US listed private equity firm Apollo Global Management plans to raise nearly $1.5bn for a fund focused on natural resources, according to Bloomberg.
The fund will target long-term investments in mining, metals and energy sectors, the report said.
Earlier this month, Apollo expanded its presence in the loan management business with the acquisition of credit specialist Gulf Stream Asset Management, which runs ten collateralised loan obligation funds with over $3bn in assets under management.
It is also thought the fund is aiming to diversify to become more attractive to public investors.
Some of the world’s biggest fund managers are now in the process of raising capital for energy-focused investment vehicles.
The Blackstone Group, one of the world’s largest private equity groups, has previously announced it is targeting between $2bn and $3bn for its recently-launched energy fund. Earlier this month one of its portfolio companies won support for a $2bn transmission line that will bring hydro and wind power to New York.
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