US private equity major Apollo Global Management is targeting a fundraise of around $2.5bn for a new private credit vehicle that will look to provide loans to large corporate borrowers, according to a report by Bloomberg.
The report cites unnamed sources with knowledge of the matter as confirming that the new fund follows the Apollo Origination Partnership Fund I, which closed last year and has already been deployed.
The fundraising would take Apollo’s total direct lending AUM to over $50bn.
AOP II will have similar targets as the predecessor fund, which focused on large corporate borrowers – firms that generate in excess of $100m EBITDA – primarily in North America and Western Europe, according to a press release.
