The US economy remains strong going into 2025. We see interest rates staying higher for longer as inflation remains above target, employment strong, and spending robust.

Demand for large-scale direct lending remains strong, highlighting private credit's enduring nature, as borrowers seek diverse sources of capital and bespoke solutions.

Apollo believes Investment Grade Private has the potential to generate attractive risk-adjusted returns but has been overlooked because it doesn’t fit neatly into the current asset allocation framework.

GP-led deals can offer concentrated exposure to high-quality managers and assets, compounding the advantages of secondary PE strategies.