Tuesday, 28 February 2017
Last updated 10 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.