Apollo Offers Six-Figure Bonuses to Retain Some Associates
(Bloomberg) -- Apollo Global Management Inc. is trying to keep some of its private equity associates from leaving by offering six-figure bonuses, according to a person familiar with the situation.
The New York-based firm will make the payments in April, which will vary from $100,000 to $200,000, said the person, who asked not to be identified because the matter is private. In exchange, associates, who are typically in their mid-20s at Apollo, must agree to stay at the firm through September 2022, this person said.
The offering comes after several associates departed Apollo during the pandemic, which has upended the way employees work. Meanwhile, the private equity team has been taking advantage of opportunities coming out of the crisis.
“Our private equity business has and continues to be extremely active, putting over $12 billion to work in the past year alone across a diverse set of opportunities including the Venetian, Michaels, Swissport and Great Canadian Gaming,” an Apollo spokeswoman said Wednesday in a statement. “With recent wins such as the Sun Country IPO, Diamond/HGV merger and Synnex/TechData merger we continue to recognize the impact of our extraordinary teams.”
Business Insider previously reported the bonus news.
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