Apollo's Harris not so sure about retail and private equity

|About: Apollo Global Management... (APO)|By:, SA News Editor

“I’ve seen retail come in and out of this asset class at exactly the wrong time for three cycles,” says Apollo Global's (APO +0.9%) Josh Harris. “This is about the time that retail floods in right at peak multiples and gets hammered, and then at the first sign of trouble flees.”

Presenting today at the Morgan Stanley Financials conference (earlier coverage), Harris isn't buying the pitch of Blackstone's (BX) Steve Schwarzman and Carlyle's (CG -1.9%) David Rubenstein that mom-and-pop investors are going to be significant contributors to P-E assets under management.

"I think some of what you’re seeing is simply a [up] cycle," says Harris, "and it will turn around a bit ... We're going to be disproportionately an institutional platform."

ETFs: PSP, PEX