Apollo World posts second quarterly loss in a row: US personal fairness big raises £10.7bn for brand new flagship buyout fund
New boss: Apollo co-founder Mark Rowan (pictured together with his spouse)
Apollo World posted its second quarterly loss in a row as rising rates of interest dented the worth of its property.
The US personal fairness big reported a lack of £1.7billion within the second quarter of 2022, wider than a £715million loss within the earlier quarter and down from a £534million revenue in the identical interval a yr in the past.
The agency additionally stated that by July it had raised £10.7billion for a brand new flagship buyout fund, greater than half of the £20.6billion it’s aiming to amass by the tip of the yr.
The fundraising was key for Apollo because it tries to attract a line beneath the departure final March of its co-founder Leon Black, who left attributable to his affiliation with the convicted intercourse offender Jeffrey Epstein.
Fellow co-founder Joshua Harris additionally left after he was handed over as Black’s substitute as chief government by one other co-founder Mark Rowan.
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