Apollo's Josh Harris Breaking Away to Start Own Fund

The transcript discusses the launch of a new private equity fund by a co-founder of Apollo, who was passed over for the CEO position. The fund will focus on smaller middle-market deals with a target of $5 billion, and it will not directly compete with Apollo. The news is significant as it marks a new era in private equity, with the individual aiming to build a team and invest again. The catalyst for this move was being passed up for the CEO role at Apollo, with Mark Rowan taking over. This shift is expected to have a notable impact on the private equity landscape.

What is the significance of the news regarding the private equity fund mentioned in the text?

What type of deals is the new private equity fund focusing on?

How does the new fund plan to position itself in relation to Apollo?

What was the reason for the individual leaving Apollo?

Who are the key individuals mentioned in relation to the private equity fund?