Apollo Global Management’s Leon Black made more in 2013 than any other private-equity manager, more than doubling his pay from 2012.
Black took home $546.3 million in compensation, dividends and investment gains last year, Apollo said yesterday. That’s 17% more than Blackstone Group’s Stephen Schwarzman, who earned $465.4 million.
Black wasn’t the only Apollo executive to rake it in last year: co-founders Joshua Harris and Marc Rowan collected $396.7 million and $365.8 million, respectively. The trio’s haul totaled nearly $1.2 billion.
Black, Harris and Rowan took advantage of rising markets to cash out of investments last year; Black said the firm was selling “everything that’s not nailed down.” And he wasn’t the only one: The nine top executives at Apollo, Blackstone, the Carlyle Group and Kohlberg Kravis Roberts split more than $2.6 billion in 2013, more than twice their total from 2012.