Apollo CEO Marc Rowan Advocates for Transparency in Private Asset Trading, Criticizes High-Fee Competitors.

Apollo Global Management CEO Marc Rowan believes trading private assets has the potential to "turn the industry on its head." He argues that those who resist this trend are likely charging high fees they don't want to disclose. Apollo has partnered with Goldman Sachs to trade private credit, providing real-time pricing for the $1.7 trillion market. Rowan sees this as a positive game changer, but some, like Blue Owl Capital's Marc Lipschultz, argue that private credit should remain private.

Apollo Global Management Inc. (NYSE: APO) CEO Marc Rowan believes that trading private assets has the potential to revolutionize the industry. In a recent statement following the company's second-quarter 2025 financial results, Rowan argued that those who resist this trend are likely charging high fees they don't want to disclose [2]. Apollo has partnered with Goldman Sachs Group Inc. to trade private credit, providing real-time pricing for the $1.7 trillion market. Rowan sees this as a positive game changer, but some, like Blue Owl Capital's Marc Lipschultz, argue that private credit should remain private [2].

Apollo's partnership with Goldman Sachs involves trading investment-grade debt on a broader scale and providing real-time pricing, a level of transparency largely untested in the private credit market. The push to change the industry has some detractors, including Blue Owl Capital Co-CEO Marc Lipschultz, who believes that private credit should remain private [2].

While Rowan views the move towards transparency as a positive development, Lipschultz maintains that the current system, where prices are not disclosed to the public, is sufficient. However, Citigroup Inc. is casting a wider net in the private credit market by hiring Aashish Dhakad from Ares Management Corp. to become head of private credit origination for North America. This new role will focus on sourcing deals from corporate and commercial banking clients for private credit investors, indicating a broader focus on private credit beyond acquisition financing [3].

The debate over the future of private credit highlights the industry's evolving landscape. While some firms like Apollo are embracing transparency and real-time pricing, others like Blue Owl Capital are advocating for the status quo. The shift towards private credit is driven by the need to cater to a wider range of clients, including those who may not be able to access syndicated markets or traditional bank loans. This trend is part of a broader push by private capital firms to expand their reach beyond traditional buyout financing [3].

The financial results of Apollo Global Management, released on August 5, 2025, demonstrated robust growth across key metrics. The company's Total Assets Under Management (AUM) increased by 21% year-over-year to $840 billion, while Fee-Generating AUM grew by 22% to $638 billion. These results come against the backdrop of continued market volatility and shifting interest rate expectations [1].

In conclusion, the debate over the future of private credit highlights the industry's evolving landscape. While some firms like Apollo are embracing transparency and real-time pricing, others like Blue Owl Capital are advocating for the status quo. The shift towards private credit is driven by the need to cater to a wider range of clients, including those who may not be able to access syndicated markets or traditional bank loans.

References:
[1] https://ca.investing.com/news/company-news/apollo-global-management-q2-2025-slides-aum-surges-21-to-840-billion-93CH-4136333
[2] https://www.bloomberg.com/news/articles/2025-08-05/marc-rowan-calls-out-competitors-that-won-t-trade-private-assets?srnd=homepage-americas
[3] https://www.bloomberg.com/news/articles/2025-08-04/citi-widens-private-credit-net-beyond-apollo-deal-with-new-role