Apollo Lays Out IPO Plan

Mar 23 2010 | 3:36am ET

Two years after it first filed plans for an initial public offering, private equity firm Apollo Management yesterday said it planned to raise about $50 million in a listing on the New York Stock Exchange.

Apollo first publicly mulled an IPO in 2007, the year both the Blackstone Group and Fortress Investment Group went public. The New York-based firm, which manages more than $53 billion, instead went with a private offering that year.

Those shares will now be moved to the NYSE, although Apollo did not set a timetable for the IPO in its statement. The non-management shares currently trade on a Goldman Sachs platform for unregistered securities. Those 35.6 million shares currently trade at about $8.

According to the firm, neither its own employees nor its strategic investors will take part in the public offering. It also said it would not receive any proceeds from the sale of Class A shares by selling shareholders.

Apollo’s filing with the Securities and Exchange Commission also offers a peak into its inner workings. Firm founder Leon Black earned $100,000 in salary last year and $787,391 in total compensation. Its highest-paid employee was James Zelter, managing director of capital markets, who earned $12.1 million in total compensation. Former CFO Kenneth Vecchione, who left the firm in January, made $2.9 million. Chief legal officer John Suydam took home $3.7 million, while chief operating officer Henry Silverman earned almost $7 million.

In Depth

Financial Industry Blockchain Consortium R3 To Open-Source Platform Code

Oct 20 2016 | 9:03pm ET

Bitcoin's blockchain technology has spawned a flurry of activity among fintech startups...


U.S. Trust's Beard: The Rapid Growth of the Art Lending Industry

Oct 7 2016 | 10:55pm ET

Alternative investment managers have emerged as some of the most significant art...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...