Marc Rowan Net Worth: $6.5 Billion
Category: Richest Business › Richest Billionaires
Birthdate: August 1962 (61 years old)
What is Marc Rowan’s Net Worth?
Marc Rowan is an American businessman with a net worth of $6.5 billion. He co-founded Apollo Global Management, a private equity firm with over $500 billion in assets under management. Marc owns 6.1% of Apollo’s common equity and has received at least $1.5 billion in cash distributions from share sales, dividends, and profit participation. In June 2021, he succeeded his co-founder Leon Black as CEO of Apollo.
Early Life and Education
Marc Rowan was born on August 19, 1962. He graduated summa cum laude with a BS and MBA in business administration from the University of Pennsylvania’s Wharton School.
Drexel Burnham Lambert
After graduating, Marc began his career working for the Mergers & Acquisitions Group of Drexel Burnham Lambert in New York City and Los Angeles. During 1989-1990, Drexel Burnham collapsed under the weight of its “junk bond” empire, leading to several executives, including Michael Milken, going to jail.
Apollo Global Management
In 1990, Marc teamed up with his former Drexel colleagues Joshua Harris, Antony Ressler, and Leon Black to found Apollo Global Management. Apollo has grown to manage over $500 billion in assets, investing in various asset classes, including private equity, credit, real estate, and infrastructure.
Key Acquisitions
- ADT Security Services
- Barnes & Noble
- CareerBuilder
- Cox Media Group
- Intrado
- Legendary Entertainment
- Rackspace
- Redbox
- Shutterfly
- Sirius Satellite Radio
- Qdoba
- Smart & Final
- University of Phoenix
- Yahoo Inc.
Growth and Public Offering
Apollo’s AUM grew from $10 billion in 1999 to $512.8 billion in 2022, driven by strong investment performance, expansion into new asset classes, and acquisitions of other investment firms. Apollo went public in 2011, trading on the New York Stock Exchange under the ticker symbol “APO.”
Business Strategy
Apollo operates by acquiring distressed businesses, fixing them, and selling them for profit, known as the “distressed-to-control” or “loan-to-own” strategy. The firm’s operations are divided into three business segments: Credit, Private Equity, and Real Assets.
Notable Acquisitions
- In 2008, acquired real estate investment trust (REIT) Innkeepers USA Trust for $1.5 billion.
- In 2013, bought McGraw-Hill Education for $2.5 billion and sold it to private equity firm Platinum Equity in 2020.
- Acquired ADT in 2016 and merged it with Protection 1, expanding its reach in the security sector.
Personal Life
Marc Rowan is married to Carolyn Pieva. In 2012, they sold an oceanfront mansion in Southampton for $28.5 million and bought a Manhattan co-op for $26 million. In 2018, Marc donated $50 million to his alma mater, the Wharton School.
Summary
Marc Rowan’s net worth of $6.5 billion reflects his success as a co-founder of Apollo Global Management and his significant contributions to the private equity industry. His leadership has driven Apollo’s growth and expansion into various asset classes. Beyond his business achievements, Rowan is also known for his philanthropy, particularly his substantial donation to the Wharton School.
