Apollo’s Kleinman passes PE reins to Nord, Sambur

Senior partners Matt Nord and David Sambur will lead the firm’s $77bn private equity business.

Apollo Global Management has named Matt Nord and David Sambur as co-heads of private equity replacing Scott Kleinman.

Matthew Nord, Apollo
Matt Nord

The pair will lead day-to-day operations of the firm’s $77 billion private equity business and oversee a team of about 30 partners.

Kleinman, who was appointed lead partner for private equity early last year, will step down from his role and continue as co-president of the firm, according to a statement. Kleinman joined Apollo in 1996 and played a “critical role in driving the growth of our private equity business while maintaining a best-in-class investment track record”, Apollo co-founder Josh Harris said in a statement announcing his promotion at the time.

The Wall Street Journal first reported on Nord and Sambur’s appointments.

Nord and Sambur, senior partners at Apollo since 2003 and 2004, respectively, have been at the helm of numerous private equity transactions during their tenure at the firm across an array of industries.

David Sambur, Apollo
David Sambur

“They have also been very involved in the day to day operations of Apollo’s flagship private equity business and have established themselves as leaders from a strategy and culture standpoint,” Apollo’s co-presidents Kleinman and James Zelter said in a statement.

Nord serves as a director in several of the firm’s portfolio companies including business process automation company Exela Technogies and security company ADT.

Sambur serves on the boards of directors of Caesars Entertainment Corporation, Rackspace and Redbox Automated Retail, among others.

Before Apollo, Nord and Sambur both worked in the investment banking division of Salomon Smith Barney.

Apollo is deploying its latest private equity fund, Fund IX, which gathered $24.7 billion of commitments in 2017 – the second largest private equity fund after Blackstone Capital Partners VIII, according to PEI data.