(12 December 2025 – United States) Apollo Global Management has carved out its fast-expanding hybrid capital division from its flagship private equity business, signalling a decisive strategic pivot towards private credit and complex lending.
The reorganisation, revealed internally at a recent town hall and reported in the FT, underscores CEO Marc Rowan’s ambition to position Apollo as a leading alternative to traditional banks in large, bespoke financing.
Under the revamp, former private equity co-head Matt Nord will lead the standalone hybrid capital group, supported by Reed Rayman as deputy head and long-time credit specialist Chris Lahoud. The unit structures intricate lending solutions, often blended with minority equity, designed for companies seeking alternatives to conventional debt or public markets.
Rowan has been candid about the shift, telling investors: “Private equity is an amazing asset class. It’s just not a growth business.” He expects future expansion to come from hybrid strategies and a rethinking of what private equity should be.
The firm’s private equity business, still sizable at $127bn, will now be led solely by veteran dealmaker David Sambur. Nord remains co-head of Apollo’s flagship PE funds but will be less involved in day-to-day operations.
Apollo’s renewed focus on complex lending aligns with major opportunities in AI, energy infrastructure and large-scale industrial innovation—areas where customised, off-balance-sheet financing is increasingly in demand. Recent hybrid transactions include a bespoke financing structure for Intel, the takeover of Soho House, and investment partnerships with 8VC.
Despite the shift, Apollo is preparing to raise its next flagship buyout fund, targeting $25bn, up from the prior fund’s $20bn.
Apollo declined to comment.