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 taxed advantage strategies. Neil is also a member of Apollo’s leadership team.

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Alternative assets get more alternative: The rise of novel AUM forms

Global Private Markets Report 2025: Braced for shifting weather

Thematic investing: A win–win for private equity and the planet

Private capital: The key to boosting European competitiveness

McKinsey Insights on Private Capital

McKinsey Insights on Strategy & Corporate Finance

McKinsey Strategy & Corporate Finance on LinkedIn

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Although every company wants to grow, only one in four is able to do so profitably and maintain that growth over time. This week, Sean speaks with three of our growth experts about the mindsets and behaviors of successful growth outperformers.

Jill Zucker is a senior partner and former managing partner of our New York office. She co-leads our global growth transformation work and serves financial services firms, including wealth managers, asset managers, insurance companies, global banks, and private equity. Rebecca Doherty is a partner in our Bay Area office and co-leader of our global Strategic Growth and Innovation Practice. She works with healthcare, industrial, and technology clients to define and execute value-creating growth road maps. Kate Siegel is a partner in our Detroit office and a leader in our Strategy and Corporate Finance Practice. She counsels CEOs and executive teams to develop holistic growth strategies, pursue organic and inorganic M&A, and attain profitable growth aspirations.

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How top performers use innovation to grow within and beyond the core

Breaking the mold: Five behaviors of leading growth transformers

How to reignite growth through adjacencies

Innovative growers: A view from the top

Courageous growth: Six strategies for continuous growth outperformance

The triple play: Growth, profit, and sustainability

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Transformation is a complex undertaking that relies heavily on achieving behavioral change within an organization. Three McKinsey transformation and organizational health experts talk this week about the common pitfalls companies face when attempting to transform, and share tips for avoiding them.

Rajesh Krishnan is a senior partner in our New York office and a leader in our Transformation Practice. He counsels clients on identifying and delivering transformative and sustainable performance improvements, and is a founder of our capability building solution, the Ability to Execute or A2E. Tiffany Vogel is a partner in our Miami office, and is an expert in change management, leadership development, and agile product development. She focuses on financial institutions and state governments, and also serves on the faculty at the University of Southern California Marshall School of Business. And Matthew Schrimper is an associate partner in our Boston office. He helps clients improve performance through organizational change, and has expertise in large-scale transformations, culture and change management, as well as talent and operating model design.

Related insights

Breaking the mold: Five behaviors of leading growth transformers

Transformation with a capital T

How seven steps can help midsize industrials crack the transformation code

What does it take to run a healthy organization? Find out with this quiz

Help your employees find purpose—or watch them leave

What makes an organization ‘healthy’?

The yin and yang of organizational health

McKinsey Insights on Transformation

McKinsey Transformation on LinkedIn

McKinsey Strategy & Corporate Finance on LinkedIn

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In this episode, Michèle Flournoy joins Andy West to share her perspectives on how companies can build their geopolitical resilience. Michèle is the Co-Founder and Managing Partner of WestExec Advisors, a strategic advisory firm that helps CEOs and investors navigate geopolitical risks and opportunities. She served the US government as Under Secretary of Defense for Policy from February 2009 to 2012 and was the principal advisor to the Secretary of Defense. In January 2007, Michèle co-founded the Center for a New American Security – a bipartisan think tank dedicated to developing strong, pragmatic, and principled national security policies. She served as its President until 2009, returned as CEO in 2014, and today serves as the Chair. Andy West is a senior partner and the global coleader of our Strategy and Corporate Finance Practice. Comments and opinions expressed by interviewees are their own and do not represent or reflect the opinions, policies, or positions of McKinsey & Company or have its endorsement.

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Tariffs and global trade: The economic impact on business

Navigating tariffs with a geopolitical nerve center

Tariffs on the move? A guide for CEOs for 2025 and beyond

How American business can prosper in the new geopolitical era.

Insights from McKinsey and Company’s Geopolitics Practice

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David Gitlin is Chairman and CEO of Carrier Global Corporation, a global leader in intelligent climate and energy solutions. With prior senior leadership roles in aerospace and manufacturing and extensive expertise across safety and operational excellence, David led the much-lauded 2020 Carrier spin-off from United Technologies—as the world grappled with the COVID-19 pandemic. In this episode, McKinsey senior partner and North America Chair, Eric Kutcher, talks with David about his journey as a CEO during a crisis, and explores his insights on rallying leadership, the board, and 50,000 employees across 160 countries to excel in their roles.

This podcast was recorded on March 31, 2025.

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How Judy Marks leads Otis Worldwide Corporation through uncertainty and technological evolution
The art of 21st-century leadership: From succession planning to building a leadership factory
Author Talks: IBM’s Ginni Rometty on leading with ‘good power’
Getting fit for growth: The leadership mindsets and behaviors that matter
CEO Perspectives

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As geopolitical trends bring increased uncertainty and risk, CEOs and other business leaders can take action to get and stay ahead of it all. This week Sean speaks with three McKinsey experts on geopolitical risk about how organizations can build resilience to address continued global uncertainty.

Cindy Levy is a senior partner in our London office and the global co-leader of our Geopolitics Practice. She previously led our Global Risk and Resilience and our United Kingdom Financial Services Practices, and she works with financial institutions on strategy, corporate finance, enterprise risk management, and culture. Shubham Singhal is a senior partner in our Detroit office and co-leads our Geopolitics Practice with Cindy. He previously led our healthcare, public sector, and social sector practices, as well as our efforts to help clients respond to the COVID-19 pandemic. Olivia White is a senior partner in our Bay Area office and a director of the McKinsey Global Institute. She advises leading financial institutions and other global firms on a wide range of issues across strategy, growth, risk and resilience.

Related insights

How American business can prosper in the new geopolitical era

Navigating the new geopolitical uncertainty

Geopolitics and the geometry of global trade: 2025 update

Tariffs on the move? A guide for CEOs for 2025 and beyond

A proactive approach to navigating geopolitics is essential to thrive

Dependency and depopulation? Confronting the consequences of a new demographic reality

Can your company remain global and if so, how?

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Companies often aim for growth or transformation, but it's less common for them to pursue transformation as a means of achieving growth. This week, three McKinsey experts share their research into how the one in four companies that outperform use transformation to achieve growth beyond that of their peers.

Sandra Sancier-Sultan is a senior partner based in Paris and a leader in McKinsey’s Transformation, Sustainability, and Financial Services practices. Rebecca Doherty is a partner in our San Francisco Bay Area office and co-leader of our global Strategic Growth and Innovation Practice, and Louisa Greco is a partner in our Toronto office and a leader in our Transformation Practice.

Related insights

Breaking the mold: Five behaviors of leading growth transformers

Choosing to grow: The leader’s blueprint

Courageous growth: Six strategies for continuous growth outperformance

Eight lessons on how to get the growth you planned

McKinsey Insights on Transformation

McKinsey Transformation on LinkedIn

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Alok Sama spent years in corporate finance and as a managing director at Morgan Stanley before joining Softbank as CFO and plunging into founder-CEO Masayoshi Son’s world of high-speed, high-risk decision making. For Sama, the shift involved many eye-opening experiences, which he later shared in a memoir, titled The Money Trap: Lost Illusions Inside the Tech Bubble (St. Martin’s Press, 2024).

In this episode, Sama speaks with McKinsey senior partner Vik Malhotra, who is based in our New York office, where he counsels CEOs and corporate boards and serves as our firm’s Chairman of the Americas. Vik is also a co-author of the New York Times bestseller, CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest. The two talked about what it was like to work with SoftBank founder and CEO Masayoshi Son, negotiating deals such as Softbank’s $32 billion acquisition of the British chip design company Arm Holdings, and why Alok decided to return to school in his 50s to earn a master’s degree in fine arts.

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CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest.

The CEO as elite athlete: What business leaders can learn from modern sports

How AI is transforming strategy development

Palo Alto Networks CFO on AI, cybersecurity, and the finance leader’s mandate

The Seasons of the CFO

Achieving growth: Putting leadership mindsets and behaviors into action

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