The recently retired co-head of investment management for Goldman Sachs, Marc Spilker, has been named Apollo Global Mangement’s first-ever president. The group is also believed to be raising a number of vehicles, including a $1 billion hybrid commingled/co-investment fund, primarily targeting the US; a CMBS fund, which has raised $107 million of equity commitments to date, according to SEC filings; and a $500 million opportunity fund focused on Asia.
Spilker, 46, spent the bulk of his career at Goldman, where for 20 years he co-led the bank’s $1 trillion investment management division. He retired from the role this past May.
Aside from help running “the day to day operations of Apollo”, Spilker’s responsibilities will also include sitting on Apollo’s five-member executive committee, according to a statement. The board includes chief executive officer Leon Black and recently appointed chief operating officer Henry Silverman, a former Blackstone partner who joined in early 2009.
Apollo has been steadily strengthening its management team as it prepares for a public listing on the New York Stock Exchange. In July, the firm appointed Gene Donnelly, a veteran executive at PricewaterhouseCoopers, as chief financial officer.
It has also significantly strengthened its real estate group since launching the platform in August 2008 with the appointment of ex-Citi Property Investors' president Joseph Azrack.
Since that time, Apollo Global Real Estate has hired a raft of professionals, and last month officially closed on its deal to take over the CPI platform following a fierce bidding process that saw the New York-based firm fight off competition from Macquarie Capital, ING Real Estate Investment Management and Northwood Investors, among others. In February, Apollo Global Real Estate also took over Grant Kelley's start-up firm, Holdfast Capital, following his spin-out from Colony Capital.
Other firms have undergone a similar institutionalisation process ahead of a public listing. For example Kohlberg Kravis Roberts notably restructured some of its operations and made a number of hires and in-house promotions preceding its July listing on the NYSE. KKR is also actively sourcing real estate professionals to lead its foray into the asset class, with sources telling PERE the private equity shop is in the final bidding for the acquisition of the ING REIM platform, currently up for sale by its parent, ING Group.
The group is also believed to be raising a number of vehicles, including a $1 billion hybrid commingled/co-investment fund, primarily targeting the US; a CMBS fund, which has raised $107 million of equity commitments to date, according to SEC filings; and a $500 million opportunity fund focused on Asia.