Leon Black
Encyclopedia
Leon David Black is an American businessman and money manager, with a focus on leveraged buyout
s and private equity
. He is a son of Eli M. Black
(1921–1975), a prominent businessman who controlled the United Brands Company and committed suicide when caught paying bribes to the President of Honduras. Leon founded the private equity firm Apollo Management
in 1990, which today manages in excess of $US20 billion.
From 1977 to 1990 Leon Black was employed by investment bank Drexel Burnham Lambert
, where he served as managing director, head of the Mergers & Acquisitions Group, and co-head of the Corporate Finance
Department. His estimated net worth as of 2011 of $3.5 billion, after rebounding from its drop to $1 billion in the market crash of 2008, as Apollo shares and other holdings plummeted in value.
Black received an AB
from Dartmouth College
in 1973, and currently serves on the Board of Trustees of Dartmouth College. He received an MBA
from Harvard University
in 1975. He is married and has four children.
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
s and private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
. He is a son of Eli M. Black
Eli M. Black
E. M. Black was a Jewish-American businessman who controlled the United Brands Company. His son, Leon Black, is a founding member of private equity firm Apollo Management.-Early life:...
(1921–1975), a prominent businessman who controlled the United Brands Company and committed suicide when caught paying bribes to the President of Honduras. Leon founded the private equity firm Apollo Management
Apollo Management
Apollo Global Management, LLC is a private equity investment firm, founded in 1990 by former Drexel Burnham Lambert banker Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations and industry...
in 1990, which today manages in excess of $US20 billion.
From 1977 to 1990 Leon Black was employed by investment bank Drexel Burnham Lambert
Drexel Burnham Lambert
Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was forced into bankruptcy in February 1990 by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. At its height, it was the...
, where he served as managing director, head of the Mergers & Acquisitions Group, and co-head of the Corporate Finance
Corporate finance
Corporate finance is the area of finance dealing with monetary decisions that business enterprises make and the tools and analysis used to make these decisions. The primary goal of corporate finance is to maximize shareholder value while managing the firm's financial risks...
Department. His estimated net worth as of 2011 of $3.5 billion, after rebounding from its drop to $1 billion in the market crash of 2008, as Apollo shares and other holdings plummeted in value.
Black received an AB
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
from Dartmouth College
Dartmouth College
Dartmouth College is a private, Ivy League university in Hanover, New Hampshire, United States. The institution comprises a liberal arts college, Dartmouth Medical School, Thayer School of Engineering, and the Tuck School of Business, as well as 19 graduate programs in the arts and sciences...
in 1973, and currently serves on the Board of Trustees of Dartmouth College. He received an MBA
Master of Business Administration
The Master of Business Administration is a :master's degree in business administration, which attracts people from a wide range of academic disciplines. The MBA designation originated in the United States, emerging from the late 19th century as the country industrialized and companies sought out...
from Harvard University
Harvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
in 1975. He is married and has four children.
See also
- Apollo ManagementApollo ManagementApollo Global Management, LLC is a private equity investment firm, founded in 1990 by former Drexel Burnham Lambert banker Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations and industry...
- History of private equity and venture capitalHistory of private equity and venture capitalThe history of private equity and venture capital and the development of these asset classes has occurred through a series of boom and bust cycles since the middle of the 20th century. Within the broader private equity industry, two distinct sub-industries, leveraged buyouts and venture capital...
- Private equityPrivate equityPrivate equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
- Leveraged buyoutLeveraged buyoutA leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
External links
- Forbes.com profile
- Deal Maker’s 3-Day Tally: $37 Billion (New York Times, 2006)
- Billionaire Leon Black a tough negiotiator
- Rumor: Leon Black to take Apollo public
- Business People; Taking Tyco's View (New York Times, 2004)