US 'OK' but Europe's where it's at: Apollo's Black

Leon Black, chairman and CEO of Apollo Management
Jonathan Alcorn | Bloomberg | Getty Images

Good investments are more difficult to find in the U.S., and Europe is likely a better place for private equity, credit and real estate plays, Leon Black, chief executive officer of $161 billion Apollo Global Management, said Friday.

"I'd say right now the deal flow in the U.S. is OK. I wouldn't say it's robust," Black said, speaking at the Columbia Business School Private Equity and Venture Capital Conference in New York.

Black said there are still some U.S. opportunities despite "pretty full" company valuations for potential buyouts.

"There are idiosyncratic things to do off the beaten path," Black said, noting recent firm investments in child-themed restaurant Chuck E. Cheese, an undisclosed chemical company and a small slot machine-focused gaming business. "You don't always have to have a global recession to find" distressed companies.