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 Ten years ago, The Deal LLC published its first issue. Within those 22 pages, senior writer David Carey broke down the top 50 dealmakers,
estimating their 1999 salary and highlighting their dealmaking
activity. For our 10th anniversary, we will be checking back with some
of the big names on that list and taking a look at what they're up to
now. Subscribers to The Deal Pipeline can access all the links below.Leon Black, chairman of the board and CEO of Apollo Global Management LLC and a managing partner of Apollo Management, LP, was certainly not a nobody back in 1999 but he sure wasn't the mogul with the multibillion dollar global private equity and hedge fund empire that he is today. Back then, Black held spot No. 22 on The Deal's Private Equity 50, with at least $30 million in income that year, though he might have been ranked higher had we begun publishing a few days later. The day The Daily Deal launched, Apollo secured a $200 million profit from the sale of Alliance Imaging Inc., a provider of diagnostic imaging services, to Kohlberg Kravis Roberts & Co. in an $850 million leveraged recapitalization. Black's empire now consists of several subsidiaries, including two public arms: Apollo Investment Corp. (NASDAQ:AINV), which went public in April 2004 at $15, and AP Alternative Assets LP (AMS:AAA). Shares of both firms, however, have struggled. AP Alternative Assets' shares dropped to 62 cents in March, though they are now up in the mid-$4 range, and Apollo Investment shares hit cents, also in March, before rocketing back up to $10 per share. Most recently -- on Sept. 16, in fact -- Apollo Global Management LLC agreed to acquire Parallel Petroleum Corp. for $483 million in cash and assumed debt -- quite the feat as Apollo has been jonesing to be a player in the area for some time. The firm put forth an unsolicited $435 million offer for Legacy Reserves LP in early 2009, but that deal ultimately collapsed. (Subscribers to The Deal Pipeline can read the full story here.) Also this year, the real estate arm of Apollo Global Management LLC, Apollo Commercial Real Estate Finance Inc., filed to raise up to $600 million in an initial public offering to invest in commercial mortgage-backed securities to capitalize on market dislocation caused by the financial meltdown. A mere six months earlier, Apollo Management LP said it planned to raise roughly $500 million for private equity and hedge funds trading copper, gold and mining stocks, positioning the firm to relish the returns of rising gold prices. While Black has overall been extremely successful to say the least, his path has been marked with notable missteps. Here are a few:
See also: Where's the dealmaker now: Thomas Hicks
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