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

FINtech Focus: Fundbase Aims To Revolutionize Access To Hedge Funds

Jan 23 2015 | 11:03am ET

Global investment in financial technology—also known as fintech—is booming....

Lifestyle

Hedge Fund Billionaires Prepare Their Bunkers

Jan 27 2015 | 8:57am ET

If income equality ever leads to insurrection, the world's wealthiest hedge fund...

Guest Contributor

From Switzerland With Love: Some Hard Truths About Central Banks And Risk

Jan 23 2015 | 7:54am ET

In the wake of the Swiss National Bank uncoupling the country’s currency from...

 

Editor's Note