Over the last 15 months we’ve been a net seller,” Black said. “We’re selling everything in our portfolio that’s not nailed down, and if it is nailed down, we’re refinancing it. It’s almost biblical. There’s a time to reap and a time to sow. We’re harvesting.
Who said it: Leon Black who heads up PE industry giant Apollo Group
In Context: In a report from the recent Milken Global Conference, Black said this is a great time to be selling companies and equities. He expected credit and equity markets to keep rising as Federal Reserve policy holds interest rates very low. The concern about overvaluations could be the reason why, despite the availability of relatively cheap money, there has been so little M&A activity this year.
Where we found it: CNBC