US private equity major Apollo Global Management is considering upping the limit of its current flagship fundraise to more than $15bn amid frenzied investor interest, it is understood.
The firm has held talks with investors about getting permission to raise the fund ceiling as high as $20bn according to Reuters, which cited two people with knowledge of the matter.
Apollo had previously set a $12bn target and $15bn hard cap for the fund, but has been inundated with investors keen to gain a stake in the new vehicle.
In August it was reported Apollo had warned LPs interested in the fund that they could see their commitments scaled back if they waited until October to invest.
The firm was said to be looking to hold a close for Apollo Investment Fund VIII on $9.5bn last month after less than a year on the road.
AltAssets revealed in July that Apollo had pulled in a total of $8.4bn towards the fund just six weeks after holding a $6.6bn first close.
The surge in commitments pushed Apollo Investment Fund VIII well past the halfway mark for its $14.9bn predecessor, which was raised in 16 months amid the first ragings of the global financial crash.
LP committing to the fund so far include the $15bn San Francisco Employees’ Retirement System, which parted with $50m.
Copyright © 2013 AltAssets