Apollo Global Management has become the third mega-buyout firm to shed light on its succession strategy in recent weeks.

Scott Kleinman and James Zelter have been promoted to the newly created positions of co-presidents and will have “full responsibility for all of Apollo’s revenue-generating and investing businesses”.

The duo will, however, report to chairman and chief executive Leon Black who will continue to oversee “Apollo’s strategic leadership and investment committee decision-making” alongside his co-founders Josh Harris and Marc Rowan.

“This new leadership structure affirms and strengthens the inherent power of our integrated global investment platform with $242bn of total assets under management across credit, private equity and real assets and a deep bench of world-class talent that we continue to develop and promote at Apollo,” said Black.

Kleinman will focus on Apollo’s equity and opportunistic investments. The 44-year-old joined the firm in 1996 and is lead partner for private equity.

Zelter will be responsible for Apollo’s credit and yield businesses. He has been with Apollo since 2006 and is currently managing director of its credit business and chief executive officer of Apollo Investment Corporation.

Apollo’s management committee also includes: senior managing director Gary Parr, global head of real assets Joseph Azelby, global head of human capital Lisa Bernstein, lead partner and chief operating officer for credit Anthony Civale, global head of business development and investor relations Stephanie Drescher, chief financial officer Martin Kelly, senior partner Gernot Lohr, head of Europe Sanjay Patel and chief legal officer John Suydam.

In July, KKR became the first of the mega-buyout firms to publicly reveal its future leadership, naming Joe Bae and Scott Nuttall as co-chief operating officers.

The Carlyle Group followed shortly thereafter with the promotions of Kewsong Lee and Glenn Youngkin to co-chief executive officers.