The Apollo Global Management CEO said on CNBC's 'Closing Bell' that his firm has a lot of 'dry powder' and is looking for opportunities.
CEO Leon Black said Monday that the volatile market sell-off due to the coronavirus was a good example of why he believes in Apollo's approach to investing.
Apollo has more than $300 billion in assets under management, including about $40 billion of private equity assets as of the fourth quarter of last year. Apollo's stock is down about 24% so far in 2020. "There was a quick high-grade opportunity a few weeks ago, and that basically bounced back. It was basically a one-week window. And now I think it will be a much longer, patient study of many, many different credits," Black said.Black said that the federal government has "actually done a very good job" on providing economic relief during this period and that his firm is looking at scenarios where the virus crisis lasts for six months, 12 months and 18 months.
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