Apollo founder looking at $3B stake

Leon Black, Apollo Management’s founder, could hold a stake worth $3 billion once the private equity firm sells part of itself to investors, the New York Post reported. Mr. Black will own 28% of the New York-based firm once Apollo sells shares through a 144A private placement, which will allow institutional investors to purchase securities on a private market run by Goldman Sachs, the Post said, citing a confidential document. Mr. Black and co-founders Josh Harris and Marc Rowan have already picked up $1.2 billion after selling an 18% stake to the California Public Employees Retirement System and the Abu Dhabi Investment Authority, according to the Post. Messrs. Rowan and Harris will each own 18 % of the firm after the offering, the Post said. Currently, Apollo is raising a $15 billion buyout fund to help put together $44 billion in assets under management through the next six months.