Apollo Global Management, the world’s second-biggest private equity firm by assets under management, has become the latest firm to implement bans on international travel for its staff due to the coronavirus pandemic, Private Equity International has learned.
The investment giant has put in place a firm-wide ban on all international travel, according to two sources with knowledge of the matter. Employees who seek exception from the travel ban need approval from the firm’s global chief financial officer, it is understood.
Apollo has 20 offices across the globe.
A spokesman for Apollo declined to comment.
The moves comes as President Donald Trump said on Wednesday the US will suspend travel from the EU’s Schengen area in an attempt to curb the spread of covid-19.
HarbourVest Partners and Carlyle Group are restricted from non-essential business travel until further notice, spokespersons from the firms confirmed to PEI. Blackstone is restricting non-essential travel to high-risk countries as defined by the CDC, according to a source familiar with the matter.
Bain Capital as of Wednesday had shut its London office until further notice after an employee tested positive for the virus, according to a source familiar with the matter. KKR also closed its London office on Monday after an employee tested positive for the virus, according to a spokesman for the firm.
The outbreak has required the industry to alter its daily routines and travel plans and postpone meetings and events. Many private equity firms have moved to virtual meetings to accommodate investors as the confirmed cases of coronavirus escalate, as reported by sister title Buyouts Insider.
Blackstone warned in a regulatory filing this month that the virus “presents material uncertainty and risk with respect to our and our funds’ performance and financial results”. It also noted that the the “outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown”.
The World Health Organisation on Wednesday declared the outbreak of the coronavirus as a pandemic, pointing to the more than 118,000 cases in over 110 countries and territories around the world and the sustained risk of further global spread.