While Apollo gets the credit, I was banging the Blue Owl risk drum through the second half of last year. Its exposure to both AI data center debt and software leveraged loans put in a "heads you lose, tails you lose" position. And when a partner there said it was the best risk-return moment of his career ... well.

Blue Owl, Ares Lead Private Market Firms Bashed by Software Risk https://www.bloomberg.com/news/articles/2026-02-03/blue-owl-ares-lead-private-market-firms-bashed-by-software-risk