Are The Alternative Asset Managers Cooked?

Graduating college within the next year and preparing / starting to apply to entry level roles, what are your guys thoughts on considering positions at the larger alternative AMs who have large exposure to private credit and PE (Apollo, Ares, Blue owl, etc). I personally believe that the writing on the wall is clear, and it is only a matter of time before many of their loans and portfolios crumble. Is steering clear of these firms the right decision?