Apollo Enforces Hard Physical Asset Rules in Infrastructure
Apollo's Olivia Wassenaar outlines the hard-asset rule defining infrastructure mandates and how the firm avoids internal turf wars.
Apollo's deal-first, 'no walls' playbook for infra investing
With Bruno Alves, Olivia Wassenaar · Sunday, October 25, 2026
Bruno Alves interviews Olivia Wassenaar, head of Apollo's infrastructure group, on how the firm grew its infrastructure platform to $155 billion deployed over five years. Wassenaar explains Apollo's deal-first, 'no walls' operating culture, its opportunistic approach to mid- and large-cap transactions, and how it deploys flexible capital across equity and structured credit. She also outlines Apollo's macro investment themes across power and transport, conservative 30-35% LTV leverage profile, and non-prescriptive portfolio construction.
Key takeaways
- Apollo Global Management expanded its infrastructure platform to $155 billion deployed over five years while keeping leverage conservative at a 30% to 35% loan-to-value ratio. Read more →
- Apollo deployed $155 billion across its infrastructure platform over five years while keeping portfolio loan-to-value ratios conservative at 30% to 35%. Read more →
- Apollo deployed $155 billion across infrastructure over five years by operating without internal walls between private equity, credit, real estate, and infrastructure. Read more →
- Apollo built a platform deploying $155 billion over five years by abandoning rigid subsector target allocations at fund inception. Read more →
- Apollo deployed $155 billion across infrastructure over five years, combining opportunistic mid- and large-cap equity underwriting with structured credit. Read more →
5 articles from this episode
Why Apollo Avoids Dedicated Mega-Cap Infrastructure Funds
Apollo deployed $155B in infrastructure by blending mid-cap checks with structured debt, insurance capital, and LP co-investments.
How Apollo Deployed $155 Billion Without Fund Silos
Olivia Wassenaar explains how Apollo deployed $155B in infrastructure by ditching fund silos and finding assets before picking the vehicle.
Apollo Rejects Fixed Targets in Infrastructure Funds
Apollo's Olivia Wassenaar explains why rigid subsector quotas hurt returns, favoring flexible capital across $155 billion in deployment.
Apollo Finds Transport Bargains as Capital Chases AI Power
Apollo deployed $155B into infrastructure, buying cheap transport assets while rivals bid up AI power.
More The Infrastructure Investor Podcast episodes
- Why debt discipline matters as infrastructure’s definition expandsOct 18 · 2 articles
- Ardian: ‘We’ve been less shy on factoring growth into our business plans’Oct 11 · 5 articles
- The mid-market advantage: Higher returns, easier exits?Oct 11 · 6 articles
- Critical Load: What’s next for data centres and AI?Sep 13 · 6 articles
Every The Infrastructure Investor Podcast episode we cover →