Scott attended the College of Charleston and also holds an associate's Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. And as that company grows, you would see how quickly investors might find it attractive not only do you have the tax deferral from your initial tax burden, but as your company starts to grow in that zone, that growth is capital gains tax free during those first 10 years of your growth. We sought to build this transformational platform to meet what we view as an underserved need in the climate finance marketplace for both investors and industry participants.. The idea for Opportunity Zones initially came from the Economic Initiative Group, a D.C. think tank set up by Sean Parker, the tech billionaire who co-founded Napster and served as the first president of Facebook. He received his undergraduate degree from the University of Pennsylvania and an undergraduate degree from The Wharton School of the University of Pennsylvania. 1 This figure reflects a combination of equity commitments and anticipated pro forma leverage.2 Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) purchase price on the settlement date for private non-traded debt; (ii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iii) total capital organized on the settlement date for syndicated debt; and (iv) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.3 Midpoint of low-end and high-end estimated energy and infrastructure spend required to achieve net zero over the next 30 years per BloombergNEF, July 2021. website at www.sec.gov. Mr. Kelly joined Apollo in 2012 and serves as Chief Financial Officer of Apollo Global Management, Inc. Mr. Kelly also served as Chief Financial Officer of Apollo Asset Management, Inc. from September 2012 through February 2022 and Co-Chief Operating Officer of Apollo Asset Management, Inc. from January 2019 through December 2021. This press release does not constitute an offer of any Apollo fund. I think a realistic estimate in the first few years would be about $100 billion. And some progressives worry that programs like Scotts can turn into boondoggles that give tax breaks to wealthy investors without doing much for the places theyre supposed to help. Prior to joining Apollo, Mr. Kleinman was a member of the Investment Banking division at Smith Barney Inc. businesses. Scott: Im a young fellow. forward-looking statements are based on management's beliefs, as well as So the truth is that well probably see more opportunities in rural America than weve ever seen before, as people have the chance to pick and choose their site and then their jobs. Pamela Joyner serves as an independent director and a member of the nominating and corporate governance committee of our board of directors. I am certainly an advocate of the free market, without any question, Scott told me in an interview. Most recently he sold 200 units of APO stock worth $10,418 on 19 February 2021. Apollo Global Management, LLC (together with its consolidated ability to manage our growth, fund performance, changes in our Mr. Swann currently serves on the boards of directors of Evoqua Water Technologies and American Homes 4 Rent, and has previously served on the boards of a number of publicly-traded, privately-held and non-profit entities, such as Fluor Corporation, Caesars Entertainment Corp., Hershey Entertainment and Resorts, H.J. He helped get the provision tucked in the tax bill signed by Trump in December 2017, and along the way won the support of several Democrats. . In addition, Mr. Belardi is the founder, Chairman and Chief Executive Officer of ISG, AHLs investment manager. They are very difficult to separate. During the early 1970s, Alex was instrumental in creating the first Foreign Trade Zone in South Carolina and has owned and operated Foreign Trade Zones since 1974. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. Ben White: I wanted to start with a kind of existential question. However, my worldview, really, is oftentimes seen through the eyes of a 7-year-old kid, growing up in a single-parent household, mired in poverty, feeling hopeless, at times frustrated, realizing that there was more potential in me than I could get out.. As a principal with Quattlebaum Development Company, alongside his brother Alex, Scott Quattlebaum is involved in all aspects of the business, including contracting, construction consulting, project management and brokerage transactions. He is a member of the Duke University Board of Trustees and a board member of DUMAC, Inc., the investment management company that oversees the Duke University endowment. record. Matt and David have been at the helm of numerous successful private equity transactions during their tenure at Apollo across an array of industries, Kleiman and Zelter said in the joint statement. Mr. Clayton previously served as Non-Executive Chair of the board of directors of AAM, from March 21, 2021 through December 2021, and prior to that time, served as Lead Independent Director of the board of directors of AAM effective March 1, 2021. Ms. Joyner is an independent director of First Republic Bank, a position she has held for over 17 years. Let me give you just two real-world examples. If you're happy with cookies click proceed. Prior to 2008, Ms. Richards served as Director of Development of Saltus Grammar School from 2003 to 2008, as Chief Financial Officer of Lombard Odier Darier Hentsch (Bermuda) Limited from 2001 to 2003, and as Treasurer of Gulf Stream Financial Limited from 1999 to 2000. Before coming to Babson, she served with distinction as the 70th lieutenant governor of Massachusetts from 2003 to 2007, where she worked to lead, enact, and implement a wide range of policy and legislative initiatives for the Romney-Healey Administration. As a senior partner, he is also a member of Apollos Senior Management Zelter to serve as Co-Presidents. Mr. Scott M. Kleinman is a Co-President at Apollo Global Management, Inc. /Private Equity/, a Co-President & Director at Apollo Global Management, Inc., an Executive Chairman at Apollo Strategic Growth Capital and an Executive Chairman at Apollo Strategic Growth Capital II. The strategy launches with $4 billion in deployable capital from Apollo affiliates and strategic partners and will enable investment into a diversified global portfolio of yield and hybrid investments.1, Last year, Apollo launched its Sustainable Investing platform, which targets deploying $50 billion in clean energy and climate capital by 2027 and sees the opportunity to deploy more than $100 billion by 2030. industries where Apollo has considerable knowledge and resources. Not as young as you are, Ben, but Im a young fellow. From 2008 to 2012, Mr. Kelly was with Barclays Capital and, from 2000 to 2008, Mr. Kelly was with Lehman Brothers Holdings Inc. Director and Co-Founder, will continue with respect to Apollos This founding gift continues to support the center and its broad array of programs. There are 1 executives at Apollo Global Management Inc getting paid more, with JamesZelter having the highest compensation of $85,389,504. Higher unemployment typically leads to more government services. equity business while maintaining a best-in-class investment track of directors of Constellis Holdings, CH2M Hill Companies, Ltd., Hexion If you agree to our use of cookies, please continue to use our site. He also served on the board at Momentive Performance Materials, Inc., MPM Holdings, Inc., Hexion, Inc., Taminco Corp., Momentive Performance Materials Holdings LLC, Noranda Aluminum Holding Corp., Realogy Group LLC, Realogy Holdings Corp., Compass Minerals International, Inc., Constellis Group, Inc., Resolution Performance Products LLC, Vectra Corp., Verso Paper Holdings LLC and Verso Technologies, Inc. Scott acknowledged in our interview that, contrary to conservative orthodoxy, he does believe that government can play a role in pushing against the economic tendency for investments to cluster in certain areas while leaving others behind. It continues to increase. Scott attended the College of Charleston and also holds an associate's degree in construction project management. from the Indiana University Kelley School of Business and an MBA from Columbia University. Meisan Tameike Bldg. These statements are subject to certain risks, The estimated Net Worth of Scott Kleinman is at least $114 Million dollars as of 19 February 2021. | Raymond McCrea Jones for POLITICO. He serves on the board of directors of Apollo Global Management Inc., Athene Holding Ltd. and Athora Holding Ltd, and certain other affiliated public vehicles. Alex lives in Charleston with his wife Kimberly and sons Mac and John Henry. Mr. Kelly received a degree in Commerce, majoring in Finance and Accounting, from the University of New South Wales in 1989. We undertake no obligation to These factors should not be construed as exhaustive and should be read Alex Quattlebaum, III principal with Quattlebaum Development Company, is responsible for the day-to-day operations of running the business, which he does so alongside his brother Scott. LLCGary M. Stein, 212-822-0467Head of Corporate So high-tech manufacturing is booming from the coast to the mountains in Greenville. And the real question is, how do we break that cycle? Senior partners Matt Nord and David Sambur have been promoted to co Ms. Hormozi received a Bachelor of Arts in history from the University of Michigan and a Juris Doctor from the New York University School of Law. As of December 31, 2022, Apollo had approximately $548 billion of assets under management. From 2003 to 2005, Mr. Hes now working to bring more investment to disadvantaged communities through Opportunity Zones, a new program enacted as part of the 2017 Republican tax cut package. Today, its in the low 6 percent range. He left the Harllee-Quattlebaum Company in 1986 to pursue development work on his own, but in 1996 took over the company after the death of his uncle, renaming it Quattlebaum Development Company. Mr. Kleinman received a BA and BS from the University of Pennsylvania and the Wharton School of Business, respectively, graduating magna cum laude, Phi Beta Kappa. Prior to joining Citigroup in 1994, Mr. Zelter was Ms. Joyner served as an independent director of Apollo Asset Management, Inc.s board of directors from March 2021 through December 2021. White: taking advantage of connectivity. Ms. Bibliowicz also serves as an independent director and a member of the audit committee of Apollo Global Management, Inc.s board of directors. White: Lets just take South Carolina as an example, since its your backyard. Mr. Ducey was with Compass Minerals International, Inc., from March 2002 to May 2006, where he served in a variety of roles, including as President, Chief Executive Officer and Director prior to his retirement in May 2006. There are 17 older and 2 younger executives at Apollo Global Management Inc. non-historical statements in the discussion and analysis. Prior to mid-2018, Ms. Richards served on the board of Wyndham Worldwide, a position she held since 2006; is a director of Hamilton Insurance Group, serving on the audit and investment committees, a position she has held since 2013. Prior to joining Apollo, Mr. Kleinman was a member of the Investment Banking division at Smith Barney Inc. Mr. Kleinman serves on the board of directors of Athene Holding Ltd. What happens is, as we grow the pie, we see more folks being able to engage in finding and chasing the American dream, which is the fastest way to actually even out the recovery. Dr. Healey served as an independent director of AAMs board of directors from March 2021 through December 2021. She is a trustee emeritus of Dartmouth College, Chair Emeritus of the Tate Americas Foundation, and a trustee of the Art Institute of Chicago and J. Paul Getty Trust. Harry Lee Harllee, the great uncle of today's company principals, as Harllee Construction Company in Florence, S.C. on February 29, 2016, as such factors may be updated from time to time Quattlebaum Development Company traces its beginnings back to 1927 when it was originally founded by Capt. Kappa. regulatory environment and tax status, the variability of our revenues, and M.A. Apollo co-president Scott Kleinman said, We believe ACT Capital is a premier financing solution for companies around the globe who require significant, flexible capital to support their energy transition efforts. In the asset management business, Apollo seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. Although management believes that In 2008, Dr. Healey was appointed by Secretary of State Condoleezza Rice as a founding member of the Executive Committee of the U.S. State Departments Public-Private Partnership for Justice Reform in Afghanistan (PJRA), a position to which she was later reappointed by Secretary of State Hillary Clinton. Were going to have a focus on the jobs of the future. During the early 70s, he was also instrumental in establishing the first Foreign Trade Zone in South Carolina and today owns two such trade zones where many Quattlebaum Development Company properties are located. Infrastructure and natural resources are key areas of investment focus for Apollo, and we believe this new leadership structure will best position these businesses for the future, Kleinman and Zelter said. Prior to joining Apollo in 2006, Mr. Zelter was with Citigroup Inc.and Mr. Clayton served as Chair of the SEC from May 2017 through December 2020. Market Data powered by Mr. Zelter is also a member of the board of directors and the executive committee of the board of directors of Apollo Global Management, Inc. Scott: Theres over $1 trillion on the sidelines in the United States that could be deployed. He is an Executive Committee member of the Civil Society Fellowship, a partnership of ADL and the Aspen Institute, designed to empower the next generation of community leaders and problem solvers. Since he started with the company, Alex, Jr., has overseen the development of industrial facilities throughout the Carolinas for the textile, paper, furniture, metalworking, woodworking, electronics and other industries. Through Athene, Apollos retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. their distinguished careers, said Mr. Black. In addition to these two appointments, Apollo announced the promotions of senior partners Olivia Wassenaar and Geoff Strong to co-leads of the firms natural resources business, which has approximately $5 billion in assets under management. She also served as an Assistant United States Attorney prosecuting high-profile complex racketeering cases in the Eastern District of New York. A lot of times, when were talking about economic opportunity and inequality, theres a tension there. Gunn, 212-822-0540Investor Relations Managerngunn@apollolp.comorFor It is not yet operational; the Treasury Department in October released proposed rules to guide investors on how to take advantage of the tax incentives. If you will make a long-term investment in one of these zones, then you can deferyou dont eliminate, but you deferyour capital gains tax for up to 10 years, or through the year 2026. On average, Scott trades about 19,608 units every 10 days since 2004. He is a member of the Board of Overseers at the University of Pennsylvania Stuart Weitzman School of Design.s. With approximately two million square feet in its inventory, Quattlebaum Development Company currently owns McQueen Park in Jedburg, Cainhoy Park and McCall Center in Charleston, Tri-County Industrial Park in Summerville and Florence Industrial Park in Florence. Walter Joseph (Jay) Clayton III serves as non-executive Chair, Chair of the executive committee and a member of the nominating and corporate governance committee of the AGM board of directors. Prior to that time, Mr. Suydam served as Chairman of the law firm OSullivan, LLP which specialized in representing private equity investors. Mr. Kleinman joined Apollo in 1996, and in 2009 he Scott, the first African-American senator from South Carolina since the end of Reconstruction, grew up in working-class poverty. In a statement on their appointments, Apollo co-presidents Scott Kleinman and James Zelter praised the pair for the breadth of their experience at Apollo, where each has worked since the early 2000s. We are thrilled to extend our long track record in this area and expand our commitment to driving a more sustainable future, recognizing the urgent need for climate capital deployment, said Apollo Co-President Scott Kleinman. 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The alternative asset manager also appointed co-heads of the natural resources and infrastructure businesses. Form 10-K filed with the Securities and Exchange Commission (the SEC) strategic leadership and investment committee decision-making. result of new information, future developments or otherwise, except as positions of Co-President will be effective as of January 1, 2018, and When he isn't doing business across the globe, he keeps himself busy with an assortment of hobbies. He is a member of AHLs executive committee and ISGs executive committee. Prior to her public service, Dr. Healey worked for more than a decade as a public policy consultant to the United States Department of Justice for Cambridge-based think tank Abt Associates. Patrick Toomey serves as an independent director of our board of directors. Previously, Mr. Simon was Vice President of Wasserstein Perella & Company from 1988 to 1990, and an Associate at First Boston Corp. from 1985 to 1988. This dedicated strategy will employ the expertise of Apollos broader sustainable investing platform, as well as the Firms long-standing sustainability ecosystem. within the meaning of Section 27A of the Securities Act of 1933, as And I will tell you that all my life Ive seen the same thing play out, and that is that theres always an uneven recovery. The most active insiders traders include Marc J Rowan, Leon D Black, and Joshua Harris. Ms. Richards currently serves as Chief Operating Officer of Trebuchet Group Holdings Limited, a position she has held since 2008. Previously, she held senior positions at Bowman Capital Management LLC and Capital Guardian Trust Company. Ms. Richards also served as a member of the Audit Committee and chair of the Corporate Governance Committee of the board of directors of Butterfield Bank from 2006 to 2013. net income and cash flow, our use of leverage to finance our businesses Mr. Kleinman was previously employed as a Founder by Kleinman Center for Energy Policy, a Member-Supervisory Board by LyondellBasell Industries NV, a Chairman by Verso Corp., a Partner by Apollo Management LP, a Principal by Smith Barney, Inc., and an Independent Director by CH2M HILL Cos. Ltd. As Co-President, he co-leads AAMs day-to-day operations including all of its revenue-generating businesses and enterprise solutions across its integrated alternative investment platform. To see how cookies are used, please review our cookie notice. Ms. Joyner is a founding partner of Avid Partners LLC, a strategic marketing consulting firm. Mr. Belardi is responsible for AHLs overall strategic direction and management and the day-to-day management of its investment portfolio. Scott spoke to POLITICO from his office in North Charleston, S.C. Development and Investor Relationship Management; Martin Kelly, Chief I think a realistic estimation, in the first few years, would be about $100 billion.. Mr. Ducey graduated from Otterbein University with a degree in Economics and an M.B.A. in finance from the University of Dayton. Prior to joining Apollo, Mr. Kleinman was a member of the Investment Banking division at Smith Barney Inc. Mr. Kleinman owns over 200 units of Apollo Global Management Inc stock worth over $82,117,639 and over the last 19 years he sold APO stock worth over $12,778,067. Prior to joining Revlon in April 2015, she was a litigation partner at two major law firms from 2011 to 2015 and served as Deputy Chief of Staff to then New York State Attorney General, Andrew Cuomo. Alex was previously on the advisory board of Trident Technical College. Prior to joining Apollo, Mr. Kleinman was a member of the Investment received a BA and BS from the University of Pennsylvania and the Wharton How do you approach this as a Republican, when the classic Republican thinking is, Just let the market decide? David Sambur, left, and Matt Nord have overseen several recent Apollo deals. the expectations reflected in these forward looking statements are Dr. Healey served as the President of Babson College from 2013-2019 and was elected President Emerita by the trustees of Babson College in 2021. The company has approximately two million square feet in its current inventory across five properties, all located in Foreign Trade Zones and in the Southeast. We are going to have to not look at cutting benefits for our current people. Market Data powered by Ms. Joyner holds a BA from Dartmouth College, an MBA from Harvard University and an Honorary Degree from Dartmouth College. Our ability to deploy capital at scale across sectors and strategies can provide attractive, diversified exposure to this generation-defining opportunity to address climate change, said Olivia Wassenaar, Apollos Head of Sustainable Investing. In that time, Ms. Joyner has served as chair of First Republic Banks investment and compensation committee, and as a member of its governance committee. Prior to joining Citigroup in 1994, Mr. Zelter was a High Yield Trader at Goldman, Sachs & Co. Mr. Zelter has significant experience in global credit markets and has overseen the broad expansion of AGMs credit platform. Scott, for his part, said he thought the program could create enormous investment within just a couple of years. Mr. Beilinson currently serves on the boards of directors of Exela Technologies and Playtika, as well as several privately held companies. Less than six months ago, it was under 6 percent. responsibility for all of Apollos revenue-generating and investing He is a member of the Board of Overseers She was previously Co-Chair of the San Francisco Ballet Association. Apollo believes these factors include but are not limited to those described under the section entitled Risk Factors in Apollo's annual report on Form 10-K filed with the Securities and Exchange Commission (the SEC) on March 1, 2023, as such factors may be updated from time to time in Apollo's periodic filings with the SEC, which are accessible on the SECs website at www.sec.gov. As long as there is need, I think the Opportunity Zone legislation provides an answer for those areas. And so you could see the development of a support company for the Boeing Corporation here in North Charleston, whether its providing paint for the planes, or rubber for the wheels, or any other aspect of the engineering for the planes, theres a ton of opportunities out there that you could see.
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