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Apollo to pay $52.8 million over fee practices

SEC says investigation found Apollo advisers failed to adequately disclose fees to detriment of fund investors

Leon Black is CEO of Apollo, which has agreed to a settlement with the SEC over its fee practices
Leon Black is CEO of Apollo, which has agreed to a settlement with the SEC over its fee practices Photo: Getty Images

Apollo Global Management has agreed to pay $52.8 million to settle Securities and Exchange Commission charges over its fee practices, the largest settlement to date by a private equity firm in the agency’s broad examination of the industry.

The SEC in its August 23 announcement charged New York-based Apollo with failing to sufficiently disclose to its fund investors that it planned to collect large one-time fees from companies it sold or took public.

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