Monday, 28 July 2014
Last updated 4 hours ago
Jan 10 2014 | 2:00pm ET
Apollo Global Management has raised $17.5 billion for its latest private-equity fund, the largest since the financial crisis.
The new fund, Apollo Investment Fund VIII, will actually have nearly $18.4 billion to spend, with the firm and its employees committing a further $880 million to the vehicle.
Apollo raised its last main fund in 2008, garnering $14.7 billion. That fund has been among the best-performing private-equity funds raised that year, with a net annual rate of return of 29%.
"Fund VIII benefited from the support of a diversified group of investors, including many public pensions, sovereign wealth funds, corporate pensions, endowments and foundations," Apollo CEO Leon Black said.
Apollo had initially sought only $12 billion for the fund, which it began raising in 2012. Late last year, investors approved increasing its cap to $17.5 billion from $15 billion, after investors sought to invest as much as $20 billion.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…