In order to strengthen the growth strategy, New York-based private equity firm Apollo Capital Management has appointed Gary W. Parr as a Senior Managing Director and Co-Chairman of the firm’s Management Operating Committee.
Parr will report to Joshua Harris, Co-Founder and Co-Cha[ds_preview]irman of the Management Operating Committee. »We are thrilled to welcome Gary, and we believe he will be an outstanding addition to our senior leadership team,« Apollo, active i.a. in the shipping financing market, said. »He is one of the most respected executives in the financial services industry, and we expect to benefit from his deep expertise and relationships in the sector as we continue to grow our business.«
Apollo is well-known in the shipping industry as finance partner. For example, in Germany the PE firm was involved in the purchase of three 9,300 TEU vessels by now struggling German shipowner Rickmers. As of September 30, it had assets under management of approximately $189 billion, in private equity, credit and real estate funds invested across a core group of nine industries.
Prior to joining Apollo, Mr. Parr was a Vice Chairman at Lazard. He has provided strategic advice to financial institutions worldwide for over 30 years. According to Apollo, during the financial crisis, he advised on the restructuring of Lehman Brothers, the sale of Bear Stearns to JPMorgan, the U.S. Treasury led restructuring of Fannie Mae and Mitsubishi UFJ’s investment in Morgan Stanley.
