Private equity has generated dozens of billionaires — but these firms seem to do it best (APO, KKR, OAK, AAPL, CG)

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

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

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.

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