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Apollo closes new mega-fund on $17.5bn

10 Jan 2014

dollar4_sqPrivate equity firm Apollo Global Management has closed its latest flagship fund on $17.5bn, making it the biggest vehicle raised since the financial crisis.

Like its predecessors, Fund VIII will focus on distressed investments, corporate carve-outs and opportunistic buyouts.

Apollo’s previous fund, which was closed on $14.7bn in 2008, has generated an annual gross IRR of 38 per cent.

The firm said that it has committed $880m of additional capital to the new fund.

Apollo chairman and CEO Leon Black said, “We are very grateful for the overwhelming support for Fund VIII, which includes significant commitments from a preeminent global investor base consisting of both longstanding existing limited partners as well as many new investors.

“Fund VIII benefited from the support of a diversified group of investors, including many public pensions, sovereign wealth funds, corporate pensions, endowments and foundations, funds of funds and high net worth investors.”

Apollo kicked off the fundraise with a $12bn target a little over a year ago.

In November last year Apollo bought healthcare-focused mid-market lender MidCap Financial.

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