Apollo Global Management’s president Marc Spilker has stepped down and will no longer sit on the firm’s executive committee, according to a statement from the firm. His future plans are unclear.
Apollo declined to comment, however a source familiar with the situation told Private Equity International there is no search underway for his replacement.
Spilker will remain a senior advisor to the firm for the rest of 2014. Apollo’s executive committee, which consists of chairman and chief executive officer Leon Black and senior managing directors Josh Harris and Marc Rowan, will continue running the firm.
Spilker joined Apollo as president in December 2010 following a 20 year stint with Goldman Sachs, which culminated in a role as co-head of the bank’s investment management division.
Spilker’s resignation comes roughly three months after Apollo raised its largest fund. Apollo Investment Fund VIII closed on $17.5 billion, well above its $12 billion target, at the end of 2013. Apollo investment professionals committed an additional $880 million, bringing the fund total to about $18.38 billion.
During 2013 Apollo invested a total of $2.65 billion from its private equity funds, down from $3.2 billion in 2012. The decrease was a result of high valuations and pricings, Spilker said during the firm’s fourth quarter earnings conference call in February 2014.
However, Apollo grew its total assets under management from $113.4 billion to $161.2 billion in 2013, representing a 42 percent year-over-year increase, PEI previously reported.
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