Business is booming.

Apollo Global posts second quarterly loss in a row:

Apollo Global reports second-quarter 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 quarter in a row as rising interest rates dent the value of its assets.

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

The company also said it had raised £10.7bn in July for a new flagship buyout fund, more than half of the £20.6bn it aims to raise by the end of the year.

The fundraiser has been key for Apollo as it tries to draw a line under last March’s departure of co-founder Leon Black, who left because of his association with convicted sex offender Jeffrey Epstein.

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