Wikipedia

Marc Rowan

Marc Jeffrey Rowan (born 1962) is an American billionaire businessman who is the chairman and chief executive officer (CEO) of Apollo Global Management, an American asset management firm. He co-founded the firm in 1990, with Josh Harris and Leon Black, and has been its CEO since 2021. As of 2026, Bloomberg estimated Rowan's net worth at $9.77 billion.

Marc Rowan
Headshot of Rowan against a light background
Rowan in 2024
Born1962 (age 63–64)
EducationUniversity of Pennsylvania (BS, MBA)
OccupationInvestor
Known forCo-founder and CEO, Apollo Global Management
SpouseCarolyn Pleva
Children4

Rowan was appointed by U.S. President Donald Trump to a governing body to oversee the reconstruction process in the Gaza Strip, aimed at putting an end to the Gaza War.

Early life and education

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Rowan was born in 1962. He grew up on Long Island, New York, before his family relocated to Hollywood, Florida, where he completed high school.[1][2] His father worked in auto-leasing,[1] and his mother, Barbara, was a teacher and a trained concert pianist.[3] He has one sister, Andrea.[4] His grandfather, Emanuel Stein, held a professorship in economics at New York University.[1] Many of his wider family worked as public interest lawyers.[5] Rowan is Jewish.[6]

Rowan studied at the University of Pennsylvania, where financial hardship following his father's death might have ended his studies; instead, the university allowed him to complete his degree and settle the tuition when he was able.[1] He graduated summa cum laude from the Wharton School with a B.S. and an M.B.A.[7]

Career

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Rowan began his professional career in 1985 in the mergers and acquisitions department of Drexel Burnham Lambert, splitting time between New York and Los Angeles.[8][1] When Drexel collapsed in 1990, he joined former colleagues Leon Black and Josh Harris to co-found Apollo Global Management.[7][9]

In Apollo's early years, Rowan and his co-founders pursued a strategy of distressed-to-control investing. They acquired interests in companies that Drexel had helped finance by purchasing high-yield bonds from failed savings and loans and insurance companies, including several large portfolios from the U.S. government's Resolution Trust Corporation.[10][11] Little financing was available for conventional leveraged buyouts at the time of the firm's founding, and therefore Rowan and his Apollo co-founders developed an approach centered on distressed securities that could be converted into a controlling equity stake through bankruptcy reorganization or other restructuring.[11][12] Among Apollo's earliest and most successful transactions was the acquisition of Executive Life Insurance Company's bond portfolio.[11][13]

Athene and the insurance platform

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Following the 2008 financial crisis, Rowan helped Apollo establish Athene Holding, a fixed annuity products provider focused on the retirement savings market.[14][15] This initiative became the cornerstone of a broader insurance strategy for Apollo.[16] Rowan helped scale Athene into a standalone public company. Apollo eventually reacquired Athene in an all-stock transaction valued at $11 billion, completed in January 2022 - one of Rowan's first major transactions as CEO.[17][18] Athene has since established itself as the largest provider of retirement insurance products in the United States.[14]

Private credit expansion

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Rowan also helped develop Apollo's private credit business, entering into lending markets that the traditional banks had largely ceded following the post-crisis tightening of financial regulation.[19] His strategy served a dual purpose: providing direct lending to corporate borrowers who had lost access to bank financing, while generating investment-grade assets required to back Athene's balance sheet liabilities.[20][11] The combined strategy positioned Apollo as one of the largest investment-grade private credit providers in the world, and the approach has since been adopted by rivals including Blackstone, KKR, and Carlyle Group.[14][21]

CEO tenure

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In July 2020, Rowan stepped back from day-to-day responsibilities at Apollo, taking what the firm described as a semi-sabbatical, though he remained engaged with strategy and board matters.[22][23] Following Leon Black's resignation as CEO, Rowan formally assumed the role in March 2021.[24][25] In October 2021, Rowan led Apollo's first investor day under his leadership, a formal presentation to institutional investors and analysts outlining the firm's strategy and financial targets, setting out a goal of reaching $1 trillion in assets under management.[26][27][11]

Under Rowan's leadership, Apollo grew into one of the world's largest alternative asset managers. An investor day in October 2024 raised the firm's targets further, with Rowan outlining a goal of $1.2 trillion in private loans by 2029.[28] In Q1 2026, Apollo's assets under management crossed $1 trillion for the first time.[29]

In late 2025, Rowan wrote an opinion piece for Bloomberg addressing what he characterized as widespread misconceptions about the risks of private lending, arguing that most private credit held by insurers and pension funds is investment grade and that the growth of private credit has made the financial system more resilient rather than more fragile.[30] Apollo also published a white paper defining private credit as a $40 trillion market, largely investment grade.[31]

As of 2026, Bloomberg estimated Rowan's net worth at $9.77 billion.[32]

Philanthropy

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Rowan has contributed to several philanthropic causes. In October 2018, Rowan and his wife Carolyn contributed $50 million to his alma mater, the Wharton School. This was the largest single gift in the school's history at the time, designated to fund professorships and support the Penn Wharton Budget Model, a nonpartisan research center that analyzes the fiscal implications of public policy.[33][34] He served as chair of Wharton's board of advisors until the end of 2025 and was succeeded by James Dinan.[35][36]

Rowan chairs the board of UJA-Federation of New York, a philanthropic organization that describes itself as the world's largest local philanthropy, distributing funding across a network of nonprofits serving approximately 4.5 million people annually in New York, Israel, and roughly 70 other countries.[37][38] In December 2023, Rowan used the platform to publicly urge UJA donors to speak out more forcefully against antisemitism.[39]

He is a founding member and the chair of the Youth Renewal Fund, and serves as vice chair of Darca, an Israeli educational network that operates 55 schools serving more than 30,000 students across some of the country's most underserved communities.[40][41][42]

Politics

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Rowan and his spouse contributed $1 million to Donald Trump's 2020 presidential campaign.[43] In January 2024, he co-hosted a fundraiser for Virginia Foxx, the Republican chair of the House Education Committee, alongside fellow Penn donor Ronald Lauder.[44][45]

University of Pennsylvania and antisemitism

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Following the 2023 Palestine Writes literary festival at the University of Pennsylvania, Rowan signed a letter to the university administration calling for a formal response to what signatories described as antisemitism at the event,[46] and coordinated an effort among major donors to withhold contributions until university leadership took stronger action.[47]

In December 2023, Rowan led a group of University of Pennsylvania donors in calling for the removal of university president Liz Magill and board of trustees chair Scott Bok, citing concerns about the university's response to antisemitism following the Hamas-led attack from Gaza on Israel in October 2023.[48][49][1] Magill and Bok subsequently resigned. After their resignations, Rowan penned an open letter to trustees suggesting various campus reforms. Some professors at the university criticized the suggested reforms, arguing they would negatively affect intellectual freedom on campus.[50][51]

Rowan played a role in shaping the Compact for Academic Excellence in Higher Education, a proposal distributed by the Trump administration to major universities in October 2025 offering preferential federal funding in exchange for sweeping governance reforms.[52][53] He authored a New York Times opinion piece advocating for the initiative, stating that he had "played a part in the compact's initial formulation, working alongside an administration working group."[54]

Treasury Secretary consideration

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Following the November 2024 U.S. presidential election, Rowan was interviewed by President-elect Trump for the position of U.S. Treasury Secretary.[55] Shares of Apollo declined on the news, according to Barron's, given that Rowan holds roughly 6% of the company's outstanding stock and would have faced divestiture requirements had he been nominated and confirmed.[56][57]

Gaza Peace Board

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In January 2026, President Donald Trump appointed Rowan to the executive board of the Board of Peace, a body charged with providing strategic oversight of the reconstruction of the Gaza Strip as part of the broader ceasefire effort to end the Israel–Hamas war.[58][59] Rowan was simultaneously appointed to the executive board of the National Committee for the Administration of Gaza (NCAG), a related body overseeing day-to-day governance and public services in the territory.[60] Other members of the Board of Peace executive board include Secretary of State Marco Rubio, Nickolay Mladenov, Special Envoy Steve Witkoff, Jared Kushner, former British Prime Minister Tony Blair, and World Bank President Ajay Banga.[61]

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Jeffrey Epstein

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Apollo faced criticism over co-founder Leon Black's financial relationship with Jeffrey Epstein. An independent review conducted by the law firm Dechert, commissioned by Apollo's board in 2021, found that Black had paid Epstein a total of $158 million between 2012 and 2017 for personal tax and estate planning advice.[62] The review found no evidence that Rowan or co-founder Josh Harris had hired Epstein or consulted with him on personal matters, and concluded that no Apollo employee other than Black had ever seriously considered retaining him.[63]

In early 2026, the release of a large volume of Epstein-related documents by the Justice Department prompted renewed media coverage of Apollo's historical ties to Epstein.[63] Rowan and Apollo responded with a letter to clients stating that neither Rowan nor anyone else at the firm other than Black had a personal or business relationship with Epstein, while acknowledging that in limited instances Rowan and other employees had provided information to Epstein in connection with his personal tax advisory work for Black.[63] Among the new documents released was a 2016 email exchange in which Rowan and Epstein discussed a potential Apollo corporate inversion, and a separate instance in which Rowan forwarded internal Apollo correspondence to Epstein relating to a tax matter.[64]

Following the new information, two institutional investors - the American Federation of Teachers and the American Association of University Professors - raised questions with regulators about the firm's prior disclosures regarding Epstein. Apollo disputed the characterization of those disclosures as misleading.[63] In March 2026, a shareholder class action was filed in Manhattan federal court against Apollo, Black and Rowan, alleging that Apollo's regulatory filings had misrepresented the firm's relationship with Epstein.[64] Apollo, Black and Rowan denied the allegations.[63] The lawsuit was pending as of mid-2026.

Charlie Javice and Frank

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Rowan was an early investor and board member of Frank, a financial aid platform founded by Charlie Javice.[65] After JPMorgan Chase acquired Frank for $175 million and subsequently sued Javice, she was convicted of fraud and conspiracy on March 28, 2025.[66] Javice was subsequently sentenced to seven years in prison.[67] Rowan appeared as a defense witness at her trial and submitted a letter to the sentencing judge urging leniency.[68] In April 2026, Rowan resolved a civil suit that JPMorgan Chase had filed against him and other early investors in Frank.[69]

Personal life

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Rowan is married to fashion designer Carolyn Pleva whom he met on a blind date.[5][70][71][72] They live in New York City and have four children.[73][5][74]

Rowan owns a group of restaurants in the Hamptons and on Long Island's North Fork, operated through his hospitality company Montauk Asset Holdings.[75] The portfolio includes Duryea's Lobster Deck in Montauk, Lulu Kitchen & Bar in Sag Harbor, and Duryea's Orient Point on the North Fork.[76] He has described his path into the restaurant business as accidental - a byproduct of a general interest in building and renovating rather than any deliberate expansion into hospitality.[77]

References

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  1. 1 2 3 4 5 6 Ensign, Rachel Louise (2023-12-23). "The Billionaire Donor Taking On His Alma Mater Over Antisemitism". WSJ.
  2. ↑ "Marc and Carolyn Rowan". Inside Philanthropy. 2020-01-25. Retrieved 2026-01-17.
  3. ↑ Miami Herald: "Barbara J. Rowan Obituary June 20, 2014
  4. ↑ New York Times: "BARBARA ROWAN Obituary" June 22, 2014
  5. 1 2 3 "Signature Event" (PDF). Archived from the original (PDF) on 2024-03-14.
  6. ↑ Rosenbaum, Alan (12 September 2021). "If money talks, Joshua Harris and Marc Rowan are screaming". Jerusalem Post. Retrieved 17 January 2026.
  7. 1 2 "Marc Rowan". Forbes. Retrieved 2026-05-19.
  8. ↑ Jewish Enrichment Center: Marc Rowan Guest Speaker May 19, 2009 - minute 55:30 | "I worked directly for Dennis Levine, who went to jail...and then went to work for Marty Siegel who also went to jail...I then moved out to California to work for Mike Milken who also went to jail.. There are so many ethical dilemmas you are presented with over your career...the choices you make just determine who you are over time...I read these stories...the Morgan Stanley analysts who did this...did they not understand they are destroying their lives."
  9. ↑ Eichenwald, Kurt (24 August 1990). "Ex-Drexel Executives Arrange Aid for Fruit of the Loom". The New York Times. Retrieved 2026-05-17.
  10. ↑ Hylton, Richard D. (11 January 1990). "Corporate Bond Defaults Up Sharply in '89". The New York Times. Retrieved 2026-05-17.
  11. 1 2 3 4 5 "Apollo's 'golden age': CEO Marc Rowan is already supercharging profits". Fortune. 22 September 2023. Retrieved 2026-05-17.
  12. ↑ "Apollo History". www.apollo.com. Retrieved 2026-05-19.
  13. ↑ Stevenson, Richard W. (13 April 1991). "European Group Pressing Its Offer for Executive Life". The New York Times. Retrieved 2026-05-17.
  14. 1 2 3 "Apollo's Big Insurance Bet With Athene Put to Test as Interest Rates Rise". Bloomberg News. 22 May 2023. Retrieved 2026-05-17.
  15. ↑ "Apollo's Big Insurance Bet With Athene Put to Test as Interest Rates Rise". Bloomberg News via Wealth Management. 22 May 2023. Retrieved 2026-05-17.
  16. ↑ Gara, Antoine. "How Apollo Global's Crisis-Era Bet On Boring Annuities Turned Into A $72 Billion Business". Forbes. Retrieved 2026-05-19.
  17. ↑ Scism, Miriam Gottfried and Leslie (2021-03-08). "Apollo Reabsorbs Athene in All-Stock Deal That Values Firm at $11 Billion". The Wall Street Journal. Retrieved 2026-05-19.
  18. ↑ "Marc Rowan Assumes Role of CEO of Apollo" (Press release). Apollo Global Management via Nasdaq. 22 March 2021. Retrieved 2026-05-17.
  19. ↑ Frank, Robert (2025-09-02). "Why Apollo CEO Marc Rowan says the traditional investing model is 'broken'". CNBC. Retrieved 2026-05-19.
  20. ↑ "Apollo's Marc Rowan Wants To School You In Private Credit". Financial Advisor Magazine. 22 December 2025. Retrieved 2026-05-17.
  21. ↑ "Apollo and Wall Street Private Equity Firms Bet on America's Life Insurance". Bloomberg News. 16 November 2025. Retrieved 2026-05-17.
  22. ↑ "Rowan's Apollo Break Leaves Time for His Hamptons Side Hustle". Bloomberg News. 31 July 2020. Retrieved 2026-05-17.
  23. ↑ "Apollo's AUM crosses $400bn as Rowan takes 'semi-sabbatical'". Private Equity International. 31 July 2020. Retrieved 2026-05-17.
  24. ↑ "Marc Rowan Assumes Role of CEO of Apollo" (Press release). Apollo Global Management via Nasdaq. 22 March 2021. Retrieved 2026-05-17.
  25. ↑ "A brawl between billionaire founders at Apollo Global Management sidelines one of its own". Crain's New York Business. 30 April 2021. Retrieved 2026-05-17.
  26. ↑ "Apollo Highlights Strength of Platform, Strategy, and Growth Trajectory at Investor Day". Apollo Global Management. 19 October 2021. Retrieved 2026-05-17.
  27. ↑ "Excerpts from Apollo Global Management 2021 Investor Day Presentation". U.S. Securities and Exchange Commission. 19 October 2021. Retrieved 2026-05-17.
  28. ↑ "Apollo aims to double its assets under management by 2029". Banking Dive. 2 October 2024. Retrieved 2026-05-17.
  29. ↑ "Apollo CEO Rowan warns of market correction, slams 'egregious' practices at rival insurers". CNBC. 6 May 2026. Retrieved 2026-05-17.
  30. ↑ "Private Credit Is Safe and Makes the Financial System Stronger". Bloomberg News. 3 December 2025. Retrieved 2026-05-17.
  31. ↑ "What does Apollo CEO Marc Rowan want for Christmas? To define private credit". Yahoo Finance. 11 December 2025. Retrieved 2026-05-17.
  32. ↑ Chappatta, Brian; Maloney, Tom; Witzig, Jack; Pei Yi, Mak; Heathcote, Andrew. "Marc Rowan". Bloomberg Billionaires Index. Retrieved March 9, 2026.{{cite web}}: CS1 maint: url-status (link)
  33. ↑ "Apollo's Marc Rowan Gives Wharton $50 Million for Professorships". Bloomberg News. 2 October 2018. Retrieved 2026-05-17.
  34. ↑ "Wharton Receives $50 Million Gift from Marc J. Rowan and Carolyn Rowan for Teaching, Research, and Leadership". Wharton School of the University of Pennsylvania. 2 October 2018. Retrieved 2026-05-17.
  35. ↑ "Marc Rowan". Apollo Global Management. Retrieved 2026-05-17.
  36. ↑ "James Dinan to succeed Marc Rowan as chair of Wharton Board of Advisors". James Dinan to succeed Marc Rowan as chair of Wharton Board of Advisors - The Daily Pennsylvanian. Retrieved 2026-05-19.
  37. ↑ "UJA-Federation of New York Announces New Leadership". UJA-Federation of New York. 10 July 2023. Retrieved 2026-05-17.
  38. ↑ "Linda Mirels, Marc Rowan take top spots at UJA-Federation of New York". eJewish Philanthropy. 11 July 2023. Retrieved 2026-05-17.
  39. ↑ "Apollo's Marc Rowan Condemns Antisemitism in Speech at UJA-Federation Dinner". Bloomberg News. 5 December 2023. Retrieved 2026-05-17.
  40. ↑ "Youth Renewal Fund". Youth Renewal Fund. Retrieved 2026-05-17.
  41. ↑ "Marc Rowan". Milken Institute. Retrieved 2026-05-20.
  42. ↑ "UJA-Federation of New York Announces New Leadership". Queens Jewish Link. 12 July 2023. Retrieved 2026-05-20.
  43. ↑ Tindera, Michela (19 February 2021). "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved 2026-05-17.
  44. ↑ "Penn donors Marc Rowan and Ronald Lauder hosting fundraiser for Rep. Virginia Foxx". The Philadelphia Inquirer. 21 December 2023. Retrieved 2026-05-17.
  45. ↑ "Critical Penn donors to host fundraiser for House Republican who brought Magill before Congress". The Daily Pennsylvanian. 20 December 2023. Retrieved 2026-05-17.
  46. ↑ "Top UPenn supporters protest their alma mater's antisemitic festival". Jewish Insider. 22 September 2023. Retrieved 2026-05-17.
  47. ↑ "Apollo CEO Marc Rowan calls for Liz Magill and Scott Bok to resign after handling of Palestine Writes festival". The Philadelphia Inquirer. 12 October 2023. Retrieved 2026-05-17.
  48. ↑ Saul, Stephanie (October 26, 2023). "Who Decides Penn's Future:Donors or the University". The New York Times.
  49. ↑ Bunch, Jesse (2023-12-21). "Penn donors are hosting a fundraiser for the representative who called on Magill to testify". Philadelphia Inquirer.
  50. ↑ Wang, Diamy. "'A hostile Republican takeover': Penn faculty warn of academic freedom threats after Marc Rowan letter". The Daily Pennsylvanian. Retrieved 2024-10-11.
  51. ↑ "Penn faculty fear the donor who started the effort to oust Liz Magill is attempting to set the agenda for trustees". The Philadelphia Inquirer. 12 December 2023. Retrieved 2026-05-17.
  52. ↑ "Marc Rowan helped draft the White House compact, echoing his 2023 plan to reform Penn". The Daily Pennsylvanian. 6 October 2025. Retrieved 2026-05-17.
  53. ↑ Blinder, Alan; Bender, Michael C. (3 October 2025). "The Billionaire Behind Trump's Deal for Universities". The New York Times.{{cite news}}: CS1 maint: deprecated archival service (link)
  54. ↑ "Trump's 'Compact' With Universities Is Badly Needed". The New York Times. 10 October 2025. Retrieved 2026-05-17.
  55. ↑ Chávez, Steff (2024-11-21). "Donald Trump narrows in on Marc Rowan for Treasury secretary". Financial Times. Retrieved 2024-11-22.
  56. ↑ Light, Joe (November 20, 2024). "Apollo Global Shares Fall as CEO Marc Rowan Considered for Trump Treasury Job". Barron's. Retrieved November 20, 2024.
  57. ↑ Castillo, Michael del (November 21, 2024). "If Trump appoints Apollo CEO Marc Rowan as Treasury Secretary, he'd have direct influence over $24 trillion private equity market". Fortune. Retrieved November 21, 2024.
  58. ↑ "Statement on President Trump's Comprehensive Plan to End the Gaza Conflict". The White House. 16 January 2026. Retrieved 2026-05-17.
  59. ↑ "Trump Unveils Gaza 'Board of Peace' at Davos. See the List". Time. 22 January 2026. Retrieved 2026-05-17.
  60. ↑ "Trump appoints billionaire Penn alum Marc Rowan to 'Board of Peace' overseeing Gaza Strip". The Daily Pennsylvanian. 21 January 2026. Retrieved 2026-05-17.
  61. ↑ "Who is who on Trump's Gaza Board of Peace?". The Jerusalem Post. 23 January 2026. Retrieved 2026-05-17.
  62. ↑ "Apollo CEO Leon Black to step down following review of ties to Jeffrey Epstein". CNN. 25 January 2021. Retrieved 2026-05-17.
  63. 1 2 3 4 5 "How Wall Street's Apollo got tangled up again in the Epstein files". CNN. 21 February 2026. Retrieved 2026-05-17.
  64. 1 2 "Class action accuses Apollo of hiding Epstein ties in SEC filings". Investment News. 3 March 2026. Retrieved 2026-05-17.
  65. ↑ "Apollo's Marc Rowan offers praise, but little help, as first defense witness for Frank founder Charlie Javice". Yahoo Finance. 20 March 2025. Retrieved 2026-05-17.
  66. ↑ "Jury rules startup founder Charlie Javice guilty of defrauding JPMorgan Chase". Yahoo Finance. 28 March 2025. Retrieved 2026-05-17.
  67. ↑ "Charlie Javice sentenced to 7 years in prison for fraudulent $175M sale of financial aid startup". NBC News. 2025-09-29. Retrieved 2026-05-20.
  68. ↑ "Frank founder Charlie Javice gets 7 years for defrauding JPMorgan". Crain's New York Business. 30 September 2025. Retrieved 2026-05-17.
  69. ↑ "Charlie Javice Backer Marc Rowan Resolves JPMorgan Lawsuit". Bloomberg News. 9 April 2026. Retrieved 2026-05-17.
  70. ↑ New York Observer: "A Brutal Buy: Billionaire Marc Rowan Pays $26 M. for Brutalist Masterpiece at 927 Fifth" By Kim Velsey January 2, 2013
  71. ↑ New York Times: "Paid Notice: Deaths PLEVA, EUGENE May 17, 2011
  72. ↑ Gordon, Amanda L (2 October 2018). "Apollo's Marc Rowan Gives Wharton $50 Million for Professorships". Bloomberg. Retrieved 2019-02-01.{{cite news}}: CS1 maint: deprecated archival service (link)
  73. ↑ Ensign, Rachel Louise (November 3, 2023). "The Billionaire Donor Taking On His Alma Mater Over Antisemitism". Wall Street Journal.{{cite news}}: CS1 maint: deprecated archival service (link)
  74. ↑ "Forbes Profile: Marc Rowan". Forbes. Archived from the original on April 23, 2024. Retrieved 2024-04-23.
  75. ↑ "Owner Of Duryea's Lobster Deck And Arbor Opening New Sag Harbor Restaurant". Hamptons.com. 2 April 2021. Retrieved 2026-05-17.
  76. ↑ "Inside billionaire Marc Rowan's forthcoming Duryea's Sunset Cottages in Montauk". Yahoo Finance. 26 February 2025. Retrieved 2026-05-17.
  77. ↑ "Rowan's Apollo Break Leaves Time for His Hamptons Side Hustle". Bloomberg News. 31 July 2020. Retrieved 2026-05-17.
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