Apollo’s Rowan Warns of Shakeout Coming for Private Markets

"Normally [macro factors are] 95% of what you need to worry about. But now... it’s only 70%. The other 30% is geopolitics, government borrowing, excesses in capital markets, and technological change." - Mark Rowan (On shifting market disruptors) [00:00:52]

"We are essentially spending every dollar since the creation of fire. And we're doing it all at once." - Mark Rowan (On the scale of global infrastructure, AI, and energy spending) [00:06:21]

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"Normally [macro factors are] 95% of what you need to worry about. But now... it’s only 70%. The other 30% is geopolitics, government borrowing, excesses in capital markets, and technological change." - Mark Rowan (On shifting market disruptors) [00:00:52]

"We are essentially spending every dollar since the creation of fire. And we're doing it all at once." - Mark Rowan (On the scale of global infrastructure, AI, and energy spending) [00:06:21]

Data Point	Value	Context	Timestamp
Apollo Assets (2010)	$70 Billion	AUM at the start of the decade.	[00:00:12]
Apollo Assets (2024)	$1 Trillion	Current AUM closing in on this milestone.	[00:00:19]
Software Stock Drop	70%	Decline in software equities due to AI disruption.	[00:04:46]
LBO Market Share	30%	Percentage of the levered buyout market that was software.	[00:05:53]

Apollo’s Rowan Warns of Shakeout Coming for Private Markets | Bloomberg

References

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China’s EV makers are already reshaping global auto markets | 17 Jul 2026 | Strategic Alternatives Podcast

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Apollo’s Rowan Warns of Shakeout Coming for Private Markets | Bloomberg

References

More nuggets

China’s EV makers are already reshaping global auto markets | 17 Jul 2026 | Strategic Alternatives Podcast

Khan Academy CEO: The Real AI Opportunity Is in Boring Industries | Sal Khan

OpenAI’s Compute Chief: We Can’t Build Fast Enough | Sachin Katti | 16 Jul 2026 | Deploying AI

2. Executive Summary

3. Chronological Table of Contents

4. Key Takeaways

5. Detailed Summary by Topic

Macroeconomic Volatility and Geopolitics [00:00:06]

The Software Sector and AI Disruption [00:04:10]

Structural De-risking and The Banking Shift [00:08:11]

The Investment Grade "Buccaneers" [00:13:51]

The Impending Private Market Shakeout [00:17:51]

6. Data & Figures

7. Stories & Anecdotes

8. Core Frameworks & Mental Models

9. References & Recommendations

10. Speakers & Credentials

11. Actionable Next Steps

Dr. Robert Wachter | A Giant Leap: How AI Is Transforming Healthcare... | 14 Jul 2026 | Talks at Google