Recognizing the friction in accessing private markets, Apollo spent $1 billion from its balance sheet on wealth tech. This strategic investment aims to improve the underlying infrastructure for the entire industry, acknowledging that a better ecosystem benefits all participants, not just themselves.

Startup With Coverage's innovation isn't just tech; it's a business model shift. By charging a flat service fee instead of commissions, they align incentives to find clients the best, most affordable insurance, unlike traditional brokers who profit from higher premiums.

A key critique of life settlement firms is underestimating longevity. Abacus de-risks its model by acting as an originator, quickly selling policies to private credit funds. This transfers longevity risk to larger entities and allows Abacus to focus on volume and market penetration, countering a major short-seller thesis.

Rapidly aging populations in China, Japan, and Korea are creating a broad 'longevity economy'. Investment drivers extend beyond traditional healthcare and pharma into sectors like affordable healthy foods, specialized wealth management, and pension system reforms, creating a comprehensive new consumer and financial market.

Pending EU securitization reform could significantly reduce punitive capital charges for insurers holding asset-backed securities (ABS). This single change would unlock a market estimated at nearly a trillion dollars, as European insurers currently have minimal exposure (under 1%) compared to their US counterparts (17%).

General Catalyst's CEO highlights a core flaw in healthcare: insurance providers don't reimburse for longevity or preventative care because customers frequently switch plans, preventing insurers from capturing long-term ROI. The first company to solve this misalignment and make longevity "financeable" will unlock a massive market.

To solve the critical illiquidity problem for individual investors, Goldman Sachs operates a proprietary, quarterly secondary market developed over 20 years. This platform allows its wealth clients to list and sell their alternative investment positions, transacting over a billion dollars in NAV annually and providing a crucial liquidity solution.

Instead of taking more credit risk, Apollo leverages the long-term, stable nature of its insurance liabilities (8-9 years on average). This "secret asset" provides the flexibility to invest in complex or less liquid assets, capturing an "excess spread" unavailable to institutions like banks with short-term funding.

Many high-potential businesses with strong social or environmental impact are underdeveloped within large corporations. An impact investing lens helps identify these "trapped" assets, creating proprietary deal flow and unlocking value that traditional investors might overlook, as TPG did with NextTracker inside Flex.