Sunday, 24 May 2015
Last updated 1 day ago
Nov 8 2007 | 7:46am ET
Another top U.S. private equity firm has sold a stake to a foreign government, with Apollo Management’s announcement yesterday that the Abu Dhabi Investment Authority had bought 9% of the firm.
Founder Leon Black announced the sale at a conference in New York. The firm has been in talked with the ADIA since at least the summer.
Apollo is the second private equity. firm to sell a stake to Abu Dhabi, one of the seven emirates in the United Arab Emirates, in the last three months. In September, the Carlyle Group sold 7.5% to the Abu Dhabi government for $1.35 billion. Carlyle has also sold a stake to the Mubadala Development Corp. in Abu Dhabi.
Other firms selling themselves abroad include the Blackstone Group, which sold a 10% stake to a Chinese government investment fund in June for $3 billion, and hedge fund Och-Ziff Capital Management, which has agreed to sell a 9.9% stake to Dubai International Capital for $12.5 billion.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…