Wednesday, 22 February 2017
Last updated 28 min ago
Nov 6 2013 | 11:54am ET
Apollo Global Management does not want to disappoint the huge number of investors begging to hand their money over to the private-equity firm.
The New York-based firm has asked committed investors for permission to increase the size of its eighth fund to $17.5 billion. If it gets the go-ahead, that would make Apollo Investment Fund VIII the largest new p.e. fund in five years, and nearly 20% larger than Apollo's last fund, which closed in 2008 with $14.7 billion.
Apollo had initially planned to cap the new fund at $15 billion. But faced with interest that could reach $20 billion, the firm elected to ask clients already committed to the fund if they wouldn't mind some extra company.
When Apollo announced the new fund last year, it initially targeted just $12 billion.