- Al Bello/Getty Images
Forbes’ Richest Americans list showcases dozens of private equity execs who have made billions doing leveraged buyouts.
But six men from two private equity firms share one common distinction.
Apollo Global Management and Carlyle Group management split the bill as the top two private equity firms on Forbes’ Richest Americans list in this year’s update.
Both companies made their public market debuts several years back, helping elevate people like Josh Harris, David Rubenstein and Leon Black into the upper echelons of the rich list.
Other private equity operations, like KKR, Blackstone Group and Oaktree Capital, each have two founders on the Forbes list. There are several firms that also have one executive on the list, including Providence Equity, Platinum Equity and Vista Equity Partners.
Leon Black has helped make his co-founders at Apollo Global billionaires
- Courtesy of Apollo Group
Apollo Global shares performed well for a period after the private equity firm’s market debut, but over the last 12 months, shares have lost about 25% of their value. It won’t matter all that much to Apollo co-founder Leon Black, who, at #94 on the Forbes list is worth nearly $5 billion. Like other Wall Street legends, Black has made some big plays in the art market – notably, with a purchase a few years back of Edvard Munch’s ‘The Scream.’
Joshua Harris of Apollo Global
Apollo Global co-founder Joshua Harris has a hand in not one, but two, professional sports franchises. For Harris, it’s been a dream come true. Like a true PE pro, he bought in at a deep discount, taking stakes in Philadelphia 76ers and the New Jersey Devils. Harris ranks #268 on Forbes’ list.
Marc Rowan has put in work on one of Apollo’s toughest assignments
- Kevork Djansezian/Reuters
Apollo Global’s Marc Rowan rounds out the trio making the Forbes cut, at #279. With $2.4 billion, the investor has launched his own family office in part thanks to his exiting Apollo Global stock in recent years. He’s also had his work cut out for him: Rowan is the lone director from Apollo listed on the private equity buyout catastrophe that is Caesars’ Entertainment, which has been a huge money-loser for the firm.
Carlyle Group co-founder David Rubenstein makes the grade at #256 on Forbes’ list
The Carlyle Group went public in 2012, taking its place in public markets alongside firms like Apollo Global and KKR – both of which were earning a reputation for taking on big bets with oodles of leverage. But David Rubenstein and his firm went the other way, taking on investments out of the public eye. Over the last 12 months Carlyle stock has been dinged by a combination of turbulent markets and its decision to shut down faltering funds. Rubenstein’s riches aren’t down much, but he is down from #190 in 2014 on Forbes’ list.
Dan D’Aniello is among three billionaires minted by the Carlyle Group
The Carlyle Group, just like Apollo, churned out three billionaires since its 1987 founding. Dan D’Aniello was one of them. D’Aniello joined founders David Rubenstein and Bill Conway after a number of corporate stints at places including Marriott and Pepsi.
William “Bill” Conway, co-founder of the Carlyle Group
- William E Conway CEO of Carlyle Group, Julian Robertson Tiger Management
There are three Carlyle Group co-founders on the Forbes Richest Americans list and they all share the same rank: #256. Conway, Rubenstein and D’Aniello are very closely tied by their respective equity shares in the private equity firm. Earlier this year, D’Aniello and Conway took advantage of the opportunity to take some profits, and sold some of their stake in the private equity firm.