Apollo World Administration employed BlackRock veteran Rick Moreno to bolster the buyout big’s U.S. staff focusing on funding companies for the ultra-rich.
Moreno just lately joined Apollo to guide its West Coast household workplace protection and will probably be based mostly in each the San Francisco and Los Angeles areas, an Apollo spokesperson stated. He labored at BlackRock for greater than a decade in complete and was most just 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 wanting exterior their conventional institutional-investor base similar to pension funds and endowments for sources of capital amid a tough fundraising surroundings. Blackstone and KKR & Co. are additionally constructing models to concentrate on the world’s wealthy.
On the identical time, demand for personal property is booming amongst household places of work, the sometimes discreet managers for the monetary affairs of the rich that surged in quantity over the previous twenty years. BlackRock stated just lately buyers together with household places of work 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 staff 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 serious hub for US household places of work with California ranked because the second-most widespread 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 in addition 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 change into a director at KKR. He re-joined the asset supervisor in 2021.