Marc Rowan has strategically repositioned Apollo Global Management as a leader in the $1.5 trillion private credit industry, transforming it from a traditional private equity firm into a comprehensive “financing powerhouse” where private credit now represents over 70% of Apollo’s $700 billion in assets under management.

The 2008 financial crisis and subsequent regulatory changes like Basel III created market gaps as banks faced stricter capital requirements, limiting their high-risk lending capabilities. Rowan capitalized on this opportunity by establishing Athene, Apollo’s insurance subsidiary that provides stable, long-term capital for credit investments, culminating in their merger in 2022.

Apollo’s $25 billion partnership with Citigroup exemplifies Rowan’s vision for reshaping Wall Street. This collaboration allows Citi to generate loans while Apollo provides capital through its direct lending funds, insurance subsidiary Athene, and external partners like Abu Dhabi’s Mubadala. This arrangement creates a win-win scenario: Citi reduces risk-weighted assets on its balance sheet while maintaining client relationships, and Apollo accesses higher-yielding investment opportunities, including leveraged buyouts.

By 2023, Apollo was originating approximately $50 billion in credit annually, with ambitions to double its AUM to $1.5 trillion by 2029. Despite potential challenges including regulatory scrutiny and economic downturns, Apollo’s model demonstrates how private credit is redefining global finance through its flexibility, scale, and ability to provide bespoke financing solutions.