Apollo Global Management and its top executives contributed to a philanthropic program launched by co-founder Leon Black and his wife, Debra Black, to help aid in the fight against the novel coronavirus.
“These unprecedented times brought on by the covid-19 pandemic require extraordinary action, and Apollo, including its portfolio companies, is stepping up to meet the challenge,” Apollo said in a statement.
The Black family is donating $20 million to NYC Healthcare Heroes, which provides support to the 100,000 New York City healthcare professionals who are helping fight covid-19. The program will provide up to 500,000 food, household cleaning and personal care products, as well as over-the-counter medicine to staff at hospitals across New York City through June.
Apollo and its portfolio companies pledged more than $50 million in global relief efforts. The firm did not respond to Buyouts’ request for comment on a specific amount.
The Black family launched NYC Healthcare Heroes with Aramark, the largest US-based provider of food, facilities and uniforms, and the Mayor’s Fund to Advance New York City, Robin Hood and the American Red Cross.
As part of the donation, the Black family will donate $10 million and then match additional donations up to $10 million, according to a press release sent to Buyouts.
“The selfless medical professionals and hospital staff combating this public health crisis, especially those working tirelessly at the epicenter of the outbreak in New York City, need our support now more than ever,” Debra and Leon Black said in a press release.
Additionally, Apollo Global Management, with co-founder Josh Harris’ charity The Harris Family Charitable Foundation, bought 200,000 KN95 respirator masks to be delivered to hospitals across New York City.
Private equity firms have stepped up amid the chaos of the coronavirus pandemic.
Leonard Green & Partners committed $10 million to an employee assistance fund to help workers at its portfolio companies who were impacted by covid-19; KKR created a $50 million relief fund for communities impacted by the virus; and Blackstone’s charitable foundation committed $1 million to support healthcare services in China.
Partners Group’s senior executives redirected their salaries to a fund that supported their portfolio company employees. BlackRock pledged $50 million to those impacted by covid-19, with $18 million going to food banks and community organizations in the US and Europe, according to sister site Private Equity International.