Marc Rowan

Rowan states that Japanese banks cannot fund the massive long-dated capital needs for AI, energy, and infrastructure alone. He explicitly mentions partnering with SMBC (Sumitomo Mitsui) and notes that Apollo provides the "investment grade, long-dated capital" banks can't. This is a structural shift in Japanese finance. Apollo is not competing with Japanese banks; it is becoming their balance sheet partner. As Japan reflates and requires trillions for capex, fees flow to the alternative managers (APO) and the partnering banks (SMFG) facilitating these deals. LONG. Apollo is effectively the "merchant bank" for Japan's industrial renaissance. A sudden return to deflation or a collapse in US-Japan interest rate differentials reducing the appeal of private credit yield.