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Apollo breaks halfway point for latest mega fund, could push to $15bn

4 Jul 2013

TPrivate equity giant Apollo Global Management is reportedly more than halfway to its $12bn target for its latest mega-buyout fund after holding a $6.8bn first close.

Apollo could push all the way to $15bn for Investment Fund VIII according to Bloomberg, which cited two people familiar with the matter.

It said a third person had confirmed the first close, which tallies with reports from a couple of months ago that it had gathered about $5bn for the vehicle.

Last month it emerged the firm was planning to give 100 per cent of the transaction fees from its $12bn-targeting eighth fund to investors.

Apollo had initially proposed to give 80 per cent when it began marketing Fund VIII last year.

That is up on the 68 per cent it offered for its $14.7bn buyout vehicle in 2008, but the firm has decided to up it to the maximum amount following recent criticisms of the cash it has been making from the fees.

Apollo’s fund push is in stark contrast to many fellow large buyout houses, which have been forced to scale back from their gargantuan vehicles raised just before the financial crisis.

KKR is currently targeting an $8bn September final close for its latest North America fund, about half the size of its $17.6bn predecessor, while Carlyle expects to close on $10bn in the next few months – down on the $13.7bn it raised in 2007.

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