Private Credit: Fact vs. Fiction

Apollo Global Management

December 2025





Agenda

  1. What is Credit?

  2. What is Public Credit?

  3. What is Private Credit?

  4. Private Investment Grade

  5. Levered Lending

  6. Apollo and Levered Lending

  7. Interconnectedness of Levered Lending and Regulated Institutions

  8. Credit is Credit

  9. Where is the Risk?

  10. Apollo and Insurance

2



What is the Biggest Mistake People Make in Private Credit?

3



People Don't Know What Private Credit is!

4



What is the Second Biggest Mistake People Make in Private Credit?

5



People Don't Know the Difference

Between Banks and Investors!

6



Before We Get There, What is Credit?

7



Credit Supports Every Corner of the Economy



Public Infrastructure

Power, Energy, & Utilities

Credit Finances the Needs of the Economy

AI & Digital Infrastructure Retirement & Pensions

Mortgages Manufacturing

Defense & National Security Consumers & Households

8



Credit Finances the Global Industrial Renaissance and Bridges the Funding Imbalance

Private Credit

Banks

Investors



Massive Capital Demand Full Solutions in Limited Supply



Energy Transition1

~$30-50T+

Power & Utilities1

~$30T

Digital Infrastructure1

~$15-20T+

Defense1

~$10-15T+

Next-Gen Manufacturing1

~$3-5T+

Long-Term Capital



Spectrum of Cost of Capital



Capabilities to Structure Solutions

Public Credit

Investors



1. TAMs reflect the views and opinions of Apollo Analysts based on expected aggregate investment/capex demands over the next 10 years. 9



U.S. Capital Markets Are the Envy of the World

Annual Equity Issuance

Annual Corporate Fixed Income Issuance

$196B

U.S. Equity Issuance (2024)

$72B

Europe (incl. U.K.) Equity Issuance (2024)

$2T

U.S. Fixed Income Issuance (2024)

$1T

Europe (incl. U.K.) Fixed Income Issuance (2024)

No other market matches the U.S. in breadth of capital formation or the scale of deployment

Source: Bloomberg, Federal Reserve, European Central Bank, Bank of England. Note: Bank balance sheet includes loans & advances and debt securities; excludes cash, repos, and other non-loan / non-debt security items. 10

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Disclaimer

Apollo Global Management Inc. published this content on December 11, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on December 11, 2025 at 12:42 UTC.