- Category:
- Richest Business › Richest Billionaires
- Net Worth:
- $6.5 Billion
- Birthdate:
- Aug, 1962 (62 years old)
What is Marc Rowan's Net Worth?
Marc Rowan is an American businessman who has a net worth of $6.5 billion. Marc Rowan earned his fortune as a co-founder of Apollo Global Management, a private equity firm that currently controls more than $500 billion in assets under management. Marc owns 6.1% of Apollo's common equity. Over the years Marc has also received at least $1.5 billion in cash distributions from share sales, dividends and profit participation.
In Jun 2021 Marc succeeded his co-founder Leon Black as CEO of Apollo.
Drexel Burnham Lambert
Marc Rowan was born on August 19, 1962 .
After he graduated summa cum laude with a BS and MBA in business administration from the University of Pennsylvania's Wharton School, Marc started his career working for the Mergers & Acquisitions Group of Drexel Burnham Lambert, in New York City and Los Angeles. Over the course of 1989-1990, Drexel Burnham collapsed under the weight of its own "junk bond" empire. In the collapse, several people from the firm went to jail including Drexel's infamous leader Michael Milken.
Speaking of his time at Drexel, Marc would recall:
"I worked directly for Dennis Levine, who went to jail. I then went to work for Marty Siegel, who also went to jail. I then moved out to California to work for Mike Milken, who also went to jail."
(Photo by Arturo Holmes/Getty Images)
Apollo Global
In 1990, Marc teamed up with his former Drexel colleagues Joshua Harris, Antony Ressler and Leon Black to found a private equity firm they named Apollo Global Management.
Fast forward to the present and Apollo controls more than $500 billion worth of assets under management. Marc, Joshua, Anthony and Leon are all multi-billionaires.
Leon Black served as CEO of Apollo until June 2021. Marc became CEO upon Black's resignation. Black resigned after it was revealed that he had paid Jeffrey Epstein $158 million for tax and estate planning advice between 2012 and 2017.
Apollo invests in a variety of asset classes, including private equity, credit, real estate, and infrastructure. Some of the firm's most notable acquisitions include ADT Security Services, Barnes & Noble, CareerBuilder, Cox Media Group, Intrado, Legendary Entertainment, Rackspace, Redbox, Shutterfly, Sirius Satellite Radio, Qdoba, Smart & Final, University of Phoenix, and Yahoo Inc.
The firm's AUM has grown significantly over the years, from $10 billion in 1999 to $512.8 billion in 2022. This growth has been driven by a number of factors, including the firm's strong investment performance, its expansion into new asset classes, and its acquisition of other investment firms.
Apollo went public in 2011, and its shares are traded on the New York Stock Exchange under the ticker symbol "APO." The firm's stock price has risen significantly since its IPO.
Apollo operates by acquiring distressed businesses, fixing them, and then selling them to turn a profit, a strategy known as "distressed-to-control" or "loan-to-own". Its operations are divided into three business segments: Credit, Private Equity, and Real Assets.
Throughout its history, Apollo has been involved in a number of notable acquisitions and sales. In 2008, it acquired the real estate investment trust (REIT) Innkeepers USA Trust for $1.5 billion. In 2013, the firm bought out the education company McGraw-Hill Education for $2.5 billion, then sold it to private equity firm Platinum Equity in 2020. Apollo also acquired ADT, a home security company, in 2016, and merged it with another security company called Protection 1, enhancing its reach in the security sector.
Personal Life
Marc Rowan is married to Carolyn Pieva.
In 2012, they sold oceanfront mansion in Southampton for $28.5 million. Around the same time they paid $26 million for a Manhattan co-op.
In 2018 Marc donated $50 million to his alma mater, the Wharton School.
