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. Resources: Follow David Haber on X: https://x.com/dhaber Learn more about Apollo Global Management: https://www.apollo.com Stay Updated: Find a16z on YouTube: YouTube Find a16z on X Find a16z on LinkedIn Listen to the a16z Show on Spotify Listen to the a16z Show on Apple Podcasts Follow our host: https://twitter.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 a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Marc Rowan on Private Markets, Software Repricing, and Capital Allocation

The a16z Show

# Full Transcript

**Podcast:** The a16z Show

## Participants

- **David Haber** (Andreessen Horowitz)
- **Marc Rowan** (Apollo Global Management)

## Transcript

[SPEAKER_01] Ten stocks right now in the U.S. are nearly 50% of the S&P, and they're all levered to the same trend. The same thing is happening in the global fixed income market. And so if you're an investor and you're looking for diversification, there's no place to get it other than private markets. Great companies, Anthropic, OpenAI, SpaceX, Anderle, every one of those companies is private, multiple trillion dollars. And yet most investors have zero exposure to them.

[SPEAKER_00] Andreessen wrote this piece over a decade ago that software's eating the world. And that feels more true than ever as AI proliferates all parts of the economy.

[SPEAKER_01] We operate under the assumption that every job is going to be replaced or enhanced. 2025 was just proof of concept that data centers and chips and energy were all needed. 2026, the market is starting to recognize that if this continues, everyone who is an investor is going to be.

[SPEAKER_04] In 1990, Marc Rowan walked out of Drexel with his belongings in a cardboard box. Within a year, Apollo was managing $6 billion. What started as a distressed investing firm in the aftermath of a financial crisis eventually became one of the world's largest alternative asset managers, spanning private credit, retirement services, and financing for some of the largest industrial and technology shifts underway today. Now another transition is happening.

[SPEAKER_04] AI, robotics, energy infrastructure, and data centers are creating enormous new capital demands, forcing finance and technology to converge in ways that barely existed a decade ago. A16Z's David Haber speaks with Mark Rowan about building Apollo, the evolution of private markets, and financing the next industrial era.

[SPEAKER_00] Mark, thank you so much for joining us and for hosting us here at your office. Nothing better.

[SPEAKER_01] My absolute pleasure.

[SPEAKER_00] I thought we'd start by maybe going back in time. You joined Drexel coming on Wharton, I believe, in 1984. What did you see in the firm at that time?

[SPEAKER_01] It was an interesting thing. Everyone who had come out of my program at Wharton had basically gone to Goldman Sachs. Yep. And what struck me about Drexel's business, which was financing entrepreneurs, financing new companies, is that you didn't really need to know all that much about finance. You needed to know a lot about business. Because these companies were not the exons of the day or the top-notch companies of the day. They were companies where legitimately there were questions on the business model.

[SPEAKER_01] And I was always much more interested in business than I was in the nuances of finance and public offerings and things like that. And I was not disappointed. It was awesome.

[SPEAKER_00] Yeah, I mean, I think one of the most remarkable thing...

Marc Rowan on Private Markets, Software Repricing, and Capital Allocation

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

Marc Rowan on Private Markets, Software Repricing, and Capital Allocation

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.