John Zito

A billion dollars was a really big credit fund.

And by the way, I was 24 years old going to Geneva.

I'd go there.

They'd send me.

I'm like, they should not be marketing this product.

I'm like not prepared to do this.

I'd go over there.

I'd read off my list.

I'd prep myself for what the marketing pitch was for a long short credit fund.

And we would raise 50 to $75 million on one meeting.

Now I'm at Apollo with close to 25 years of experience.

It takes us two or three years to raise a dollar sometimes.

People want to know I'm right on repeat, the gestation period to raise money.

It's completely gotten out of, it's so much longer than it ever was in wealth.

It's the early days where they need product.

They need to get more indexed.

They want to go with big, high quality managers.

They want to go with someone they know they trust, et cetera, but there's only a handful of brands that can do that.

And they're all short product.

So the tailwinds there are going to be hard to see them not continue to grow.