Apollo Global posts second quarterly loss in a row:

Apollo Global posted its second quarterly loss in a row as rising rates of interest dented the worth of its property.

The US personal fairness large reported a lack of £1.7billion within the second quarter of 2022, wider than a £715million loss within the earlier quarter and down from a £534million revenue in the identical interval a 12 months in the past.

The agency additionally mentioned that by July it had raised £10.7billion for a brand new flagship buyout fund, greater than half of the £20.6billion it’s aiming to amass by the top of the 12 months. 

The fundraising was key for Apollo because it tries to attract a line below the departure final March of its co-founder Leon Black, who left resulting from his affiliation with the convicted intercourse offender Jeffrey Epstein.

Fellow co-founder Joshua Harris additionally left after he was handed over as Black’s substitute as chief government by one other co-founder Mark Rowan.