Apollo Global Management has held the final close of its current flagship private equity fund, Apollo Investment Fund VIII, with USD17.5bn of commitments from third party investors.
Fund VIII will seek to continue Apollo’s history of value-oriented and contrarian private equity investing to achieve superior risk-adjusted rates of return across all economic cycles.
Apollo’s private equity funds have consistently focused on three primary types of transactions: distressed investments, corporate carve-outs and opportunistic buyouts.
Leon Black, chairman and chief executive officer, says: “We are very grateful for the overwhelming support for Fund VIII, which includes significant commitments from a preeminent global investor base consisting of both longstanding existing limited partners as well as many new investors. Fund VIII benefited from the support of a diversified group of investors, including many public pensions, sovereign wealth funds, corporate pensions, endowments and foundations, funds of funds and high net worth investors. We believe this support reflects our market-leading investment performance, strict adherence to Apollo’s differentiated investment approach and continued commitment to fostering strong relations with our limited partners.”
Apollo and affiliated investors, including senior professionals, committed approximately USD880m of additional capital to Fund VIII.
Apollo’s previous flagship private equity fund, Fund VII, which was raised in 2008, has generated annual gross and net internal rates of return of 38 per cent and 29 per cent, respectively, from its inception through 30 September 2013.
