Institutional capital flows are tightening across the board. Apollo Global Management's President Jim Zelter recently highlighted that investment approval standards have been steadily climbing throughout the past year. The gatekeeping process for new deals has become notably more stringent—suggesting that major institutions are pulling back on risk appetite and getting pickier about where their money goes. This shift in institutional discipline reflects broader caution in the current market environment, something worth watching if you're tracking how traditional finance views emerging asset classes and investment opportunities.