1153 ET - Apollo Global Management's recent initiative to provide daily pricing for its direct lending investments can help the firm attract fixed-income portfolio managers not used to having their capital locked up for years in private-market funds, Apollo CEO Marc Rowan says during an earnings call. "The fixed income manager at a large institutional client does not think of fixed income as a locked up investment [but] as securities," Rowan says. Private-debt assets could appeal to such managers, but "they have historically had less liquidity and less ability to see daily valuation," Rowan adds. As Apollo's daily marks make its credit investments more akin to public assets, investors require a lower premium to back them, according to Rowan. "They no longer need to demand as much excess spread for holding the private instrument versus the public instrument."