Josh Harris, a billionaire private equity investor and founder of 26North Partners, discusses his impressive journey from co-founding Apollo Global Management to owning major sports franchises. He shares insights on the dynamics of private equity and the thrilling experience of owning teams like the 76ers and the Washington Commanders. Harris emphasizes the importance of community involvement and plans for a new stadium, while drawing parallels between the emotional highs of investment success and winning in sports.
Josh Harris highlights the significance of interconnections between private equity and sports ownership, emphasizing success and accountability in both fields.
His philanthropic initiatives focus on fostering intergenerational wealth and supporting underserved communities, underscoring the role of sports in personal development.
Deep dives
Josh Harris's Investment Journey
Josh Harris co-founded Apollo, a leading private equity firm, and recently transitioned to his new venture, 26 North, reflecting on his substantial investments in sports and finance. 26 North, named creatively after a failed branding attempt, aims to focus on middle to upper-middle-market investments, emphasizing 'alpha' returns compared to traditional alternatives that tend to be more public and large-scale. Within two years, Harris has successfully raised $23 billion, exceeding expectations, by ensuring alignment with his investors and promoting an investment culture focused on creating value. His experience in both private equity and sports ownership highlights the interconnections between finance and teamwork, where success and accountability are paramount in both arenas.
Navigating Sports Ownership
Owning the Washington Commanders has been a significant milestone for Josh Harris, especially as he purchased the team for a record $6 billion, symbolizing his belief in the NFL's growth potential. Amidst having multiple teams, including the Philadelphia 76ers, Harris emphasizes the community and emotional connection fostered through sports, often feeling the thrill of shared victories with fans. He fosters a presence at games to reinforce accountability and demonstrates his commitment to the teams, believing that ownership transcends financial metrics and influences local culture and pride. With ongoing discussions about a new stadium, Harris aims to cultivate a modern venue that enhances fan experience and solidifies the team's long-term viability in D.C.
Philanthropy and Personal Growth
Harris's philanthropic efforts center around fostering intergenerational wealth and promoting opportunities for underserved communities through his foundation. His initiatives include supporting local development firms that provide affordable housing and food access in food deserts, complementing his commitment to youth sports programs that shape character and discipline. By encouraging young people to participate in sports, Harris aims to replicate his own transformative experiences and help create pathways to success and personal pride. He emphasizes wise decision-making and a strong work ethic as keys to success in life, instilling these values in his children and community members.
Billionaire private equity investor and founder of 26North partners Josh Harris joins David Rubenstein for a special interview commemorating the 10th anniversary of "The David Rubenstein Show: Peer to Peer Conversations." In addition to his most recent project with 26North, Harris co-founded Apollo Global Management and is the owner of the NFL's Washington Commanders, the NBA's Philadelphia 76ers, the NHL's New Jersey Devils, and the English Premier League's Crystal Palace Football club. This interview was recorded October 8 in Washington DC at a Bloomberg LP event.