Josh Harris, the co-founder of Apollo Global Management Inc. who was passed over for the top job at the private equity powerhouse earlier this year, is laying the groundwork to raise his own fund.

Harris, who helped found Apollo in 1990 with Leon Black and Marc Rowan, has met with recruiting firms to help him start building a team, according to people familiar with the matter. The fund will focus on middle-market private equity deals and has a loose target of $5 billion, the people said.

Harris is striking out on his own after announcing in May that he would be relinquishing his day-to-day responsibilities at Apollo. The timing for a new fund may be fortuitous: Private-equity funds gathered $514 billion during the first half of the year, a 70% jump from the same period in 2020, according to Preqin data.

Read more/Source: BNN Bloomberg