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© Reuters. FILE PHOTO: Joshua Harris, founder and board member of Apollo Global Management, LLC, speaks at the Milken Institute Global Conference in Beverly Hills, California, USA on May 1, 2017. REUTERS / Lucy Nicholson
(Reuters) – Joshua Harris, founder of private equity firm Apollo Global Management (NYSE 🙂 Inc., wants to raise his own funds, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Harris, who co-founded Apollo with Leon Black and Marc Rowan in 1990, will leave his day-to-day business at the company when Athene Holding (NYSE 🙂 Ltd closes with lending providers next year, Apollo said in May.
Harris told Bloomberg in a spokesman statement that “there is no fundraising,” no “other specific plans,” and that he will continue his work at Apollo.
The report says Harris has met with recruitment agencies to begin creating a fund team that will build on mid-market agreements and is likely to have a $ 5 billion target. https://bloom.bg/3yVYrYC
Apollo declined to comment on the report.
Harris ’decision to remove Apollo from office came amid some governance changes that left his positions in the Black company empty, a law firm report revealed linked to Jeffrey Epstein as a fixing sex offender and convicted sex offender.
All of the mistakes Black had made were cleared up, but he left it to Rowan as his CEO, passing over Harris, who he hoped would take over the main job.
Harris will remain on Apollo’s board of directors.
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