Tuesday, 4 August 2015
Last updated 27 min 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…