For many years, the continued rise of private markets has been defined by assets under management (AUM), while the composition of the industry evolved significantly. This week, two of McKinsey’s Private Capital Practice experts are joined by Neil Mehta from Apollo Global Management to discuss the diverse types of non-traditional private capital increasingly being raised by general partners (GPs), and how asset managers will need to continue to adapt to meet this growing complexity and the variety of needs that their investors are looking to them to solve.

McKinsey Senior Partner Alexander Edlich is a senior leader in McKinsey’s Private Capital Practice, and is based in New York. He’s the lead author of our 2025 Global Private Markets Review, and has more than two decades of experience advising financial services firms, including alternative asset managers and investors, on how to address ever-changing industry dynamics. McKinsey Partner Paul Maia co-leads McKinsey’s work on advising the C-suite of private capital GPs, as well as the private capital arms of institutional investors, and is based in Washington, D.C. Neil Mehta is a partner and global head of new markets at Apollo Global Management in New York, where he is responsible for driving growth into markets that have historically had limited exposure to private assets, including traditional asset management, defined contribution, and tax advantage strategies. Neil is also a member of Apollo’s leadership team.

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Global Private Markets Report 2025: Braced for shifting weather

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For many years, the continued rise of private markets has been defined by assets under management (AUM), while the composition of the industry evolved significantly. This week, two of McKinsey&rsquo;s Private Capital Practice experts are joined by Neil Mehta from Apollo Global Management to discuss the diverse types of non-traditional private capital increasingly being raised by general partners (GPs), and how asset managers will need to continue to adapt to meet this growing complexity and the variety of needs that their investors are looking to them to solve.
McKinsey Senior Partner&nbsp;<a href="https://www.mckinsey.com/our-people/alexander-edlich">Alexander Edlich</a> is a senior leader in McKinsey&rsquo;s Private Capital Practice, and is based in New York. He&rsquo;s the lead author of our <a href="https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report">2025 Global Private Markets Review</a>, and has more than two decades of experience advising financial services firms, including alternative asset managers and investors, on how to address ever-changing industry dynamics. McKinsey Partner <a href="https://www.linkedin.com/in/paul-alexander-diogo-maia-b7ba5910/">Paul Maia</a> co-leads McKinsey&rsquo;s work on advising the C-suite of private capital GPs, as well as the private capital arms of institutional investors, and is based in Washington, D.C. Neil Mehta is a partner and global head of new markets at <a href="https://www.apollo.com/">Apollo Global Management</a> in New York, where he is responsible for driving growth into markets that have historically had limited exposure to private assets, including traditional asset management, defined contribution, and tax advantage strategies. Neil is also a member of Apollo&rsquo;s leadership team.
Related insights
<a href="https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report#alternative-assets-get-more-alternative-the-rise-of-novel-aum-forms">Alternative assets get more alternative: The rise of novel AUM forms</a>
<a href="https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report">Global Private Markets Report 2025: Braced for shifting weather</a>
<a href="https://www.mckinsey.com/industries/private-capital/our-insights/thematic-investing-a-win-win-for-private-equity-and-the-planet">Thematic investing: A win&ndash;win for private equity and the planet</a>
<a href="https://www.mckinsey.com/industries/private-capital/our-insights/private-capital-the-key-to-boosting-european-competitiveness">Private capital: The key to boosting European competitiveness</a>
<a href="https://www.mckinsey.com/industries/private-capital/our-insights">McKinsey Insights on Private Capital</a>
<a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights">McKinsey Insights on Strategy &amp; Corporate Finance</a>
<a href="https://www.linkedin.com/showcase/mckinsey-strategy-corporate-finance/posts/?feedView=all">McKinsey Strategy &amp; Corporate Finance on LinkedIn</a>

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The world is moving faster, and as upheaval becomes the norm, vast business opportunities will be within the grasp of the extraordinary few. &nbsp;But it takes bold people and courageous approaches to seize those opportunities and create value.
In each episode of our weekly podcast, we interview the world&rsquo;s highest-performing CEOs, CFOs, innovators, and McKinsey experts and discuss how they build the courage, clarity, conviction, and cohesion that allow their businesses to win by moving faster than the world around them.&nbsp;