Marc Rowan, one of three billionaire founders of Apollo Global Management LLC, sold $72.8 million in shares of the private-equity firm this month, according to regulatory filings.
Rowan sold 2.9 million shares from May 12 to May 22 at $24.25 to $25.92 apiece, filings with the U.S. Securities and Exchange Commission show. The sales, along with a gift of 1.5 million shares to an undisclosed recipient reported in a filing today, lowered his stake in New York-based Apollo to about 12.6 percent from 13.7 percent.
Apollo partners were barred from selling shares in the two years following the firm’s March 2011 initial public offering, according to the company’s annual report. After March 2013, partners were able to sell as much as 7.5 percent of their interest over the following 12 months, and they are able to dispose of as much as 15 percent of their stakes before March 2015.
Chief Executive Officer Leon Black hasn’t sold any shares. Those sold and donated by Rowan were held by an estate-planning vehicle he controls, according to the filings. The 1.5 million shares were valued at about $37 million based on today’s closing price.
Apollo has fallen 22 percent this year, after gaining 82 percent in 2013 as the firm took advantage of rising stock markets to sell holdings. The company oversaw more than $159 billion in private-equity investments, credit assets and real estate as of March 31.