US tariffs have climbed to their highest level in nearly 90 years, fueling market volatility and creating uncertainty for corporations. The result? We see slower growth, higher inflation, and rates staying higher for longer. While we don’t foresee a recession, we expect headwinds on both supply and demand fronts.

We believe European private credit is a fast-growing market with potential to rival the US, offering scale, attractive returns, and strong geographic diversification.

Watch Jason Scheir, Head of Apollo Hybrid Value, discuss why hybrid capital—which can offer debt and equity features— is gaining momentum amid heightened market volatility and expectations for higher-for-longer interest rates.

Jim Vanek, Partner and Co-Head Global Performing Credit, shares his views on why demand for private credit is expected to remain strong as the need for large, flexible direct lending persists and is likely to be reinforced by economic uncertainty.