In today’s Journal, Henny Sender writes about Apollo Management’s preparation of “a double-barreled move to cash in and at the same time retain the advantages of being private.” She says Apollo will list its shares on a new Goldman Sachs exchange “available only to institutional and other sophisticated investors that promises to limit members’ exposure to the heavy scrutiny that comes with public markets.” Despite this unusual plan, private-equity offerings are starting to fall into a pattern, she points out. “A playbook of sorts is beginning to emerge in the private-equity arena, as each recent deal has built on previous transactions.”
