Apollo Management L.P. is a private equity investment firm, founded in 1990 by former Drexel Burnham Lambert banker, Leon Black. The firm specializes in leveraged buyout transactions and purchases of distressed securities involving corporate restructuring, special situations and industry consolidations. Apollo is headquartered in New York City, and also has offices in Purchase, New York, Los Angeles and London. The firm has invested over $16 billion in companies. As of December 2008, Apollo managed over US$37 billion of investor commitments across its private equity funds and other investment vehicles making it one of the largest private equity firms globally. Among the most notable companies currently owned by Apollo are AMC Entertainment, Claire's, Harrah's Entertainment, Norwegian Cruise Line and Realogy (Coldwell Banker and Century 21 Real Estate).