Rumor: Leon Black to take Apollo public
There has been a lot of speculation about the next alternative investment player to follow the Blackstone Group to the public markets. The New York Post reports that Apollo Management has been working with JPMorgan and Goldman Sachs for several months to finalize plans for an initial public offering in the U.S. Some think a filing could be forthcoming. Apollo operates two publicly-traded investment funds; this IPO would let public investors benefit from those fees. Rumors of a new deal have swirled after people noticed that JPMorgan and Goldman Sachs were not included as underwriters for the Blackstone deal. Apollo isn't as large as Blackstone, but it enjoys a fine reputation. Black formed the firm with three others: John Hannan, Josh Harris and Marc Rowan. They all stand to do well.
- here's the article in the New York Post