Leon Black
Showing 1–8 of 8 transcripts.
- Milken Institute56 min
A Conversation with Leon Black
Founded by Leon Black three decades ago, Apollo Global Management now directs $350 billion in assets across 18 global offices using a diversified "fund for all seasons" strategy that spans private equity, private credit, insurance, and real assets. The firm distinguishes itself by targeting an average acquisition multiple of 6x EBITDA and prioritizing complexity arbitrage in corporate carve-outs and distressed scenarios, while shifting 80% of capital into long-duration structures to mitigate fundraising pressure. Facing a market where public valuations discourage long-term planning, Apollo is actively deploying capital into public-to-private transactions and emerging sectors like aviation finance with the goal of generating 8–10% returns in credit platforms over the coming years.
- Goldman Sachs28 min
Leon Black, Chairman and CEO of Apollo Global Management
Founded by Leon Black in 1990, Apollo Global Management has evolved from a distressed debt specialist into a $200 billion alternative credit giant that uniquely profits across all market cycles through an integrated debt-and-equity platform. The firm currently derives 75% of its business from this credit division and its insurance subsidiary Athene, which leverages a yield-enhancing strategy to significantly boost returns on equity. Black remains committed to the firm's value-oriented philosophy and the private equity model, citing its critical role in supporting underfunded public pensions while simultaneously driving major ESG initiatives and medical research breakthroughs.
- Milken Institute59 min
Global Private Equity Outlook
Leslie Picker, Leon Black, Bruce Flatt, Robert Smith, Jonathan Sokoloff, John Sokoloff
Representing a combined $600 billion in assets under management, panelists from Apollo, Brookfield, Vista Equity, and Leonard Green & Partners discussed navigating a market characterized by rising valuations, $1.8 trillion in global dry powder, and a shift toward sponsor-to-sponsor exits. The leaders detailed distinct operational strategies ranging from Apollo's distressed debt focus and Brookfield's permanent capital model to Vista's software specialization, all while rejecting heavy consultant reliance in favor of internal value creation teams. Despite significant fundraising record-breaking activity and a growing international investor base, the group unanimously opposed increased regulation, arguing that their long-term ownership structure offers superior governance and alignment compared to public markets.
- Milken Institute1h 2m
Investment Outlook from Global Industry Titans
Michael Milken, Leon Black, David Bonderman, Lei Zhang
A coalition of 70 university researchers and global stakeholders is mobilizing a half-million-person initiative to address Japan's $23 trillion U.S. cash surplus and the social security gap through a new six-sector classification system. This strategy integrates fiscal reforms, climate change measures, and a dedicated focus on disability inclusion to stabilize currency fluctuations and revive underperforming industrial sectors highlighted during recent G20 discussions. By leveraging direct community engagement over social media and establishing a new scientific framework for labor, the group aims to achieve a 35% growth rate while avoiding the pitfalls of past economic failures.
- Milken Institute55 min
Private Equity Outlook from Industry Titans
Andrea Kramer, Leon Black, Jonathan Nelson, David Rubenstein, Robert Smith
At a recent industry summit, private equity leaders including Leon Black, Jonathan Nelson, and Robert Smith identified high recession risks, compressed leverage, and evolving LP demands as critical challenges reshaping the market. The discussion highlighted a strategic pivot from rapid acquisitions to operational value creation, with firms diversifying into credit products and leveraging sovereign wealth funds to navigate tightening spreads and regulatory barriers. Furthermore, experts projected extended holding periods and a potential expansion of access to non-accredited investors while maintaining skepticism regarding emerging market returns due to currency and governance uncertainties.
- Milken Institute58 min
Private Equity: Rotation and Valuation
Robert Smith, Steve Schwarzman, Jonathan Nelson, Jim Coulter, Leon Black, Maria
Leading private equity executives including Steve Schwarzman, Leon Black, and Jim Coulter discuss the industry's evolution from traditional buyouts to a diversified alternative asset class driven by post-2008 regulatory shifts and public market passive flows. Despite valuations at historic highs and rising interest rates compressing returns, panelists identify specific alpha opportunities in distressed energy credit, cybersecurity, and healthcare innovation while capitalizing on the exit of banks from proprietary trading. The sector is strategically bifurcating between large generalists managing sovereign capital and specialists focusing on deep vertical transformations to navigate a market shifting from passive macro bets to active operational value creation.
- Milken Institute1h 5m
Private Equity: Rebalancing Risk
Maria, Leon Black, David Bonderman, John Donachel, Jonathan Nelson
Prominent private equity leaders including Leon Black, David Bonderman, and Jonathan Nelson discussed a market characterized by high valuations and a 5-to-1 sell-to-buy ratio driven by Apollo Global Management's successful shift toward international capital. The panelists debated sector opportunities, highlighting value in European bank deleveraging and energy while remaining cautious about overpriced consumer retail and the risks of emerging markets. Consensus emerged that successful investment strategies now rely less on pure capital deployment and more on operational expertise to navigate low-growth environments and technological disruption.
- Milken Institute1h 3m
New Directions in Private Equity
Leon Black, David Bonderman, Jonathan Nelson, Jonathan Sokoloff, Scott Sperling, Maria Bartiromo
Despite a 30% drop in private equity deal volume, market leaders like Apollo's Leon Black and TPG's David Bonderman are pivoting from traditional leveraged buyouts to high-growth assets, minority stakes, and distressed opportunities in Europe. While valuations remain stretched due to cheap credit and seller reluctance, firms are prioritizing capital deployment in defensive sectors like media and consumer staples while navigating macroeconomic uncertainty. Panelists anticipate a continued harvest phase over the next 18 months, with capital flows shifting toward customized structures and emerging markets that offer differentiated returns beyond standard GDP growth metrics.