A Wharton graduate and former wrestler, JoshuaHarris started at Drexel Burnham Lambert and has made a fortune in distressed investing, as his sports teams—the Philadelphia 76ers and NewJerseyDevils—have gained massive value, despite losing records.
A new TV deal for the NBA, for example, has helped increase the 76ers value 49% in the last year, and the team has increased 144% since Joshua and his partners bought the team in 2011. Apollo Global Management--the private equity firm he co-founded with fellow billionaires and fellow Drexel Burnham Lambert alumni Leon Black and Marc Rowan—however, has not had the same good fortunes, as shares of the firm have fallen over the last year.
Josh and his family has also set up a foundation that uses sports and wellness to improve lives and communities, including a $3.5M grant to Philadelphia’s Police Athletic League’s youth programming and a $5M grant to Mt. Sinai Hospital to fund health monitoring and wellness management innovations.