Joshua Harris, co-founder of private equity firm Apollo Global Management Inc (APO.N), is looking to raise his own fund.
Harris, who founded Apollo along with Leon Black and Marc Rowan in 1990, will step down from his day-to-day role at the firm when its merger with annuities provider Athene Holding Ltd (ATH.N) closes next year, Apollo said in May.
Harris said in a statement that he is “not fundraising”, has “no other specific plans” and will remain focused on his work at Apollo.
The report said Harris has met with recruiting agencies to help him start building a team for the fund, which will focus on middle-market deals and is likely to have a target of $5 billion.
Apollo declined to comment on the report.
Harris’ decision to step down from Apollo came amid a series of governance changes that were triggered by Black vacating his positions at the company, after a law firm report revealed he had ties to late financier and convicted sex offender Jeffrey Epstein.
Black was cleared of all wrongdoing, but he relinquished his chief executive officer post to Rowan, passing over Harris, who was expected to take the top job.
Harris will remain on Apollo’s board of directors.