Apollo World Administration employed BlackRock veteran Rick Moreno to bolster the buyout big’s U.S. workforce focusing on funding companies for the ultra-rich.
Moreno lately joined Apollo to steer its West Coast household workplace protection and will likely be primarily based in each the San Francisco and Los Angeles areas, an Apollo spokesperson mentioned. He labored at BlackRock for greater than a decade in complete and was most lately a managing director on the world’s largest asset supervisor.
A consultant for New York-based BlackRock declined to remark.
Personal fairness companies are more and more trying exterior their conventional institutional-investor base resembling pension funds and endowments for sources of capital amid a troublesome fundraising surroundings. Blackstone and KKR & Co. are additionally constructing items to give attention to the world’s wealthy.
On the similar time, demand for personal property is booming amongst household workplaces, the usually discreet managers for the monetary affairs of the rich that surged in quantity over the previous 20 years. BlackRock mentioned lately buyers together with household workplaces are set to spice up allocations to non-public fairness and personal credit score this yr regardless of recession fears and rising rates of interest.
Apollo started constructing its household workplace workforce after hiring Brian Feurtado final yr from BlackRock and has since assembled a roughly 10-person unit with plans to extend that quantity sooner or later.
The West Coast is a significant hub for US household workplaces with California ranked because the second-most standard location for such companies after New York, in response to a 2023 report from KPMG and recruitment agency Agreus Group. Bayshore World, the household workplace of Alphabet founder Sergey Brin, relies in Palo Alto, whereas San Francisco-based Medley Companions manages the private wealth of Renaissance Applied sciences founder Jim Simons and his household.
Moreno began his profession at Accenture and likewise labored at Salomon Brothers for greater than a decade, in response to his LinkedIn profile. He first joined BlackRock within the early 2000s and left in 2012 to grow to be a director at KKR. He re-joined the asset supervisor in 2021.