Who Owns Apollo Global Management

So, I was at this fancy schmancy Wall Street event the other day, sipping my overpriced coffee, when I overheard a bunch of suits talking about Apollo Global Management. One of them, let's call him "Bond" because he had that whole 007 vibe going on, said something that got my ears perking up. He said, "You know, most people think they own a piece of Apollo, but they don't. It's a bit of a mystery, really." I was intrigued. I mean, who doesn't love a good mystery, right? So, I decided to dive in and find out who really owns Apollo Global Management.

Let's Start at the Beginning

Apollo Global Management was founded in 1990 by a group of guys who had worked together at Drexel Burnham Lambert. You might remember them, they were the ones who pioneered the leveraged buyout (LBO) boom in the 1980s. The founders were Leon Black, Joshua Harris, and Marc Rowan. They started Apollo with a bang, raising a whopping $285 million for their first fund.

Now, you might think that these guys still own the majority of Apollo, but you'd be wrong. Well, sort of. Let me explain.

Publicly Traded, Privately Owned

Apollo went public in 2011, which means it's listed on the New York Stock Exchange (NYSE) under the ticker symbol 'APO'. This is where things get a bit tricky. When a company goes public, it sells shares to the public, and in return, it gets cash. But here's the thing, Apollo didn't sell all of its shares. It kept some for itself. This is what's called a 'dual-class' structure.

So, while Apollo is publicly traded, it's still privately owned. Let me put it this way, it's like having a big, fancy house (Apollo) that you've decided to rent out some rooms (sell shares) to make some extra cash. But you still own the house, and you can do whatever you want with it.

Meet the Owners

Now, let's talk about who actually owns this fancy house. As of 2021, the three founders still own a significant chunk of Apollo. Leon Black, the co-founder and former CEO, owns around 23%. Joshua Harris, the co-founder and former co-CEO, owns around 16%. Marc Rowan, the current CEO, owns around 15%.

But here's where it gets interesting. The rest of Apollo is owned by its funds and their limited partners. These are the people who invest in Apollo's funds, hoping to make a profit. They're the ones who think they own a piece of Apollo, but they don't, not really. They own a piece of the fund, which owns a piece of Apollo. It's like owning a piece of a puzzle that's part of a bigger puzzle. Confusing, right?

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Why Does It Matter?

You might be wondering why any of this matters. Well, it matters because it affects who's in charge and how the company is run. With the dual-class structure, the founders have more control over Apollo than the public shareholders. This can be a good thing or a bad thing, depending on who you ask.

On one hand, the founders know Apollo inside and out. They've been there since the beginning, and they've got a lot of skin in the game. On the other hand, some people argue that this structure can lead to a lack of accountability. After all, the founders don't have to worry about pleasing the public shareholders because they own most of the company.

So, Who Really Owns Apollo?

In the end, it's a bit of a mix. The founders own a significant chunk, but the rest is owned by the funds and their limited partners. It's a bit like a big, complicated family tree. But remember, just because you own a piece of the puzzle, doesn't mean you own the whole picture.

And there you have it, folks. The mystery of who owns Apollo Global Management, solved. Well, sort of. It's still a bit of a puzzle, isn't it? But that's the thing about the world of finance, it's always full of surprises.