Investors in Apollo Global Management should take note: Co-founder Josh Harris just called the top.
Apollo Global Management LLC co-founder Josh Harris sold part of his stake in the alternative asset giant for about $153 million.
Harris, 53, is one of a trio of billionaires who in 1990 founded New York-based Apollo, which oversees about $250 billion in private equity, credit and real estate assets. Apollo shares gained 85% last year, soundly beating the S&P 500.
Co-founder and Chief Executive Officer Leon Black, a 22.8 percent owner, hasn’t sold any of his shares. Marc Rowan, who owned the same size stake as Harris at the time of Apollo’s initial public offering, has shaved his holdings to 10.5 percent since the March 2011 offering.
Fortunately, even if the market continues to slide, Harris is diversified: He's the principal owner of the New Jersey Devils and the Philadelphia 76ers - as well as owning a minority stake in the Crystal Palace English Premier League team.