Finance

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

© Reuters. FILE PHOTO: Joshua Harris, Co-Founder and a member of the Board of Directors at Apollo Global Management, LLC, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Lucy Nicholson

(Reuters) – Joshua Harris, co-founder of private equity firm Apollo Global Management (NYSE:) Inc, is looking to raise his own fund, Bloomberg News reported on Tuesday, citing people familiar with the matter.

Harris, who founded Apollo along with Leon Black and Marc Rowan in 1990, will step down from his day-to-day role at the firm when its merger with annuities provider Athene Holding (NYSE:) Ltd closes next year, Apollo said in May.

Harris told Bloomberg through a spokesperson statement that he is “not fundraising”, has “no other specific plans” and will remain focused on his work at Apollo.

The report said Harris has met with recruiting agencies to help him start building a team for the fund, which will focus on middle-market deals and is likely to have a target of $5 billion. https://bloom.bg/3yVYrYC

Apollo declined to comment on the report.

Harris’ decision to step down from Apollo came amid a series of governance changes that were triggered by Black vacating his positions at the company, after a law firm report revealed he had ties to late financier and convicted sex offender Jeffrey Epstein.

Black was cleared of all wrongdoing, but he relinquished his chief executive officer post to Rowan, passing over Harris, who was expected to take the top job.

Harris will remain on Apollo’s board of directors.

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