's built up to be a very large business for us. It worked out well that at the time, going back to the regulations I was talking about, regulators were asking banks to trim down their balance sheets, shrink their footprint. A lot of these businesses used to live on bank balance sheets. We were able to go lift out whole businesses from banks because they were getting out of these to a bank lower ROE business to us exactly what we needed type of business. We have spent the better part of the last decade building our footprint in this category. That's the asset back category. Today we are the undisputed leader in being able to provide that not just our own insurance balance sheet, but to other insurance clients, to other third party credit investors who now have seen this as a really attractive, less correlated credit class.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“That aha moment was huge, and that's been the secret sauce that has allowed us to do what we do. We develop two large lines of business that got us there. One is on the asset backside. When you make a asset-back loan, so fleet finance, rail car finance, aircraft finance, trade finance, warehouse finance, it's not about two guys and a dog making a loan. You need specialized origination where are you finding equipment finance customers? Specialized underwriting. How do you underwrite a rail car and not just one rail car, thousands of rail cars, and then special servicing? These things, they're coming, they're going, how do you process all that? It's a different business and you're getting paid a premium for that type of specialization to the tune of a couple hundred basis points over the single A, AA, triple B corporate cost of capital that.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“the investment grade market, we came up with three ways you could do that. You could take more credit risk. That's how you get more spread. That may be good for a hedge fund, but that's not good for an insurer. Two, you can play duration arbitrage, which is how these companies got into trouble in the first place. We said, no way, we duration match our assets and liabilities extremely carefully because we do not want to be in that situation that when the liquidity dries up, all of a sudden we're upside down. We figured out there's a third way, which has to do with duration. We have this secret asset on our balance sheet called duration. When we have a weighted average eight or nine-year liability, that gives us enormous flexibility, unlike a bank that has mostly overnight deposits. We have this super long liability that, generally speaking, can't be redeemed, can't be called. It's there.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a great question, and it's been a 15 year journey of us getting better and smarter at this. To give you an example, when you write an annuity, at the end of the day, the absolute rate environment is not that critical to us because we're in the spread lending business. You're typically giving the whatever base rate is plus or minus to the policyholder. You give me a million dollars. I give you back a fixed return for eight, 10, 15 years. I need to earn, call it an extra 150 basis points for overhead and ROE. And I need to do it in a way that's 90% investment grade. If I just went to Deutsche Banker Goldman Sachs to their trading desk and said, give me IBM, all the traded IG stuff, all that excess return is going to be squeezed out of that by the time I'm showing up at a bank's desk to buy that. We had to figure out, well, where can you find excess return?”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then on the insurance side, as this grew, you mentioned you have a lot higher quality credit than the distress situation, high yield situation. How did you think about adding excess return in those different tranches of higher grade credit?”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“The opportunity set continued to grow, we had lots of investors saying, I see this opportunity is not just a flash in the pan. This is huge. Who knows how to deploy capital in this environment? Apollo does. Folks were coming to us saying, can you manage this pool of capital for me? Lots of institutional investors started showing up saying we don't know how to do this. Can we give you capital to go do this? We started raising SMAs, other pools of capital to be able to take advantage of that opportunity.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“At the time, we basically put it anywhere that we could find capital. We started with deeply distressed assets which fit squarely into our private equity fund. We had a large private equity fund at the time that had just been raised. So basically undrawn. That was right down the sweet spot, right down the fairway for Apollo.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“With the lending business because an insurer, unlike a hedge fund, is a regulated business. I can't say, great, I'm going to take your premium dollar and put it all in private equity and capture that delta for myself. I need to put on a risk-weighted, regulated set of assets. And that is mostly investment-grade assets. We had to figure out how do we earn excess return in AA, in single A, in BB, which no one in the alternatives industry was thinking about at the time that left the space wide open for us to be able to go do that.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“You had a bunch of insurers who had been playing duration mismatch games. Rates had been stable for so long that these companies were making long-term promises to policyholders, but funding those with assets that were relatively short-term. When rates went from 4% or 5% to zero and then stayed there, it put a lot of pain in that guaranteed products business. But Apollo saw a couple of these and said, we can come in, bail a couple of these out. We started building this business. We started figuring out, wait a minute, we're really good at this. We're really good at spread lending. We can run these businesses very efficiently. That was the beginning of another aha moment. I'd love to say we knew it was going to turn into the $500 billion business. It is for us today, but no, it was an opportunistic trade at the time that little by little we started to figure out we were also really good at. And it married well.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“Of people and a lot of labor in the ROE wasn't that great for them. But those companies still needed capital. Apollo was able to step in and we were one of the first to step in and be able to provide capital on that side. A corollary to that that we saw coming out of the financial crisis was in the insurance industry. Insurance is a big umbrella that covers a lot of different businesses under the term insurance. Your car insurance, your home insurance, your life insurance are very different things. We found one corner of the insurance business called guaranteed products, annuities, where it's the business of you give me a dollar and I agree to give you a fixed return over a period of time to help you save for retirement typically but for lots of reasons and then give you your money back. There's typically some sort of life insurance component attached to that, but that's very hedgeable. With the end of the day, it's a spread lending business. And Apollo happened to be really good spread lenders. When the GFC”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“We started accumulating enormous amounts of corporate debt. Not all of it was distressed. It was just the seller was freaking out, the markets were freaking out. So we're buying good paper at discounted prices. At that moment, it became clear to us that the provision of capital to levered companies is the other side of the coin of providing equity in levered situations. private credit and private equity were two sides of the same coin. We were the first folks to come out of the GFC saying, well, we should have private credit business and a private equity business under the same roof. That was step one, saying, wait a minute, there's a huge market here that we can start playing a relevant role in. Regulation only help things move in our favor as regulators were squeezing banks to get out of certain businesses, lower their leverage, raise their solvency, one of which was lending to small and mid-sized companies because it took a lot of”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“Was the GFC, the financial crisis. The financial crisis opened our eyes to a lot of opportunities. One, we had raised a fund right at the beginning of 2008, so an unbelievable opportunity to deploy capital at either good valuations or in distress situations where you could buy amazing companies, companies that Apollo never could have acquired at unbelievable valuations. That was a real game changer for our private equity business, really the culmination of all the hard work over the prior 15, 20 years. It also opened up a couple of things. When I said how we think about investing in different parts of the capital structure as the whole financial system started coming unglued, banks wouldn't lend to other banks the ability to obtain liquidity became problematic for companies, for banks, for other things. We were able to approach banks and buy tens of billions of bank debt at a time at deeply discounted prices.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“About each other, I joke in those early days, I went to more weddings, bar mitzvahs, and brises than probably any other phase of my life because that's what we did with each other.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“Part of the early days of Apollo was when I talk about investing up and down the capital structure, sometimes that brought you into distress situations where you were buying the debt of a company and then working with that company to restructure it either in court or out of court. That's a rough and humble business. The folks who play in that space develop a reputation of boxing gloves and what have you, for a time, to be honest, that's not a bad reputation to have when I would show up to a bank meeting and say, hi, I'm Scott Kleiman and I own 30% of your bank debt. I'm from Apollo. That carried some weight. That actually helped. It was around that time frame where it started becoming clear if we wanted to keep growing and keep being a bigger part of the financial system, that wasn't going to work. You can only do that for so much. We started evolving inside the tent. It was an amazing place to work. It was an amazing group of people that cared.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“There's that other 40% that are smart people, but have more reps than you do, but quality people. Well, when I get to Apollo, Apollo was the top 1% of that top 10%. It was incredibly talented people. It's funny for all of Apollo's historic reputation of brusque sharp elbows, what have you, the most genuine group of people really kind, totally family-oriented, but quick studies. People are happy to explain something to you once, but you better get it after once. Being a quick study, being creative, being invented, it was not LBO, rinse, repeat, LBO, rinse, repeat. Every deal was a new adventure. It was structured differently. Where is that best risk return? What's the most creative way to structure it? What can we do to bring value to the table? That creativity was important, not being a linear thinker, really being able to flex on the fly was valuable.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“When I came out of a bank, and this is probably true today in most banks, you look around, there's 10% of the folks you see and you're like, wow, these are really, really smart people. There's 50% of the people there. You say, how are these people working it?”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“In what is just a sleepy little corner of one industry. That's the type of deals that we did and we did really, really well, finding these underloved companies, running them better, eventually taking them public in that case, telling the story better, explaining to investors why it actually was an exciting business, bringing smart capital structure, smart financial engineering decisions to it as well, and creating a lot of value for our investors.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“In that early phrase, I started out doing a lot of cyclical industrial deals, working on a lot of chemicals, metal, and mining, forest products, energy, other industrial manufacturing businesses. One of my favorites at the time was a company called Compass Minerals. Compass minerals was the carve-out of a salt business from IMC Global, the agricultural company that got acquired many, many years ago. It was salt business. It mined salt, but it was a sleepy business that people didn't really ascribe a lot of value to. We bought it at under six times enterprise value to EBITDA. But because of the nature of that business, much of its business went into highway salt. You were able to scale the business. It was a surprisingly more stable business than you would have thought and turned out being a phenomenal investment for us over a 5x investment.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“If you have a view, be comfortable zagging, and be prepared to invest up and down the capital structure. Just because we're a private equity fund doesn't mean we only invest in equity at the time. It was a pretty novel concept that sometimes the best risk return in a company is not the equity. It could be the preferred. It could be the debt of a company. So be prepared to express that. That model worked. The value orientation, which was what the whole industry was all about at the time, industry's clearly changed since then, but that strategy allowed us to continue to be successful and raise successive funds delivering excess returns sitting here looking back our private equity business. So that strategy worked. That was the first phase of Apollo, which is master the art of private equity in the style of investing that I just described.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“I would say from nineteen ninety when Napoleon was founded in 19 or 96 when I joined, we had just raised our third fund. It was our first institutional fund. Our prior two funds were largely the capital of credit lyon A. It was a $1.3 billion fund, which made us pretty big for the time. From there through 2007-2008 prior to the GFC, this was about continuing to bring our brand of private equity to the market and find interesting deals that fit the mold of what's an Apollo deal. We had a core philosophy back then that still holds today, not just in our private equity business, but across the whole trillion dollars of Apollo platform, which is value orientation, this concept of excess return per unit of risk, be prepared to be contrarian. If everybody's zigzagging...”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“A big journey from there 29 years ago to here today. I'd love to break down the most important milestones over that journey. You start with healing broken companies. What was the next iteration from that boutique strategy with 13 people to whatever the next important leg in the stool was for Apollo?”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“The reason we have the name Apollo relates, among other things, Apollo is the God of healing. We were formed five years earlier from when I joined out of the ashes of the SNL crisis to pick up the pieces of companies, bring capital to companies that needed restructuring, that needed healing. That's what Apollo did. We looked for off-the-run situations where we could bring our financial engineering and our knowledge of business to try and create value at companies.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“It was fascinating today we're here in Nine West. We're about 5,000 people globally. We've got 15, 16 floors in this building and 18 offices around the globe. Back then, we were half a floor on Sixth Avenue. We shared the floor with a travel agency. That takes you back to what the mighty private equity industry and the mighty Apollo was. I was the 13th employee. We had a handful of folks in New York and a handful of folks in LA. And that was the extent of Apollo. What we were doing was really interesting stuff. It was very creative structured investing.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“came to like them. One day I just got a call out of the blue saying, hey, we haven't hired anyone in a bunch of years. Would you like to come here? I said, well, I don't know. Let me go ask my boss. Well, I had two bosses at the time. One was Michael Klein and one was Ruth Perett, both of whom have gone on to incredibly storied careers. They looked at me. They said, sure, there was no recruiting process the way there is today for the industry of all the shops I worked with at the time. I like the way Apollo approached investing. I like the people. I like the creativity of what was going on there after this exchange. I joined. That was January of 96. I worked the whole year without really knowing what.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. So graduated Penn Morton 94, like most Morten grads at the time, went to Wall Street, ended up at a place called Smith Barney back when there was a Smith Barney. What was interesting about Smith Barney is they were one of the few firms at the time that had a dedicated group to financial sponsors. I luckily joined this group and got to know a number of the players back then. This is 1994, private equity was not the military industrial complex that it is today. It was really a cottage industry. Private equity probably represented less than half a percent of GDP versus the 10, 12, 14 percent that it is today. I was in this group that got to work with a lot of different private equity firms, the Apollo, Tom Lee, KKR, Forceman Little, Blackstone. And I got to know the Apollo guys. They would request me and I would work on their transactions over and over again.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“We were the first folks to come out of the GFC saying, well, we should have private credit business and a private equity business under the same roof.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source
“As the whole financial system started coming unglued, banks wouldn't lend to other banks the ability to obtain liquidity became problematic for companies, for banks, for other things. We were able to approach banks and buy Tens of billions of banked debt at a time at deeply discounted prices, we started accumulating enormous amounts of corporate debt. Not all of it was distressed. It was just Seller was freaking out, the markets were freaking out, so we're buying good paper at discounted prices. At that moment, it became clear to us that The provision of capital to levered companies The other side of the coin of providing equity. In leverage situation, private credit and private equity were two sides of the same coin.”
2026-01-19 · Capital Allocators · Scott Kleinman – Apollo's Integrated Alternatives Platform (EP.481) · IDENTIFIED FROM THE TRANSCRIPT · source