David Haber

And

You know, I recall you saying this once in a dinner that we had, which was, you know, a lot of the business sort of boils down to, you know, cost of liabilities and creating sort of excess return per marginal unit of risk.

And it's about sort of like widening that kind of spread over time.

Is that sort of a distillation of how you view the business?

I know you made the argument, you were beginning to talk about this earlier, that the sort of distinction between public and private markets is a lot more nuanced maybe than it's been projected in the past.

Public historically has been seen as liquid and safe and private as illiquid and risky.

But I saw that you recently announced you were going to do daily mark-to-market across a bunch of your products.

I guess, how do you sort of see the democratization of private markets into the broader market?

kind of retirement ecosystem or wealth ecosystem broadly.

You know, I know you've also, you know, talked a lot about, you know, maybe the press's sort of very narrow definition of private credit being kind of

you know, direct lending and BDCs.

But, you know, I guess from your perspective, how do you describe kind of the broader private credit ecosystem and, you know, what separates kind of the winners, you know, from your perspective versus, you know, the rest of the market as this ecosystem matures?

You know, one of my favorite lines, and it's a bit of a metaphor maybe for my career, but also an investment philosophy, is that opportunities live between fields of expertise.

You know, and I like kind of living at the intersections of things.

You know, I'm curious, you know, maybe we'll kind of transition the conversation at some of the opportunities you see kind of at the intersection of Apollo and Andreessen.

You know, Mark, our Mark, you know, Andreessen wrote this piece, you know, over a decade ago that software's eating the world.

And that feels more true than ever as kind of AI proliferates, you know, all parts of the economy.

And as a result,

you know, we're finding ourselves funding more capital-intensive businesses, right, in areas like defense and energy and robotics and manufacturing and public safety.

You know, ultimately, I think most of these businesses will need to graduate at some point beyond venture equity and likely become, and already are, you know, clients or customers of yours.