Apollo Global Management is preparing to launch what will be its largest-ever private equity fund with a target of $25bn. The fund, the firm’s 11th dedicated to private equity, is expected to kick off early next year, according to a report by Bloomberg.
The report cites unnamed sources familiar with the matter as highlighting that if successful, the new fund would surpass the firm’s previous flagship funds, which fell short of a $25bn target last year and raised just under that figure in 2017.
The planned fund reflects a broader trend in private equity as firms gear up for significant fundraising efforts in anticipation of a market rebound. Lower interest rates and a potential resurgence in initial public offerings are expected to invigorate the sector, which has faced headwinds in recent years.
Apollo’s private equity business, led by David Sambur and Matt Nord, has seen positive momentum despite broader market challenges. The firm’s 10th flagship fund closed at approximately $20bn and has already deployed more than half of that capital. Recent acquisitions include gambling machine company Everi Holdings, package-delivery firm Evri, Travel Corp, and chemical company Univar Solutions.
