Direct Lending: Strong Fundamentals, Shifting Dynamics

Are investors being paid for the risks in their portfolios? Alex Wright, Partner and Global Wealth Strategist, and Chris Lvoff, Managing Director in Apollo Portfolio Solutions, answer the question given current market conditions. They work through four dynamics driving portfolios: rates that seem set to stay higher for longer, a weakening 60/40 hedge, equity concentration and a bond index more concentrated than it looks. They also discuss rebalancing and how private markets may offer different sources of return and diversification. For more, read Alex’s article, What’s the Risk?, at https://www.apollo.com/wealth/insights-news/insights/2026/11/whats-the-risk-seven-numbers-that-reveal-hidden-exposures-in-todays-portfolios And check out these related installments of Chris’s “After 60/40” article series: https://www.apollo.com/wealth/insights-news/insights/2026/10/after-60-40--what-if-traditional-equity-portfolio-diversifiers-are-falling-short https://www.apollo.com/wealth/insights-news/insights/2026/03/after-60-40-manager-selection-matters https://www.apollo.com/wealth/insights-news/insights/2026/01/after-60-40-modern-portfolio-allocation-across-private-and-public-markets

Credit fundamentals remain strong, but rising interest rates, AI disruption and growing dispersion across sectors are reshaping the direct-lending landscape. Apollo Partner and Co-Head of Global Performing Credit Jim Vanek joins host Tal Barak Harif to discuss where we are in the credit cycle, why current market conditions may be creating more attractive opportunities for lenders, and how Apollo is navigating the risks and opportunities ahead.

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.

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.

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.

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

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

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

The View from Apollo podcast is now The Allocation. From credit to equity and everything in between, The Allocation explores the role of private markets in portfolios across asset classes and market environments.

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.