Mark Rowan

Japanese corporate CFOs and global markets are shifting away from bank debt and public equity for financing. There is a "third way" of finance—Private Credit—filling the gap for investment-grade companies needing long-dated capital. Japan is specifically highlighted as a market seeing "extraordinary growth" in this area. LONG Apollo (APO) as a primary beneficiary of the secular shift toward private credit, particularly in untapped markets like Japan. A global recession or liquidity crunch could freeze private credit origination and increase default rates.