Private equity firms frustrated over long-delayed plans to sell companies in their portfolios are bunkering down for an even longer wait. Buyout executives who a month ago were cheering second-quarter market gains as an opportunity to take their investments public are now worrying that the market turmoil of August could delay their exit plans. "It seems as though we are talking about events that took place a lifetime ago," Apollo Global Management (APO.N) President Marc Spilker told investors on Wednesday as he discussed the company's second-quarter earnings. Private equity firms, which make leveraged investments in companies in hopes of selling them relatively quickly to other companies or to the public, have been playing a much longer waiting game than anticipated since the 2008 financial crisis.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO remained unchanged at $13.28. In the past year, the shares have traded as low as $12.75 and as high as $19.00. On average, 319228 shares of APO exchange hands on a given day and today's volume is recorded at 0.
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