Apollo's Jim Zelter on the Future of Private Credit

Exchanges

Goldman Sachs

Business

4.3 • 1.1K Ratings

🗓️ 16 April 2026

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

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Summary

Apollo Global Management President Jim Zelter talks about the unprecedented surge in capital expenditures, the future of private credit, and where he’s seeing investment opportunities around the world. This episode was recorded on March 11, 2026. The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html Goldman Sachs does not endorse any candidate or any political party. © 2026 Goldman Sachs. All rights reserved. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to another episode of Goldman Sachs Exchanges great investors.
0:09.3	I'm Alison Mass, chairman of investment banking in Goldman Sachs' global banking and markets
0:14.7	business, and your host for this episode.
0:17.9	Today I have the pleasure of speaking with Jim Zeltar, president of Apollo Global Management,
0:23.2	one of the world's largest alternative asset managers and provider of retirement solutions.
0:28.6	We're talking with Jim at a truly dynamic time. The global economy is experiencing an unprecedented
0:35.9	surge in capital expenditures, driven by the growth in AI, data
0:41.0	centers, the energy transition, and infrastructure needs, while an aging population is facing
0:47.4	new retirement challenges. We'll talk to Jim about how he's strategically positioning Apollo
0:53.1	to address the massive capital needs,
0:55.7	his perspective on where risks are accumulating, and where he's seeing investment opportunities around the world.
1:05.6	So, Jim, welcome to great investors.
1:08.5	It's a real pleasure to be here.
1:10.2	So I always like to start these sessions by
1:12.1	asking what got people interested in business and finance in the first place. You started your
1:17.1	career on Wall Street as a trader in the public markets, starting out as a fixed income trader,
1:22.4	and then working as a high-ell trader here at Goldman Sachs. I did not have a typical finance background out of college. I did
1:29.6	various jobs. I worked in the fishing industry in Alaska. And as I got out of Duke, I came to New York
1:35.7	and interviewed a few jobs. And when I walked on a trading floor, I just felt for the first time
1:41.2	like, this is the energy that I was looking for. And so it captivated me
1:45.7	at a very early age. And I loved, I played sports. I played sports in college. And I found
1:51.8	the competition, the energy, the engagement, the intensity was something that I just quickly
	...

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