Sep 9, 2022 - Economy & Business
Apollo vet Josh Harris launches new Wall Street firm
Josh Harris, the Apollo Global Management co-founder who also owns several pro sports clubs, on Friday launched a new alternative asset management firm called 26North.
Backstory: Harris stepped down from day-to-day management at Apollo in 2021, after losing a power struggle tied to a relationship between fellow Apollo co-founder Leon Black and Jeffrey Epstein.
- Harris tried to push out Black earlier than Black wanted to go, and Black ultimately got to pick his successor — Marc Rowen, Apollo's third co-founder. Black later sued Harris for allegedly conspiring to ruin his reputation, but the case was thrown out by a judge.
- Harris formally left Apollo's board and executive committee earlier this year, upon the completion of its merger with insurer Athene. Since then he's been investing out of a family office, and maintaining part ownership of the Philadelphia 76ers and the New Jersey Devils (via the Harris Blitzer Sports & Entertainment Group).
Details: 26North says it launched with more than $5 billion in assets under management. Its private equity business will be led by Mark Weinberg (Brookfield Asset Management) while its private credit unit will be led by Brendan McGovern (Goldman Sachs).
- Other execs include Lance West (ex-Centerbridge, Goldman), Evan Zemsky (Apollo), Tina Raja (Blackstone) and Cole Charnas (Security Benefit Life).
Go deeper: Wall Street's billionaire soap opera gets messier