The billionaire investor Josh Harris is getting a fresh start, away from the now embattled firm that he co-founded with the controversial investor Leon Black – Apollo Global Management. Harris, the owner of the NHL’s New Jersey Devils, has founded a new firm called 26North Partners which describes itself as a next-generation alternative asset management firm that says it intends to “generate compelling returns across asset classes and capital structures for its partners.” The firm will launch with more than $5 billion in assets under management.
Leon Black was forced out as head of Apollo Global Management after details of his relationship with convicted rapist and pedophile Jeffrey Epstein were revealed. Black later accused his former partner Josh Harris of being behind a civil suit filed against Black by a woman who accused him of sexual assault and defamation.
As for 26North Partners, Josh Harris said, “I am thrilled to return to my roots as an investor and entrepreneur with the launch of 26North and excited to reconnect with the many partners I’ve worked with over the last 30 years. Investment performance starts with extraordinary people, and I feel grateful to have attracted such outstanding talent.”
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Mark Weinberg, who led U.S. private equity at Brookfield Asset Management, will join 26North next year to lead its private equity platform. Brendan McGovern, former head of Goldman Sachs Asset Management’s private credit group, will lead 26North’s direct lending platform.
“Mark and Brendan are world-class investors at the height of their careers, and I am confident we can win for our partners together,” said Harris.
26North also formed a joint venture with Braven Management, a firm led by William Abecassis, the former head of Blackrock’s venture group Innovation Capital. This joint venture will seek to leverage Braven’s expertise and access to transformational technology to enhance 26North’s investment and operational strengths.
“The team we’ve put in place at launch is just the beginning and I couldn’t be more energized for an exciting journey ahead,” said Harris.
Josh Harris co-founded Apollo Global Management in 1990 with two partners. Over three decades, Apollo grew assets under management to over $500 billion.
Harris also founded Harris Blitzer Sports & Entertainment (HBSE), a leading sports and entertainment company, along with David Blitzer in 2011. HBSE’s global portfolio has grown to include premier sports franchises, brands, venues and investment platforms centered around marquee assets, the Philadelphia 76ers, the New Jersey Devils and the Prudential Center.