What is Joshua Harris' Net Worth?
Joshua Harris is an American private equity investor who has a net worth of $8.5 billion. Joshua Harris earned his fortune as a co-founder of Apollo Global Management, one of the largest private equity firms in the world with over $500 billion in assets under management. Joshua owns 6.7% of Apollo's outstanding equity.
Outside of his private equity billions, Joshua is probably best known for being the majority owner of the Philadelphia 76ers of the NBA, the New Jersey Devils of the NHL and the Washington Commanders of the NFL. He controls his sports investments through Harris Blitzer Sports & Entertainment. The "Blitzer" is David Blizter, a fellow finance tycoon.
Joshua Harris stepped down from Apollo in 2022 and subsequently founded the firm 26North.
Prior to co-founding Apollo, Josh worked at infamous "junk bod" firm Drexel Burnham Lambert.
Early Life and Education
Joshua Harris was born in December 1964 in Chevy Chase, Maryland. His father was an orthodontist and his mother was a schoolteacher. He completed his high school education at the Field School in Washington, D.C., before moving on to the University of Pennsylvania. At Penn, he received a Bachelor of Science degree from the Wharton School and a Bachelor of Arts degree from the College of Arts and Sciences in 1986. He later earned his MBA from Harvard Business School.
Drexel Burnham Lambert
After graduating from Wharton Joshua worked in the mergers & acquisitions division at investment bank Drexel Burnham Lambert. While he was at Harvard, Drexel collapsed and was forced into bankruptcy in what became one of the biggest financial scandals of all time. The scandal resulted in several Drexel executives going to jail, including senior executive Michael Milken.
After earning his MBA, Harris spent two months at private equity firm Blackstone Inc. He quit to co-found Apollo Global Management.
Apollo Global Management
Apollo Global Management is a global alternative investment firm with assets under management of $512.8 billion as of March 31, 2022. In addition to Joshua Harris, the firm was founded in 1990 by Leon Black, Antony Ressler and Marc Rowan, and is headquartered in New York City.
Apollo invests in a variety of asset classes, including private equity, credit, real estate, and infrastructure. Some of the firm's most notable acquisitions include ADT Security Services, Barnes & Noble, CareerBuilder, Cox Media Group, Intrado, Legendary Entertainment, Rackspace, Redbox, Shutterfly, Sirius Satellite Radio, Qdoba, Smart & Final, University of Phoenix, and Yahoo Inc.
The firm's AUM has grown significantly over the years, from $10 billion in 1999 to $512.8 billion in 2022. This growth has been driven by a number of factors, including the firm's strong investment performance, its expansion into new asset classes, and its acquisition of other investment firms.
Apollo went public in 2011, and its shares are traded on the New York Stock Exchange under the ticker symbol "APO." The firm's stock price has risen significantly since its IPO.
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Sports Investments
Joshua Harris's involvement in sports team ownership began in 2011. He led a group of investors to purchase the Philadelphia 76ers from Comcast Spectacor for approximately $280 million. The ownership group also included David Blitzer, Adam Aron, Art Wrubel, and others. Harris's tenure as a majority owner of the 76ers was marked by significant restructuring efforts, most notably the controversial "Process," an aggressive rebuilding strategy aimed at achieving long-term success.
In 2013, Harris expanded his sports portfolio to include hockey. He and his ownership group purchased the New Jersey Devils and the lease to the Prudential Center in Newark, New Jersey, for over $320 million. The purchase brought much-needed stability to the Devils, a team that had been grappling with financial issues for several years.
Harris's sports acquisitions extended across the Atlantic in 2015, when he and Blitzer purchased a majority stake in Crystal Palace, a football club in the English Premier League. The move marked Harris's first foray into international sports ownership and highlighted his expanding global influence.
In 2020, Harris's ownership group announced their interest in acquiring the New York Mets, expanding their footprint in American sports. However, they eventually lost the bid to hedge fund billionaire Steve Cohen.
Josh Harris and David Blitzer, along with a group of investors, finalized the purchase of the Washington Commanders on May 12, 2023 for a record $6.05 billion. The deal was approved by the NFL's other owners in April 2023.
The previous record sale for a sports franchise had been set in August 2022, when a group led by Walmart heir Rob Walton bought the Denver Broncos for $4.65 billion.
The sale of the Commanders marked the end of Dan Snyder's 21-year ownership of the team. Snyder had been under investigation by the NFL for several years for allegations of workplace misconduct.
Harris and Blitzer manage their sports investments under the umbrella company Harris Blitzer Sports & Entertainment.
Personal Life and Real Estate
Joshua and his wife Marjorie met while they were both attending Harvard Business School. They have three sons and two daughters.
In 2017 Joshua and Marjorie paid $52 million for a 21,000 square foot mansion on the Upper East Side of New York City.
In 2021 they paid $32 million for a 9,000 square foot mansion in Miami.
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