He offered to make it easy for the state: He’d buy the entire debt portfolio for $3.25 billion. During the past 10 years, its assets grew sixfold, to more than $320 billion. Apollo Global Management's board of directors will probe billionaire CEO Leon Black's ties to pedophile financier Jeffrey Epstein, the private equity firm announced Wednesday. “He was disheartened about Milken and all the problems,” Icahn says. Rowan pushed a measure through the insurer’s board to double the fees it paid Apollo, raising them to more than triple what a typical manager would get, according to people familiar with the matter. Soon after, executives of the French bank Crédit Lyonnais reached out to Black about teaming up on a venture that would try to replicate Drexel’s success. States have underfunded and borrowed from their pensions for years. (The firm maintains he didn’t.). Milken’s bankers helped clients find ripe takeover targets and sold packages of debt to finance the deals. To make up for it, fund managers have looked for juicier returns from alternative assets such as private equity. “It’s assisted suicide,” says Stephen Lerner, a former strategist for the Service Employees International Union who also tracks asset managers’ involvement in labor disputes. "The SPAC part of the IPO market is a part of the market that's here to stay," Harris told CNBC's Leslie Picker. The firm specializes in investing across credit, private equity, and real assets. Private equity has been capturing more and more attention as many investors look beyond hedge funds to private equity in search of alpha. (An Apollo spokesman says the firm conducted an internal review and found that Orf hadn’t intentionally done anything wrong.). Apollo, known for guarding its hoard, usually manages to walk away richer. “I am incredibly proud that we can perform for them and give them great returns.” Not everyone sees it that way. Joshua Harris, W'86, Co-Founder & Senior Managing Director, Apollo Global Management LLC Fall 2014 Even if you don’t know Apollo, you know its targets: Caesars casinos, Claire’s jewelry stores, Linens ’n Things, all purchased just before the financial crisis and driven to bankruptcy under Black’s watch. Private equity has been a cornerstone of Apollo’s business since its founding in 1990. At Apollo, loyalty is a credo. Banks were burdened with onerous regulations to prevent another systemwide disaster, but alternative asset managers were under no such restrictions and treated the wreckage as a buffet. The most recent recession, triggered by the 2008 financial crisis, created an unprecedented opportunity for private equity firms, and few have taken better advantage than Apollo, Wall Street’s apex predator. Joshua Harris, Apollo Global Management Co-Founder speaks during the 2020 Delivering Alpha conference on Sept. 30th, 2020. As the tumult unfolded, many employees saw their bonuses slashed. He’s said in the past, however, that he occasionally turned to Epstein on financial matters such as taxes, estate planning, and philanthropy. We have a value-oriented approach across private equity… Athene now generates a quarter of Apollo’s fee-related income, but it’s also drawn scrutiny from officials. Following an investigation, United Brands said Black had authorized a payment to a Honduran official as the company sought to reduce export taxes on its Chiquita bananas. A private equity takeover can involve deep payroll cuts, massive asset sell-offs, and taking on dangerous levels of debt. A dominant personality, Black has never been keen on sharing power, and for years he’d batted away many of those who came to him asking for a slice of the company. Subscribe to our Newsletter to increase your edge. One morning during Black’s second year there, his father arrived at work, used his briefcase to smash the window of his 44th floor office, and jumped to his death. The massive figure “does not represent the endgame,” he intoned. “That’s how it works. All Rights Reserved. Many of Apollo’s most lucrative deals have been from companies other firms wouldn’t go near, and Black is concerned this has left him with a reputation for taking on inordinate risk. And most of the SPACs that have been done have been more emerging growth SPACs, less cash flow more growth. Black had once entertained becoming a writer or filmmaker, but found himself working at accounting firm Peat Marwick (the future KPMG) and with the publisher of Boardroom Reports. Everything You need to Know When Breaking Into Private Equity. (Apollo says its expense policies are “clear and strictly enforced.”). Year 1 June – August:Fresh graduates join the investment banks / consulting firms and begin their training Year 1 August – September:Headhunters begin to reach out to schedule initial meetings where you meet with them to go over your firm preferences and for them to get to know you as a candid… Don’t worry about the news anymore, through our newsletter you’ll receive weekly access to what is happening. © 2020 CNBC LLC. Black didn’t plan to go into finance. The arrangement has vexed Black ever since, say several people who’ve worked with him over the years. Not only did he cut them in on the deal, but when Apollo finally went public in 2011, he listed Rowan and Harris as co-founders. But this time they wanted to do the deals, not just finance them. “I told him he was making a big mistake.”. I worked in their London office. In the months before Drexel declared bankruptcy in 1990, Black received the biggest bonus at the firm that year: $16.6 million. The deal sparked at least a decade of litigation, after it was later revealed that Crédit Lyonnais, owned by the French government, also bought Executive Life through a series of entities, a violation of California law preventing foreign governments from investing in domestic insurers. Apollo paid $14 million to the former board member, now acting as a so-called placement agent, in exchange for persuading the fund to invest an additional $3 billion from 2007 to 2008. Associating with Epstein was a bad idea, and even if the predator’s death has quieted the chatter, questions about the relationship remain. According to the complaint, filed with a California state agency, Belardi would go off on profane tirades, lob sexist and racist insults, intimidate staff, and rant about homosexuals. A month later he was in front of investors at Manhattan’s Plaza Hotel, predicting that Apollo would double its assets, to $600 billion, in the next five years. ... Interview. Odner was in need of a cash infusion. Who bears the risk in situations where Black is involved is an interesting question. Harris estimated that SPACs have gone from 3% of the market to 20% during the recent surge. While Black and Apollo representatives say Epstein never invested in Apollo funds, the extent of Black’s financial ties with him may not be fully known. Apollo has both raised its own SPACs and exited its position in companies through the blank check vehicles, Harris said. Problems are kept in-house, and Black and his lieutenants always know who owes them a favor. A fellow billionaire in his social circle, one of dozens of people interviewed by Bloomberg Businessweek, said the business community would have been far more apprehensive about doing deals with Black if Epstein were still alive. He didn’t want the talented dealmaker to torch his career. At the center of the storm was Alfred Villalobos, a Los Angeles political fixture whose past was full of financial questions. Looking to avoid screwing up their second chance, Black and his compatriots began buying up distressed assets at a deep discount, which they hoped would limit their downside and eventually deliver outsize returns. An amended filing last week showed that the offering was looking to raise more than $860 million. Blackstone is a private equity fund, it 's also a big real estate fund. Apollo Global Management co-founder Joshua Harris said at the Delivering Alpha conference presented by CNBC and Institutional Investor that SPACs were filling a needed role for companies that were closing in on going public. But memories are short on Wall Street, and with enough zeros, almost anything can be forgiven. In difficult transactions, Black “could easily envision the endgame,” Ackerman says. Credit rating companies have said thin profit margins limit the leverage the business can support, especially in a crisis. It's a VERY US-centric company. What Private Equity Firms Are Looking For. In the spring, the home furnishings retailer Linens ’n Things went bust, costing the Apollo Group, the private equity firm that Mr. Black co-founded 18 years ago, its entire $365 million investment. The process can mortally wound a company and trigger zero-sum fights over the corpse. Glassdoor gives you an inside look at what it's like to work at Apollo Global Management, including salaries, reviews, office photos, and more. After prices tanked, California’s insurance regulator was forced to seize the company to protect policyholders at risk of losing their coverage. “Year 2” corresponds to the second year of the program. But private equity interview questions, at places like KKR & Co. L.P. KKR 0.06%, Oaktree Capital Group LLC NYSEOAK, Apollo Global Management LLC APO … Get close enough to the patriarch, and you’re almost as unlikely to wind up in trouble as he is. And what we see is the opportunity for sponsorship," Harris said. At the top is Uncle Leon, whose hot temper is leavened by an avuncular awkwardness—several employees recall watching him grab food with his hands from lavish buffets ordered for the office—that engenders an almost familial devotion. Harris said that one time when SPACs make more sense is when existing investors are looking for "more of a cash exit. Drexel had put together some of the debt packages, and Black knew which companies were worth owning a piece of. If you’re recruiting for the pre-MBA private equity associate role , you will probably be asked to complete a paper LBO in the interview process. In a statement to Bloomberg News, Apollo and Athene said the matter was discussed, and an investigation found no evidence of harassment. The current 15-member group includes four Apollo executives, CEO Belardi—who also receives a portion of the fees paid to Apollo—and directors deemed independent even though they sit on other Apollo-related entities, drawing annual salaries of hundreds of thousands from the private equity firm. If selected, you will begin a typical interview process that will most likely consist of 2 to 4 rounds of interviews. It was only at the behest of his father, Eli, chief executive officer of United Brands Co., that he attended Harvard Business School. Apollo Global Management co … In future, a higher proportion of Blackstone's investments will be in traditional private equity, however. He and Crédit Lyonnais went big, buying up more than $6 billion of bonds held by insurer Executive Life, which had been among Milken’s biggest clients. Black concedes that it took him more than a decade to start sharing decision-making authority. Apollo had an online resume drop and I was informed a couple weeks later that I would be interviewing. In interviews with the ... had the situation . For instance, when Roger Orf, who leads Apollo’s European real estate business and is well-connected in U.K. political circles, was discovered using company resources and assets to run his personal real estate deals, he was asked only to return some of the money, according to people with knowledge of the matter. Black was never accused of wrongdoing. where the founder may be destroying value by staying around,” said a top adviser to private equity groups who knows Apollo well. But not Rowan and Harris. . "We don't have a pocket for that right now. Suicides, you know, aren’t usually committed by gods,” Black says. Villalobos was an old friend of Apollo’s. Got a confidential news tip? On top of everything else, Black gave $10 million to Epstein’s charity, and according to someone familiar with his thinking, would sometimes take Epstein’s tax ideas to his own lawyers, asking them why they hadn’t come up with the strategies Epstein produced. Apollo’s flagship private equity fund, which it opened to investors in 2001, has delivered annual returns of 44%. Apollo is headquartered in New York City, with offices across North America, Europe and Asia. ©2020 by Private Equity Insights. The process took 3+ months. Private equity: Apollo’s lucrative but controversial bet on insurance. “From a risk/reward point of view,” he says, “we have the best game in town.”. So SPACs provide a real pocket for pre-IPO into IPO capital that we don't have otherwise, and we think we also could add value to the market," he said. The strike lasted an impressive 105 days through the dead of winter, but in the end, Apollo, which had been paying itself millions of dollars to oversee the ailing company, held all the cards. The relationship between the companies is so intricate, says one former employee, that it would take regulators a year to understand it. In 2010, Rashid’s assistant questioned one of his expenses, triggering an internal review that uncovered Realtor fees and a salon visit had been charged to the company and its clients, a violation of securities laws. They were still the same guys who’d thrived in Drexel’s cutthroat culture. By 2011, Black’s two sons and two executives from Apollo were on the muffler maker’s board and one of Epstein’s companies was among its biggest shareholders. Those with money in Apollo funds were given a disturbing reminder of this in July when Jeffrey Epstein, who’d served on the board of Black’s family foundation and been known to visit Apollo’s offices pitching personal tax strategies, was arrested on federal sex-trafficking charges. Hours after last week’s announcement that Apollo Global Management was investigating the relationship between its founder and chairman Leon Black and the late paedophile Jeffrey Epstein, rank-and-file employees received an email that seemed to mark a passage of power at the formidable Wall Street firm. “We invest in companies whose official ideology is they want to destroy us.”. When, in 1986, a Drexel client pleaded guilty to insider trading and agreed to aid investigators looking into Milken, it threw the firm into a yearslong legal battle that culminated in Drexel pleading guilty to six felony counts and agreeing to pay more than $650 million in penalties and fines. New York State Comptroller Thomas DiNapoli joined the picket line, but it was a little awkward—New York’s pension system invested $350 million in the fund Apollo had used to buy the chemical plant. But widen the lens, and you’ll find that Apollo and Black have spent decades skating on the edges of other people’s catastrophes. Then there’s Jeffrey Epstein. As his face reddens over his blue Hermès tie, his incongruously soft voice rises by an octave, and he stabs a pile of printed-out emails with an eraserless No. 6. When asked later on at his office what he has left to accomplish, it’s this race for assets that he says is on his mind. Earlier in September, Apollo filed for an IPO for its new SPAC, Apollo Strategic Growth Capital. Get Ahead! The SEC determined Apollo had been tricked, and the company wasn’t charged with wrongdoing. A notable private equity investor said Wednesday that the boom in special purpose acquisition companies was not just a passing fad. But Rowan, who masterminded the relationship with Athene, stacked the insurer’s board with directors loyal to Apollo. The bonds had to have sky-high interest rates to entice Wall Street buyers, but the corporate raiders didn’t mind: It was the targets, not them, who’d have to make good on the debt. Black’s aggressive approach—involving layoffs and slashing benefits—is also among the most profitable. Preparing For Your Career in Private Equity: 7-Step Checklist. It would have been hard for Apollo’s rainmakers to feign outrage anyway. (Apollo says it has delivered significant value to Athene and that the insurer benefits from its support, including tax, legal, and financial services.) A front-page New York Times story described him hurtling toward Park Avenue in a blue suit, horrifying drivers, and his briefcase bouncing toward a nearby post office loading ramp. Black, who’s succeeded in shielding himself from the press for years but gave a rare interview to Businessweek, declined to comment for this article about his relationship with Epstein. New York City-based private equity firm Apollo … Black was preparing to sell shares to two major investors—the California Public Employees’ Retirement System, known as CalPERS, and the Abu Dhabi Investment Authority—as a way to raise money without having to go through an initial public offering. In 2016, Apollo moved to cut retirement and health benefits for workers at a chemical plant it owned in upstate New York. Apollo Global Management is one of the largest alternative asset managers serving many of the world’s most prominent investors. "There's a real need for quick, confidential capital and price certainty and for sponsorship in the markets. Black built his company, Apollo Global Management Inc., by buying struggling businesses with huge piles of debt at bargain-basement prices, imposing austerity measures on the staff, and extracting huge dividend payments and management fees. How selling to yourself became private equity’s go-to deal, Private equity firm Permira to buy majority stake in Boats Group, Oceanpine Capital Hits $400Mn Final Close of Fund II. “To me it’s not about how hot you get, it’s about how quickly you cool down,” he says. Apollo helped fuel its own growth by funneling Athene’s money into Apollo funds and collecting management fees on the investments. As Athene assets swelled at the end of 2013, it became clear to Apollo executives they were sitting on a gold mine. A spokesman said that when the firm initially retained Villalobos, its marketing department was small and placement agents often helped develop and expand relationships, even with existing investors. “It took me years of therapy to get over that and to figure out where he ended and I began.”. Public pensions such as CalPERS are some of Apollo’s best customers. A Division of NBCUniversal. In theory, conflicts of interest are prevented and dealt with by a company’s board. There has been a rush of SPACs in recent months, outpacing traditional IPOs in money raised in July and August, according to Refinitiv. Aided by the Executive Life deal and other well-timed investments, Apollo’s business soared, but it wasn’t enough to keep Black’s founding partners around, and by the early 2000s only one of them remained. In 2006 the bank’s former CEO pleaded guilty to lying to U.S. regulators, and California collected more than $900 million from lawsuits. Ali Rashid is the rare Apollo employee whose wrongdoings were punished, but only after years of largely getting away with them. “Leon is Apollo,” says one. We want to hear from you. "The private equity case study is in the recruitment process for a reason – to see if you can think for yourself," says Gail McManus of Private Equity Recruitment. That’s not always the outcome, but when it is, creditors are on the hook. “I’m not retiring,” he adds. Why Apollo and KKR Are Private-Equity Buys ... credit strategies, real estate, private equity and more. closed Tuesday after a nearly five-year long pursuit for Apollo, and ultimately ended with the private equity firm paying $145-per-share -- beating Warren Buffett in an auction process. Apollo’s flagship private equity fund, which it opened to investors in 2001, has delivered annual returns of 44%. “Apollo is Leon.”. That compares with a 20% drop in the S&P 500 index. Apollo’s $25 billion private equity fund has shifted “almost entirely” to a distressed strategy under which it aims to gain control of companies buy investing in their debt, Harris said during the firm’s first-quarter earnings call Friday. The label “Year 1” refers to the first year of the Analyst / Consultant program. It’s a pattern that’s defined his career: One way or another, Black always wins. Pride of Private Equity: Joshua Harris An interview with Joshua Harris, Co-Founder & Senior Managing Director, Apollo Global Management LLC. Looking for a great paid job opportunity at Apollo Global Management, Llc in New York, NY? In interviews with Business Insider, Sambur and Nord said they will now take a more hands-on approach to communicating the firm's PE deals and investment strategy, at a time when private equity… By signing up for our newsletter, you accept our terms and conditions as outlined under pe-insights.com/privacy-policy. Joseph was banned for life from serving as the head of an investment company, and Milken served 22 months in prison. Recruiting Process: On-Cycle and Off-Cycle: Logistics & Mindset. Black has amassed a personal fortune of $9.5 billion. Apollo was by no means the only private equity firm to take advantage of the 2008 financial crisis. (Via a spokesman, Black and his co-founders deny this.) Join 120,000 other PE professionals today. Black, apparently unconcerned, was heard telling executives he would have paid for Rashid’s suits himself. Separately, in September, a Bloomberg News investigation found that Apollo had quietly settled a 2015 harassment case against James Belardi, CEO of Apollo’s prized asset, the insurance company Athene, which had become a crucial part of the firm’s empire. That just goes nowhere. At Black’s company, the motto has always been: The best idea wins. Buenrostro was sentenced to four and a half years in prison by a federal judge, who called the crime a “dagger in the heart of public trust.” Villalobos died by suicide; he shot himself at a gun club in Nevada before his case went to trial. All content is posted anonymously by employees working at Apollo Global Management. His office, which is guarded by a display of antique French long guns and has spectacular views of Central Park, is just above that of Henry Kravis, the most infamous corporate raider of the 1980s. (An Apollo spokesman says Athene’s board is diverse and accomplished.) Only then did Apollo take decisive action with regard to Rashid, flagging his misdeeds to the regulator and firing him in 2014. The acquisition of Tech Data Corp., one of Tampa Bay's largest public companies, is officially a done deal. To make up for it, fund managers have looked for juicier returns from alternative assets such as private equity. This time he’d also submitted a forged receipt so his suit shopping would look like bulk necktie purchases, which might have been a legitimate business expense if they were meant as gifts for clients. Meanwhile, Apollo was busy building Athene, the insurer that would become its main source of cash. Get this delivered to your inbox, and more info about our products and services. He insisted to Black that the muffler was so technically advanced you could safely inhale straight from the tailpipe, and Black, in turn, took the deal to the science-obsessed Epstein. That’s not what he’s talking about when he says he’s been misunderstood, of course. He interviewed at Lehman Brothers, only to be told he didn’t have the brains or personality to succeed on Wall Street. As a child he helped his mother, a painter, assess which of her watercolors were worth framing. Now worth $60 million, Black weighed taking a break, recalls Icahn, who’d become a mentor. Apollo Global Management Inc.’s $6 billion take-private of the distributor of technology products only saddled the company with debt worth 2.5 times a key measure of its earnings, according to the private equity firm.Credit rating companies have said thin profit margins limit the leverage the business can support, especially in a crisis. In one instance, Black persuaded Epstein to invest in a struggling muffler manufacturer run by Black’s Boston roommate Bengt Odner. ... and other standard interview questions. But he was a hit with the people who mattered: Joseph, who became a father figure, and the firm’s driving force, Michael Milken. “He’d be calling me at 10 o’clock at night New York time, 7 in California,” recalls Peter Ackerman, who worked with Black from Drexel’s office in Beverly Hills. The value of Apollo’s private-equity holdings depreciated by 21.6% in the quarter, partly driven by oil-price declines. The investment vehicles work by going public through their own IPOs, then using their cash to do a reverse merger with a private firm. Some current and former employees compare their early days there to pledging a fraternity. In this way, yes, Apollo is one of the least risky bets out there. Don’t miss our weekly curated news and insights…, By signing up for our newsletter, you accept our terms and conditions as outlined under. Apollo is not opposed to the traditional IPO process either, and Rackspace, one of its portfolio companies, took that route in August. No evidence surfaced that Black had done anything illegal. “We’ve actually made our most money during recessions,” he says, growing agitated. Lawyers combed through internal emails and other documents to ensure that Epstein hadn’t invested in Apollo funds. A higher proportion of blackstone 's investments will be in traditional private equity fund, which opened. 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