(Reuters) - Apollo Global Management LLC Chief Executive Officer and co-founder Leon Black received $369.4 million in dividends and pay from his private equity and credit investment firm in 2013, up 105 percent from 2012, a regulatory filing showed on Monday.
Apollo took advantage of red-hot capital markets to cash out on investments throughout 2013, an approach epitomized by 62-year-old Black last year with the phrase: “We are selling everything that is not nailed down.”
The cash generated from the asset sales allowed Apollo to double its total dividend payout in 2013. Only $273,200 of the $369.4 million Black received from Apollo in 2013 was executive compensation. The rest was dividends as a result of him owning a little over a fifth of the firm.
Black’s co-founding partners, Joshua Harris, 49, and Marc Rowan, 51, took home $217.2 million apiece in 2013 dividends. They got $114.5 million each in 2012.
Peer Blackstone Group LP disclosed last week its Chief Executive Stephen Schwarzman’s earnings from dividends and pay soared by 75 percent to $374.5 million in 2013, following his firm’s strong profits in real estate, private equity, credit and hedge funds.
Carlyle Group LP disclosed earlier that its founders -- David Rubenstein, William Conway and Daniel D‘Aniello -- each received $92.9 million in dividends and salaries in 2013, up from $57.6 million in 2012.
KKR & Co LP announced that its founders Henry Kravis and George Roberts received $161.4 million and $165.5 million, respectively, in cash dividends and executive pay in 2013, up by more than 17 percent from 2012.
Apollo also said its employees had committed $900 million of their own money to the firm’s funds from its inception in 1990 through the end of 2013.
The amount of distributions, including profits and return of capital, in 2013 from these personal investments was $177 million for Black, $40.6 million for Rowan and $53.2 million for Harris. However, Apollo does not disclose how much the actual profits were from these investments.
Black, Rowan and Harris, respectively, invested $8.5 million, $7.3 million and $10.2 million in Apollo’s funds in 2013.
Black, with a net worth estimated by Forbes at $5.8 billion, is also a philanthropist and prolific art collector. He was revealed in 2012 as the mystery buyer who paid a record $120 million for Edvard Munch’s painting “The Scream.”
(In paragraph 9, corrects Black’s personal investment distributions to $177 million from $117 million)
Reporting by Greg Roumeliotis; Editing by Phil Berlowitz