New boss: Apollo co-founder Mark Rowan (pictured with his wife)
Apollo Global posted its second quarterly loss in a row as rising interest rates dented the value of its assets.
The US private equity giant reported a loss of £1.7billion in the second quarter of 2022, wider than a £715million loss in the previous quarter and down from a £534million profit in the same period a year ago.
The firm also said that by July it had raised £10.7billion for a new flagship buyout fund, more than half of the £20.6billion it is aiming to amass by the end of the year.
The fundraising was key for Apollo as it tries to draw a line under the departure last March of its co-founder Leon Black, who left due to his association with the convicted sex offender Jeffrey Epstein.
Fellow co-founder Joshua Harris also left after he was passed over as Black’s replacement as chief executive by another co-founder Mark Rowan.
