(Reuters) – Apollo World Administration (NYSE:) Inc stated on Wednesday former U.S. Senator Patrick Toomey has been appointed to its board, efficient March 15.

In a political profession spanning many years, Toomey represented Pennsylvania within the Senate from 2011 to 2023, serving on the Senate banking, housing, and concrete affairs, finances, and finance committees.

Toomey, a member of the Republican Social gathering, beforehand served within the U.S. Home of Representatives from 1999 to 2005, the place he was a member of the home finances committee.

The appointment comes at a turbulent time for personal fairness companies which have struggled over the previous yr on account of stubbornly excessive inflation, rising rates of interest and geopolitical turmoil that collectively weighed on sentiment and crimped profitable exit from investments.

Earlier in February, New York-based Apollo stated its fourth-quarter adjusted web revenue rose 77% owing to sturdy earnings from its retirement providers enterprise, at the same time as good points have been partly offset by a steep decline in its PE portfolio.

Shares in Apollo have rallied almost 9% up to now this yr after closing 2022 down 12%.