The Allocation: Private Markets for the Total Portfolio

Private equity deal and exit activity have picked up in 2026, but valuations remain elevated and the macro environment is still demanding. How is this shifting PE allocations? Diana Sands and equity product specialist Bryn Gostin dive into what's actually changed in the market, how drawdown and evergreen structures can play distinct roles in a portfolio and what it takes to construct a durable PE allocation when the old playbook no longer applies.

From digital to power grid modernization, from transport to environmental services, infrastructure represents a projected $75+ trillion in investment over the next decade. Apollo Partners Harry Seekings and Vittorio Lacagnina have spent decades in infrastructure investing, and here they discuss what Seekings sees as a “generational” opportunity. They also discuss how Apollo approaches the asset class across the full capital structure and why the potential for stable cash flows, inflation protection, and low correlation to public markets can make infrastructure a significant portfolio diversifier for both institutional and wealth investors.

As 2026 enters its final stretch, Apollo Chief Economist Torsten Slok joins The Allocation to discuss the latest shifts in the economy and markets. On the heels of the Fed’s September rate hike, he shares his views on why inflation remains so sticky and what a “higher-for-longer” rate environment could mean for consumers, businesses and investors. Torsten also examines the continuing AI investment boom and its impact on economic growth, jobs and financial markets. Looking ahead, he highlights the key themes helping to shape his outlook for 2027.

For more insights from Torsten, subscribe to his Daily Spark newsletter at Apollo.com/daily-spark.

Record issuance from the AI buildout is creating a broader menu of opportunities for fixed income investors across public and private markets. In our latest conversation covering the convergence of public and private debt markets, Apollo Partners Brian Weinstein, who leads Fixed Income Replacement, and John Cortese, Co-Head of Corporate Credit and Head of Trading, discuss how this issuance is changing market structure, creating dispersion and expanding the range of risks and opportunities fixed income investors may need to evaluate.

For more insights on credit markets, check out our Midyear Credit Outlook: https://www.apollo.com/wealth/insights-news/insights/2026/08/2026-midyear-credit-outlook

Between now and 2030, roughly $5 trillion will be spent building the infrastructure for AI. To justify that investment, businesses and individuals will need to spend $2 trillion a year on AI services. Whether AI can earn back what's being spent on it is a defining question of this investment cycle, with impacts to be felt across debt and equity markets.

Rob Bittencourt, who leads Apollo Thematic Investing, has spent his career tracking exactly these kinds of non-linear shifts.

In this conversation, Rob breaks down the state of AI adoption and what enterprise ROI pressure means for the cycle and investor portfolios. He also discusses two other themes his team is tracking: US reindustrialization and why private capital may be better positioned than public markets to finance it, and the forces that are beginning to reshape finance itself.

For more analysis from Apollo Thematic Investing, check out these links:

The Growing Compute Shortage: https://www.apollo.com/wealth/insights-news/insights/2026/06/growing-compute-shortage

AI’s Labor Ambitions: Separating Myth From Reality: https://www.apollo.com/wealth/insights-news/insights/2026/05/ai-labor-ambitions-separating-myth-from-reality

The Balance Sheet Behind the AI Revolution: https://www.apollo.com/wealth/insights-news/insights/2026/03/balance-sheet-behind-the-ai-revolution

Apollo Sports Capital’s newly announced financing agreement with Yankees Global Enterprises represents a watershed moment for investing in sports. It also exemplifies Apollo’s strategic approach to the sports market. In this premier episode of The Allocation, Apollo Sports Capital CEO Al Tylis unpacks the forces driving sports as an investable asset class, including media rights, global fan engagement, hybrid financing demand and the evolution of team ownership. With the sports ecosystem now representing a $2.5 trillion opportunity, Tylis explains why financing, not just ownership, may be its most compelling play.

For more on the sports investing landscape, read The Financing Gap in Sports: Unlocking a $2.5 Trillion Opportunity: https://www.apollo.com/wealth/insights-news/insights/2025/12/the-financing-gap-in-sports-unlocking-a-dollar-2-5-trillion-opportunity

The View from Apollo podcast is now The Allocation. From credit to equity and everything in between, The Allocation explores the role of private markets in portfolios across asset classes and market environments.

Head of Hybrid Matt Nord shares Apollo’s view of hybrid as a risk-reward framework that can provide the flexibility to invest across the capital structure. He explains why demand for flexible capital solutions is growing and why investors are increasingly drawn to hybrid's combination of equity-like return potential and credit-like downside protection.

As the second half of 2026 begins, Apollo Chief Economist Torsten Slok outlines the key macro dynamics shaping the landscape. He explains why the AI boom has evolved far beyond a technology story, how an industrial renaissance is reshaping manufacturing and investment opportunities, and how government policy is providing additional support for growth. He also discusses the implications for inflation, interest rates, asset allocation, and credit markets while outlining the key indicators he's watching for the months ahead.

For more from Torsten and to see a replay of his full outlook webcast, visit ApolloAcademy.com. And you can subscribe to his Daily Spark newsletter at Apollo.com/daily-spark.

Higher interest rates have contributed to a wholesale reset of valuations across the real estate market. Apollo’s Bert Crouch discusses why fundamentals in sectors like housing, logistics, and senior living remain resilient, and where investors are finding opportunities in a market increasingly shaped by demographic trends, the need for operational expertise, and mounting demand for “HALO” assets.