The $1 Trillion Firm That Refuses The Private Equity Label | a16z

In 1990, Marc Rowan walked out of Drexel with his belongings in a cardboard box. Within a year, Apollo was managing $6 billion. David Haber speaks with Marc Rowan, Cofounder, CEO, and Chair of Apollo Global Management, about building Apollo into one of the world’s largest alternative asset managers and how private capital is reshaping the global economy. The conversation covers the rise of private credit, and why Rowan believes private markets are becoming increasingly central to financing the real economy. They also discuss AI, data centers, robotics, and the growing intersection between venture-backed technology companies and large-scale private financing. Along the way, they reflect on leadership, institutional culture, and why enduring organizations must adapt rather than protect the status quo. Timestamps: 00:00 - Intro 00:52 - Drexel, Milken & the Origins of Clean Sheet Thinking 04:55 - The Apollo Origin Story: From Unemployed to $6 Billion 08:46 - How Apollo Became a Trillion-Dollar Retirement & Credit Firm 13:00 - Permanent Capital, Origination & Why Assets Are the Scarce Resource 16:08 - Democratizing Private Markets: Daily Pricing & New Capital Channels 22:04 - Where Venture Meets Credit: Financing the Industrial Renaissance 30:01 - AI, Enterprise Software & Why Every Job Will Be Replaced or Enhanced 38:52 - Moral Leadership: UPenn, Merit & Doing Right Over Easy 46:02 - Apollo's Culture: Playing to Win & Building to Outlast the Founder Resources: Follow David Haber on X: https://x.com/dhaber Learn more about Apollo Global Management: https://www.apollo.com Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Show on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Show on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.

Marc RowanguestDavid Haberhost

May 27, 202655mWatch on YouTube ↗

EPISODE INFO

Released: May 27, 2026
Duration: 55m
Channel: a16z
Watch on YouTube: ▶ Open ↗

EPISODE DESCRIPTION

In 1990, Marc Rowan walked out of Drexel with his belongings in a cardboard box. Within a year, Apollo was managing $6 billion. David Haber speaks with Marc Rowan, Cofounder, CEO, and Chair of Apollo Global Management, about building Apollo into one of the world’s largest alternative asset managers and how private capital is reshaping the global economy. The conversation covers the rise of private credit, and why Rowan believes private markets are becoming increasingly central to financing the real economy. They also discuss AI, data centers, robotics, and the growing intersection between venture-backed technology companies and large-scale private financing. Along the way, they reflect on leadership, institutional culture, and why enduring organizations must adapt rather than protect the status quo. Timestamps: 00:00 - Intro 00:52 - Drexel, Milken & the Origins of Clean Sheet Thinking 04:55 - The Apollo Origin Story: From Unemployed to $6 Billion 08:46 - How Apollo Became a Trillion-Dollar Retirement & Credit Firm 13:00 - Permanent Capital, Origination & Why Assets Are the Scarce Resource 16:08 - Democratizing Private Markets: Daily Pricing & New Capital Channels 22:04 - Where Venture Meets Credit: Financing the Industrial Renaissance 30:01 - AI, Enterprise Software & Why Every Job Will Be Replaced or Enhanced 38:52 - Moral Leadership: UPenn, Merit & Doing Right Over Easy 46:02 - Apollo's Culture: Playing to Win & Building to Outlast the Founder Resources: Follow David Haber on X: https://x.com/dhaber Learn more about Apollo Global Management: https://www.apollo.com Stay Updated: If you enjoyed this episode, be sure to like, subscribe, and share with your friends! Find a16z on X: https://twitter.com/a16z Find a16z on LinkedIn: https://www.linkedin.com/company/a16z Listen to the a16z Show on Spotify: https://open.spotify.com/show/5bC65RDvs3oxnLyqqvkUYX Listen to the a16z Show on Apple Podcasts: https://podcasts.apple.com/us/podcast/a16z-podcast/id842818711 Follow our host: https://x.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see http://a16z.com/disclosures.

SPEAKERS

Marc Rowan
guest
Co-founder and CEO of Apollo Global Management, focused on private markets, credit, and retirement/insurance solutions.
David Haber
host
a16z partner and host of The a16z Show, interviewing leaders in technology and finance.

EPISODE SUMMARY

In this episode of a16z, featuring Marc Rowan and David Haber, The $1 Trillion Firm That Refuses The Private Equity Label | a16z explores marc Rowan on private markets, retirement capital, and AI reshaping finance Rowan argues public equities and fixed income are increasingly concentrated, making private markets a primary source of diversification and exposure to major private companies.

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