Apollo Raises Largest Private-Equity Fund Since Crisis

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.


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