Jim Zelter
Showing 1–4 of 4 transcripts.
- Goldman Sachs41 min
Apollo's Jim Zelter on the Future of Private Credit
Apollo Global Management, led by Jim Zelter, is strategically expanding its $970 billion asset base to finance a projected $5 trillion to $6 trillion capital expenditure surge driven by AI infrastructure and industrial reshoring. By leveraging its integrated insurance subsidiary Athene and $150 billion in recent investment-grade capital, the firm aims to dominate the $40 trillion private credit market with a focus on large-scale projects like the Intel semiconductor venture and Japanese corporate carve-outs. This approach seeks to capitalize on the shift from non-investment grade lending to massive investment-grade financing needs while maintaining disciplined risk management that prioritizes fundamental value over market noise.
- Milken Institute1h 8m
The Credit Recovery: Uneven, Unequal, Uncertain?
Mike Divavar, Bill Friend-Carrstairs, Leslie Cowan, Joe Nagar, Jim Zelter
Panelists from Fortress, GoldenTree, Apollo, and Varday outline a K-shaped credit recovery driven by deep dislocations between equity valuations and distressed debt spreads across sectors like aviation, energy, and commercial real estate. These institutional investors are leveraging specialized infrastructure to acquire undervalued assets in emerging markets and structured credit, targeting high returns while navigating central bank dependency and the risks posed by zombie companies. The consensus projects a multi-year reconstruction phase where private credit expansion and complex asset management strategies will capture significant market share as traditional markets transition from liquidity crises to solvency challenges.
- Milken Institute1h 2m
Credit Is a Cycle: Global Market Outlook
Michael Milken, Ilfryn Carstairs, Josh Friedman, Sir Michael Hintze, David Miller, Jim Zelter
A panel of leading alternative asset managers including CQS, Canyon, and Apollo analyzed a late-cycle credit market characterized by covenant-light public securities, regulatory constraints on bank inventory, and significant dislocations in commercial real estate. Focusing on structural opportunities, these firms detailed strategies to pivot from passive trading to active origination, leveraging high-volume distressed assets in India, demographic-driven yield hunger from Japan, and short positions against deteriorating CMBS tranches. With substantial private equity dry powder and institutional demand for yield, the consensus indicates a strategic shift toward building proprietary platforms and utilizing long/short strategies to capture alpha as the sector expands toward $3 trillion in combined purchasing power over the next five years.
- Milken Institute59 min
Credit Market Outlook
Michael Milken, Ilfryn Carstairs, Sir Michael Hintze, David Miller, Joseph Naggar, Jim Zelter
Leading asset managers including Apollo, Golden Tree, and CQS convened to analyze the $102 billion permanent capital opportunities emerging from a 48% growth surge in leverage finance and over $1.1 trillion in private equity dry powder. The panel detailed how rising interest rates, evolving regulatory frameworks in Europe and India, and a shift toward covenant-light structures are creating distinct arbitrage strategies in distressed assets and direct origination. By leveraging granular, country-specific platforms and complex legal analysis, these firms aim to deliver 7–12% risk-adjusted returns while navigating systemic risks posed by inflation and technological disruption.