As an associate at Apollo Global Management, Reed Rayman once considered quitting. Now at 36 years old, Rayman has made it. He is the chairman of Yahoo, and a partner at Apollo, with a seat on the board of eight different companies.
At Apollo, executives tend to grow up quickly. At rival firms like KKR and Blackstone, few if any of their investment professionals can claim to have made partner at age 33, as Rayman did.
Once associates are in the door, however, they are introduced to a world that can be jarring to an outsider, with volatile personalities and an always-on mentality in its private-equity group, according to accounts from nine former firm associates.
Many sources attributed the firm's competitive culture to the private-equity executive Josh Harris, who held Sunday meetings at his home in the Hamptons so that his team could get a jump-start on the week ahead.
Harris' departure early this year following a management shake-up has given the private-equity division some newfound freedom, according to people who have worked with Apollo's executives.
Despite individual accolades, some believe that it is Apollo, the institution, that is responsible for these executives' growth, much more than any individual achievements.
Another said that many partners discourage individual credit.
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