Apollo finds fewer than 100 Black executives in private equity

It’s widely understood that the private equity industry lacks diversity. What’s not so well-known is by just how much.

Apollo Global Management found that among 18,000 potential hires across the U.S., there were only about 95 Black professionals at the principal or director level, said Jonathan Simon, head of leadership development and diversity. Across all levels, the number was about 250, the firm said, citing data from a third party hired to analyze industry progress.

“It just shows that there’s work to do more broadly in the industry,” Simon, who joined in August, said in an interview. “It’s an issue of how do we create a more diverse ecosystem -- from entry-level positions for young juniorlevel associates to controlling for attrition. So we’re doubling down on our efforts to build a more diverse pipeline.”

It’s a stark reality for an industry hustling to make change. Apollo, like peers including KKR & Co., Carlyle Group Inc. and Blackstone Group Inc., has worked to boost women and people of color on the boards of the companies they own. But its own top ranks remain mostly white and male, with only one woman and one person of color in its 14-person management committee. Still, Apollo is making progress in recruiting. Its year-to-date hires through the third quarter were 65% women and people of color, compared with 52% in 2019, Simon said.