Thursday, 25 December 2014
Last updated 1 day ago
Aug 13 2008 | 12:02pm ET
Private equity giant Apollo Global Management is painting a bleak picture for its would-be investors in advance of its initial public offering.
The New York firm posted a $96.4 million net first-quarter loss as unrealized losses increased and realized gains decreased, it said in a Securities and Exchange Commission filing. Revenue sank 88% to $15.5 million during the quarter.
Apollo plans to go public later this year, listing its shares—which were offered privately last year—on the New York Stock Exchange later this year. The firm’s new plans show it will list 25% more shares than originally expected, 37.3 million.
Apollo shares have fallen by more than 40% since they sold for $24 each last year.
The firm also said its latest fund, Fund VII, has raised more than $14 billion, “investing primarily in senior and subordinated debt securities” as the market for private equity deals has evaporated. Apollo has also formed a joint-venture with investment bank Lazard, seeking p.e. deals in Europe.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.