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Apollo Global posts second quarterly loss in a row:

Apollo Global posts second quarterly loss in a row: US private equity giant raises £10.7bn for new flagship buyout fund

New boss: Apollo co-founder Mark Rowan (pictured with his wife)

Apollo Global posted its second quarterly loss in a row as rising interest rates dented the value of its assets.

The US private equity giant reported a loss of £1.7billion in the second quarter of 2022, wider than a £715million loss in the previous quarter and down from a £534million profit in the same period a year ago.

The firm also said that by July it had raised £10.7billion for a new flagship buyout fund, more than half of the £20.6billion it is aiming to amass by the end of the year. 

The fundraising was key for Apollo as it tries to draw a line under the departure last March of its co-founder Leon Black, who left due to his association with the convicted sex offender Jeffrey Epstein.

Fellow co-founder Joshua Harris also left after he was passed over as Black’s replacement as chief executive by another co-founder Mark Rowan.