Apollo co-founders to swap offices

The buyout firm’s president, Joshua Harris, is relocating to London from New York while former Drexel Burnham colleague Marc Rowan makes the reverse move.

Apollo Global Management co-founders Joshua Harris and Marc Rowan will swap offices with Harris relocating from New York to London while Rowan does the opposite, confirmed an Apollo spokesman.

Apollo, led by Leon Black, is ramping up its efforts in Europe, this month announcing a non-exclusive strategic partnership with boutique investment bank Lazard Group to pursue private equity investments in Europe. Both firms will have dedicated teams based in London.

The firm is also raising a $1 billion (€675 million) debt vehicle to invest in senior bank debt and hung leveraged buyout loans. Apollo recently participated in the acquisition of approximately $13 billion in discounted leveraged loans alongside The Blackstone Group’s credit unit GSO Capital.

Apollo is also hiring real estate professionals for a new real estate operation, according to source briefed on the firm’s plans.

Harris and Rowan both received their undergraduate degrees from the University of Pennsylvania’s Wharton School of Business where Rowan also completed his MBA. Harris received his MBA from the Harvard Business School. The two were later members of the mergers & acquisitions group of Drexel Burnham, then led by Black.

Colleagues Harris, Rowan and Black departed Drexel Burnham to found New York-based buyout firm Apollo in 1990. It now has more than $40 billion under management. The firm’s seventh buyout fund is currently less than $1 billion short of its $15 billion target.

Apollo filed for an initial public offering on the New York Stock Exchange of 29.8 million shares at a yet-to-be-determined price, this month augmented to include 37.3 million shares.