Apollo Closes Fund 8 at $18.4 Billion
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Apollo Closes Fund 8 at $18.4 Billion

apollo nf2Fundraising success has found Apollo Global Management as the firm has held the final close of its latest investment fund, Apollo Investment Fund VIII, LP, with third-party capital commitments of $17.5 billion. Apollo and affiliated investors, including senior professionals of the firm, committed an additional $880 million of capital bringing the total size of the new fund to approximately $18.4 billion. The original third-party hard cap for Fund VIII was $15 billion but was raised to $17.5 billion in the fourth quarter of 2013 in order to meet the demand from institutional investors.

What caused this frothy demand for Fund VIII? Apollo’s previous private equity fund, Fund VII, which was raised in 2008 with $14.7 billion of capital commitments, has generated annual gross and net internal rates of return of 38% and 29%, respectively, from its inception through September 30, 2013.

black nf2“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,” said Leon Black, Chairman and Chief Executive Officer. “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. We believe this support reflects our market-leading investment performance, strict adherence to Apollo’s differentiated investment approach and continued commitment to fostering strong relations with our limited partners.”

Apollo is a global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Mumbai and Hong Kong. Apollo has total assets under management of approximately $113 billion in private equity, credit and real estate funds invested across a core group of nine industries (www.agm.com).

© 2014 PEPD • Private Equity’s Leading News Magazine • 1-10-14

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