U.S. 'industrial renaissance' is fueling a rebound in fundraising, Apollo CEO Marc Rowan says

cnbc.com:

An «industrial renaissance» in the U.S. is fueling demand for capital, Marc Rowan, CEO of Apollo Global Management said at the Global Financial Leaders' Investment Summit in Hong Kong.

«There is so much demand for capital, [including through debt and equity]… What's going on is nothing short of extraordinary,» Rowan said on Tuesday during a panel discussion. 

This demand has been supported by massive government spending, particularly on infrastructure, the semiconductor industry and projects under the Inflation Reduction Act, said the asset manager, who is reportedly in the running for Treasury Secretary position under President-elect Donald Trump.

«What we're watching is this incredible demand for capital happening against a backdrop of a U.S. government that is running significant deficits. And so the capital raising business, I think that's going to be a good business,» he said. 

Industrial policies, including theCHIPS and Science Act and the 2021 infrastructure legislation, warrant billions in spending.

Rowan added that the U.S. has been the largest recipient of foreign direct investment over the past three years and is expected to stay at the top spot this year as well.

Rowan and other panelists also identified energy and data centers — needed for artificial intelligence and digitization — as growth sectors requiring more capital. 

Blackstone President and COO Jonathan Gray told the panel that data centers were the biggest theme across his entire firm, with the company employing billions on their development.

«We're doing it in equity, we're doing it financing… this is a space we like a lot, and we will continue to be all in as it relates to digital infrastructure.»

Other panelists at the summit organized by the