There is $130 trillion in global fixed income outstanding, see chart below.
The total market cap of global equity markets is $101 trillion.
The total value of all assets in the global banking sector is $98 trillion.
And total global private capital AUM is $13 trillion.
The first conclusion is that private capital makes up less than 5% of global financing markets.
Over the past decade, global fixed income markets have increased $42 trillion, the global equity market cap has increased $35 trillion, global assets on banking sector balance sheets have increased by $34 trillion, and the global amount of private capital AUM has increased $8 trillion, see charts below.
The second conclusion is that private capital has over the past decade grown much slower than global financing markets.
The bottom line is that the alternatives industry is small, and has over the past decade grown much slower than the rest of the financial system.
Our latest outlook for private markets is available here.
Source: SIFMA, BIS, Pitchbook, Apollo Chief Economist. Note: Data as of 2022 and 2023Q2 (BIS data).Source: SIFMA, BIS, Pitchbook, Apollo Chief EconomistSource: SIFMA, Apollo Chief EconomistSource: SIFMA, Apollo Chief EconomistSource: BIS, Haver Analytics, Apollo Chief EconomistSource: Pitchbook, Apollo Chief Economist. Note: Data as of 31st December 2022.
This presentation may not be distributed, transmitted or otherwise communicated to others in whole or in part without the express consent of Apollo Global Management, Inc. (together with its subsidiaries, “Apollo”).
Apollo makes no representation or warranty, expressed or implied, with respect to the accuracy, reasonableness, or completeness of any of the statements made during this presentation, including, but not limited to, statements obtained from third parties. Opinions, estimates and projections constitute the current judgment of the speaker as of the date indicated. They do not necessarily reflect the views and opinions of Apollo and are subject to change at any time without notice. Apollo does not have any responsibility to update this presentation to account for such changes. There can be no assurance that any trends discussed during this presentation will continue.
Statements made throughout this presentation are not intended to provide, and should not be relied upon for, accounting, legal or tax advice and do not constitute an investment recommendation or investment advice. Investors should make an independent investigation of the information discussed during this presentation, including consulting their tax, legal, accounting or other advisors about such information. Apollo does not act for you and is not responsible for providing you with the protections afforded to its clients. This presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any security, product or service, including interest in any investment product or fund or account managed or advised by Apollo.
Certain statements made throughout this presentation may be “forward-looking” in nature. Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking information. As such, undue reliance should not be placed on such statements. Forward-looking statements may be identified by the use of terminology including, but not limited to, “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology.
