Parr, who has been a vice chairman at investment bank Lazard, has advised senior executives at financial firms including JP Morgan and Blackstone on mergers, initial public offerings and other transactions
He will join Apollo as a senior managing director and co-chairman of the firm’s management operating committee, reporting to co-founder Joshua Harris, according to a statement from the buyout firm.
Apollo and several of its peers have grown beyond their roots as small private equity partnerships, branching into real estate, credit and other assets. A number of them have become publicly traded, including Apollo in 2011. It was advised by Parr.
Some still face questions from investors about the long-term sustainability of their businesses, particularly as their founders age and new entrants crowd into private equity investing.
Several firms have brought in senior executives from outside for help managing the transition. Blackstone hired Hamilton “Tony” James in 2002 after he helped orchestrate the sale of his former employer, Donaldson, Lufkin & Jenrette, to Credit Suisse. He soon rose to No. 2 at the buyout firm, overseeing its day-to-day operations. TPG, which is still private, last year hired former Goldman Sachs executive Jon Winkelried as co-chief executive to help expand the firm’s investment offerings.
Parr has spent nearly 14 years at Lazard, advising on such landmark deals as the bankruptcy and restructuring of Lehman Brothers and the sale of Bear Stearns to JP Morgan during the financial crisis. For a time, he served on the board of Lazard.
Previously, Parr held a number of roles at Morgan Stanley, including co-head of the global mergers and acquisitions department. Earlier, he served as co-president of investment bank Wasserstein Perella.
Parr was chairman of the New York Philharmonic between 2009 and 2015 and now is chairman emeritus.
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This article was first published by The Wall Street Journal