Apollo Global Management Investor Presentation Deck
Post-GFC Regulations Fundamentally Changed the Role of Banks
Banks' share of overall
lending has been
on the decline...
...prompting private
investors to fill the
void by lending
directly to borrowers
Bank Capital as a % of All US Loans Outstanding at 2021 YE
Private Credit as a % of
Total Credit Markets
20%
15%
10%
5%
0%
4%
2000
18%
2021
$bn
2400
2000
1600
1200
800
400
18%
Nonfinancial Corporate Business Loans
www
1978 1986 1994
2002
1970
Banks (Depository institutions)
GFC stands for the Global Financial Crisis that took place in 2008.
Sources: Top Chart: Federal Reserve Flow of Funds, JP Morgan, SIFMA. 2021; Bottom charts: Left: Preqin, Apollo Chief Economist as of September 30, 2021. Right: Bloomberg, Apollo Chief Economist as of January 2023.
APOLLO
2010 2018
$bn
2500
2000
1500
1000
500
Nonbank financial institutions
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