Early Life and Education
Leon Black was born on July 31, 1951, in New York City. He is the son of Eli M. Black, a prominent Jewish businessman who was the chairman and majority owner of the United Brands Company. His mother, Shirley Lubell, was an artist. Black received a Bachelor of Arts in philosophy and history from Dartmouth College in 1973 and an MBA from Harvard Business School in 1975.
Rise to Success
Black's career began at Drexel Burnham Lambert, where he rose to become managing director and head of the Mergers & Acquisitions Group. In 1990, following Drexel's bankruptcy, he co-founded Apollo Global Management with Joshua Harris and Marc Rowan. Apollo focused on distressed investing and leveraged buyouts, growing into a major player in the private equity sector.
Key Business Strategies
Apollo Global Management is known for its focus on corporate restructuring, leveraged buyouts, and taking minority positions in growth-oriented companies. The firm manages a diverse portfolio of assets, including private equity, credit, real estate, and insurance. The firm's revenue comes from asset management fees, as well as income from private equity and credit instruments. Black's leadership at Apollo involved landmark acquisitions and a contrarian investment approach.
Philanthropy
Black and his wife Debra are active philanthropists, supporting various causes. They co-founded the Melanoma Research Alliance, which has become the largest private funder of melanoma research worldwide. The Blacks have also contributed to education, the arts, and Jewish community initiatives. Leon Black is a trustee of the Museum of Modern Art, Mount Sinai Hospital, and The Asia Society.