Lion Advisors (or Lion Capital) was founded in 1990 to provide investment services to Credit Lyonnais and foreign institutions, seeking to profit from depressed prices in the high-yield market. Apollo raised around $400 million of investor commitments based on Leon Black's reputation as a prominent lieutenant of Michael Milken and a key player in the buyout boom of the 1980s.

Within six months after the collapse of Drexel, Apollo launched Apollo Investment Fund L.P., the first of its private-equity investment funds, formed to make investments in distressed companies. Tony Ressler, another former senior Drexel executive, was also among the firm's original members. ( leveraged buyout and the venture capital bubble)Īpollo, originally referred to as Apollo Advisors, was founded after the collapse of Drexel Burnham Lambert in 1990 by Leon Black, the former head of Drexel's mergers and acquisitions department, along with Josh Harris and Marc Rowan. AIC provides mezzanine debt, senior secured loans, and equity investments to middle-market companies, including public companies, although it historically has not invested in companies controlled by Apollo's private-equity funds.

In addition to its private funds, Apollo operates Apollo Investment Corporation (AIC), a US-domiciled publicly traded, private-equity, closed-end fund and Business Development Company. Among the most notable companies in which funds managed by the company have invested are ADT Inc., Barnes & Noble, CareerBuilder, Cox Media Group, Intrado, Legendary Entertainment, Rackspace Technology, Redbox, Shutterfly, Sirius Satellite Radio, Qdoba, Smart & Final, University of Phoenix, and Yahoo Inc. The company is headquartered in the Solow Building in New York City, with offices across North America, Europe, and Asia. Īpollo was founded in 1990 by Leon Black, Josh Harris, and Marc Rowan, former investment bankers at the defunct Drexel Burnham Lambert. The company invests money on behalf of pension funds, financial endowments, and sovereign wealth funds, as well as other institutional and individual investors. As of 2022, the company had $548 billion of assets under management, including $392 billion invested in credit, including mezzanine capital, hedge funds, non-performing loans, and collateralized loan obligations, $99 billion invested in private equity, and $46.2 billion invested in real assets, which includes real estate and infrastructure. It provides investment management and invests in credit, private equity, and real assets.

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