Apollo Plans Four Commodities Funds, Leads With $500M Metals Vehicle

Jan 22 2009 | 12:35am ET

Apollo Management is planning a suite of commodity-based alternative investment products, led by a hedge fund investing in battered cooper, gold and mining stocks.

The New York firm plans to raise $500 million for the fund, which has a capacity of about $2 billion, Bloomberg News reports. The fund will focus on precious metals and natural-resources stocks listed in London, Sydney and Toronto. Metals took a beating last year, with the London Metal Exchange Index falling by almost half.

Mark Thompson, the former chief investment officer at commodities hedge fund shop Galena Asset Management, is to manage the new offering. The firm hired Morgan Stanley veteran Neal Shear last year to start its commodities business.

The metals hedge fund is the first of four offerings planned by Apollo. The firm plans hedge funds focused on agriculture and energy, as well as a commodity private-equity offering that will invest between $50 million and $350 million per deal.

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