Apollo co-founder Harris plans to raise own fund – Bloomberg News

Joshua Harris, Co-Founder and Board Member of Apollo Global Management, LLC, speaks at the Milken Institute Global Conference on May 1, 2017 in Beverly Hills, California, United States. Lucy Nicholson/Reuters Reuters, July 13 – According to Bloomberg News, Joshua Harris, co-founder of private equity firm Apollo Global Management Inc (APO.N), is looking to establish his own fund, according to people familiar with the situation. When Apollo’s merger with annuities provider Athene Holding Ltd (ATH.N) concludes next year, Harris, who co-founded the company with Leon Black and Marc Rowan in 1990, would step down from his day-to-day role at the company, Apollo said in May. find out more Harris said in a statement to Bloomberg that he is “not fundraising,” that he has “no other concrete intentions,” and that he will continue to focus on his work at Apollo. According to the story, Harris has met with recruiting firms to assist him in putting up a team for the fund, which will focus in middle-market deals and have a target of $5 billion. https://bloom.bg/3yVYrYCA In response to the report, pollo declined to comment. Harris’ decision to leave Apollo occurred amid a flurry of governance reforms prompted by Black’s departure from the company, which came after a law firm report revealed he had ties to late billionaire and convicted sex offender Jeffrey Epstein. Although Black was absolved of all wrongdoing, he gave up his position as chief executive officer to Rowan, bypassing Harris, who was anticipated to take over. Harris will continue to serve on the Apollo board of directors. Sohini Podder contributed reporting from Bengaluru, and Devika Syamnath edited the piece. The Thomson Reuters Trust Principles are our standards./nRead More