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Apollo’s Kleinman Says PE Needs Old Skills With Rates High

Scott Kleinman expects rates will hold ‘higher for longer’
Buyout firm’s co-president speaks at SuperReturn in Berlin

WATCH: “We’re no longer in a free money environment and don’t anticipate we will be for for many years to come,” Kleinman says.Source: Bloomberg

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By Dani Burger

June 7, 2023 at 7:34 AM UTC

Updated on

June 7, 2023 at 9:27 AM UTC

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Apollo Global Management Inc.’s Co-President Scott Kleinman said private equity firms need to return to old-fashioned bargain hunting as they can no longer rely on debt to juice returns.

Speaking to Bloomberg TV at the SuperReturn International conference in Berlin on Wednesday, Kleinman said markets had to prepare for interest rates holding “higher for longer” as the Federal Reserve battles to get inflation under control.