John Zito

That's one big technology shift in terms of how you think about asset management.

We're building effectively a more merchant-focused, principal-focused, not agent-focused asset manager.

And we think that model is going to win.

People who question the model, I think that's one of the big bets we're making.

The second thing is just how does all of this long, we're about to go through this generational shift in power, infra, defense, spend.

In Europe, it's been completely underspent and is needed globally.

Everybody needs more compute.

I don't think there's a debate on that.

The question is, how should it be funded?

Should it be funded through more traditional sources, which is bond, listed bond equity, or should that be with matched longer duration capital?

So the beautiful thing about annuities is it's

long-duration liabilities.

Beautiful thing about retirement, long-duration in terms of the life, 10, 20, 30, 50 years in some cases, that matches really well with long-duration infrastructure projects.

So the natural shift is to go from a more bank-funded, shorter-duration product that is how things were historically funded, whether it was a QSIP bond or an on-balance sheet bank loan in Europe.

to a more duration-matched, more retirement insurance-related product and using that capital in a way.

And that's what's happening.

You see what's happened with us with Intel, with InBev, very large transactions that no one in the world ever thought Apollo would be leading.

And so we're in the middle of this just generational shift in the way everything gets capitalized.

The traditional relationship between investor, asset manager, bank asset manager,

S&P 500 issuer and private alternative firm that is deemed to be more of a private equity investor really stepping in and being a more private credit safe lender.