Hi. I'm Aaron Weinman. Josh Harris has been a busy bee of late. He stepped away from day-to-day activities at Apollo Global Management — the private-equity firm he co-founded — in May last year. He has since been building his new shop, 26North Partners, which $4 with more than $5 billion in assets.
He also holds ownership stakes — through his family office — in the NBA's Philadelphia 76ers and the NHL's New Jersey Devils franchises.
Insider's Casey Sullivan and Hayley Cuccinello $4 about how Harris' personal activities affected the culture at the private-equity shop in the years leading up to his exit.
Before we dig into that, all eyes will be on the US Federal Reserve today. The central bank is likely to hike interest rates by 75 basis points in a bid to tame stubbornly high inflation.
And if you can't wait until 2 p.m. ET for the Fed's decision, my colleague Phil Rosen has a full rundown of what to expect in $4
Now, let's get started.
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1. Josh Harris upset Apollo insiders with the amount of time he spent on personal investments. During meetings for Apollo matters, Harris would sometimes take phone calls unrelated to the company, one person told Insider. Meanwhile, Apollo staffers were left "just sitting there, waiting for him to get off the phone."
Harris would also use Apollo employees to help on personal investments. Few people dared to object to the private-equity executive's business, given the sizable influence he held at the firm.
Employees would worry that there would be pushback from investors over how Apollo would allocate its resources. People who worked on Harris' personal investments became "untouchable" within the organization. And it created an awkward environment, my colleagues report.
At the heart of the matter here is that Harris' role at Apollo and his personal investments can blur the line between private-equity and family-office investing.
Former employees opened up about how Harris' ownership of professional sports teams became a distraction.
In other news:
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5. Chamath Palihapitiya is shutting down two special purpose acquisition vehicles. Both SPACs, worth more than $1.6 billion, trade on the New York Stock Exchange. They are being wound down as the sponsors could not find a $4.
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People moves:
- Edison Partners has promoted its general partner, Kelly Ford, to chief operating officer. It is a newly-created position. She will oversee operations, including the new Edison Edge value-creation platform. Ford has worked at Edison for more than eight years.
- Independence Point Advisors, a women-owned investment bank and advisory firm, has made three senior hires:
- Dean Keller has joined as head of the firm's power and energy-transition unit. He joined from Guggenheim Securities, where he was a managing director.
- Randi Abada has joined Independence to lead consumer coverage and investor relations. She has worked across banking, finance, and investor relations for more than 25 years.
- Mariquit Corcoran will lead the firm's fintech advisory and venture-capital advisory group. Previously, Corcoran was a managing director at Barclays.
Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aaronw11>$4. Edited by Hallam Bullock (tweet @hallam_bullock>$4) in London.