Apollo Management Sells Stake To Abu Dhabi

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.


In Depth

Debunking Conventional Investment Wisdom

Feb 8 2017 | 3:22pm ET

Due diligence in the hedge fund world has long involved some combination of the...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Future of Private Equity: New Opportunities, New Challenges

Feb 3 2017 | 6:41pm ET

The private equity industry’s astonishing rebound since the financial crisis has...

 

From the current issue of