http://dealbook.nytimes.com/2011/02/18/apollos-48…
If this guy makes almost $50 million, imagine what private equity's top dealmakers and operating partners are bringing in. Hard work and drive can get people to some pretty cool places in life. Yes, I know this is not average!
yeah but some of those guys make this kind of money and you have normally not heard of them before. good shit
though this guy is apollos president so he runs their daily business essentially and is by no means just an average senior guy at apollo.
You've likely not heard of them because you can name every private equity person you know of on 1 or 2 hands. Anyone who has any clue whatsoever recognizes the name of a PE partner who's likely pulling tens of millions of dollars per year. So not sure what the "some of those guys make this kind of money and you have normally not heard of them before" means... not really true at all.
There's not many people making that kind of money in PE and flying under the radar.
The $50 million comp # is a bit misleading... he doesn't make $50 million per year. Spiker was hired last year, and like Apollo does with most of their own and their portfolio company's management, they make sure they incentivize them such that the success of the firm equates to life changing sums of money.... for someone who has spent 20 years at Goldman Sachs, much of it as a partner, his definition of life changing is a bit different than ours. I worked on a deal with a top tier megafund , and a newly hired member of the management team at one of their portfolio companies was set to make something like $30 million along the span of said megafunds investment in the PortCo. Mind you this was not a CEO or CFO, it was the equivalent of a business unit head.... if dealbook prints that tomorrow, it doesn't mean this guy is pulling $30 million a year. They did a comp analysis of what they guy was pulling at his previous position and it was something in the ballpark of $700K. True story.
Thats all this really boils down to. This was a one time pay out. And like I said before, there aren't many PE professionals out there who are pulling $50 mil a year, every year, that anyone with half a toe in the PE world hasn't heard about already (because of their performance/recognition, not because of their comp).
I'm a bit surprised you guys are dumb enough to not see past the typical media bullshit.
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