“I believe were moving to a world where public is both safe and risky, and private is safe and risky; and the difference is only a matter of liquidity, said Marc Jeffrey Rowan, CEO, co-founder and director of Apollo Global Management, during the fourth quarter 2023 earnings call.
Rowan continued, “I believe we are going to see a substantial pivot from institutions where they begin to think about private, not just in a traditional alternatives context, but they think about private as just another investment that has a little less liquidity. And the question they’ll be asking is, ‘am I being compensated for slightly less liquidity?’ I think that is nothing but a positive for our industry and for our firm.
“The second is, this continued commoditization of public-market returns. We are at an extreme of indexation and concentration and correlation not just between debt and equity markets, but so much of our equity market is dominated by a handful of companies th